Foreign investors in Turkish property predicted to be worth $3 billion during 2013

Property sales in Turkey were up 78.7 per cent in the first half of 2013 compared to last year, a member of Turkey’s Real Estate Investment Trust Association (GYODER) said in October.

According to the Anadolu news agency, Isil Gokkaya of GYODER added that Turkey’s new law that has opened up its real estate market to foreigners, after being introduced last year, has driven demand from overseas buyers and that sales to foreign buyers were expected to reach $3 billion in 2013, compared to $2.64 billion dollars in 2012.

GYODER’s latest statistics reveal that Turkey’s property market continues to flourish. According to its New Home Price Index, in September 2013 there was a 1.51 per cent month-on-month increase and 13.80 per cent rise in the price of new homes compared with September 2012. The index also confirmed that prices of property on “Branded Projects” in the European half of Istanbul remained constant in September and rose 0.34 per cent in the Asian side.

Compared to the previous month, the September index also showed a 0.14 per cent decrease in the price of homes of 51-75 square metres, a 1.39 per cent rise for properties of 76-100 square metres, 2.07 per cent increase for those of 101-125 square metres, 2.28 per cent increase for those of 126-150 square metres and 0.08 per cent increase for homes of 151 square metres or more.

Highlighting that Turkey’s construction sector had grown 5.9 per cent during the first quarter of 2013 and 7.6 per cent in the second quarter, GYODER's Gokkaya said Turkey’s real estate market expected increased investments over the next period.

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