Interest in Turkish real estate is surging as 2013 comes to a close, according to Turkey property specialist Spot Blue International Property, which is experiencing a dramatic rise in visits to its website, spearheaded by Russian and Arabian investors.
For the three months to the end of November 2013, Spot Blue saw visits to its website increase by 24 per cent compared to the same period in 2012. The number of Arabian visitors during this period rose 164 per cent year-on-year, while visitors from Russia were up by 113 per cent. Overall, more than 50 per cent of visitors to SpotBlue.com now come from outside the UK, and also include French, Dutch and American property-hunters.
“Istanbul in particular has attracted interest from Gulf and Russian investors this year,” said Spot Blue director Julian Walker. “The city’s appeal is twofold for them - the choice of buy-to-let opportunities springing up in the booming suburbs, in areas such as Halkali, Beylikduzu, Bahcesehir and Erenkoy, and the availability of chic second homes in more central fashionable districts on either side of the Bosphorus. Also, if they’re buying for lifestyle purposes, then Bodrum on the Mediterranean Coast and other marina resorts on the Bodrum peninsula are also popular spots, thanks to the selection of smart, private villas on offer there.”
The largest group of Gulf investors in Turkey today comes from Saudi Arabia, from where a group of delegates attended the Turkish-Gulf Real Estate Congress and Exhibition in Istanbul in December. The event highlighted the strengthening alliance between Saudis and other Arab nations, and the Turkish property sector, and included the unveiling of a new package of joint real estate ventures worth a total $5billion. Also this month, a leading real estate firm in the Gulf announced it has committed to real estate investments in Turkey worth AED 200 million, approximately £33milion.
Turkey’s appeal to foreign investors was reinforced further in December when Gross Domestic Product (GDP) figures for the third quarter showed continue bullish economic growth in the country. GDP there increased by 4.4 per cent compared to the same quarter last year, exceeding forecasts of 4.05 per cent and increasing 0.9 per cent compared to the previous quarter.
“Istanbul has championed Turkey’s property market in 2013 and I believe will continue to do so in 2014,” added Julian Walker. “International investors like it not only for its capital gain prospects and buy-to-let opportunities, but also because it operates in multiple currencies, including US dollars, euros, Sterling and the local Turkish lira. Furthermore, this year the Turkish lira has lost value against most major currencies, making it a cheaper currency in which to buy for foreigners.”