According to the latest data from the Association of Real Estate Investment Companies (GYODER), global investors ploughed 720 million USD into Turkish property investments in the first quarter of this year. This represents a growth of 89% compared to Q1 2012 according to the firm, which predicts that Turkey will receive 10 billion USD in property investment annually in the medium term, citing the recent removal of reciprocity from property law is fuelling the surge.
Turkey lifted restrictions on property ownership by foreign buyers last year, opening the market to investors from Russia, the Arab world, and Southeast Asia. Residency permits are also granted to investors acquiring property in Turkey.
“Turkey received USD 2.6 billion of foreign investments in real estate purchases last year, up 31 percent from 2011. We expect this figure to reach USD 3 billion this year with about 10,000 to 12,000 immovables being acquired by foreign nationals.”, GYODER Deputy Chairman Isik Gokkaya said. Reflecting his views on the medium-long term goals of the sector, Gokkaya said that an annual inflow of USD 10 billion in foreign real estate acquisitions was possible with the improved legislation and regulations.
“Turkish developers have opened offices abroad to market their projects. There is great interest in Turkish projects in Russia, Qatar, Saudi Arabia, Iran, Turkic republics, Azerbaijan, U.A.E and other Arab countries.”, Gokkaya noted.