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Foreign demand for Turkish property rockets on back of new bill

Foreign demand for Turkish property rockets on back of new bill

Foreign demand for Turkey property soars on back of new BillThe Turkish property market is benefitting from a surge of overseas buyers following a new Bill introduced this year which has made buying in Turkey easier for non-nationals – so much so that property purchases by non-Turkish citizens have hit their highest levels since the founding of the Republic in 1923.

Figures from the Turkish Central Bank have revealed that since the passing of the Bill on 3 May, foreign property purchases hit 1.1 billion US Dollars (USD) (approx. £706 million) in that month alone – four times the total number of purchases seen last year.

The figure is made all the more incredible given that ahead of the Bill’s enactment, the first quarter of 2012 (Jan-April) had so far just witnessed 114 million USD of property sales to foreigners.

Historically, the most property acquisitions by non-nationals were made in 2008, when totals hit 337 million USD. In the wake of the global financial crisis, this figure dropped to 209 million USD in 2009. 314 million USD and 310 million USD worth of real estate was purchased by foreigners in 2010 and last year respectively.

Expectations for a further increase in foreign buyers in Turkey have been heightened by the lifting of a reciprocity clause in the Bill, which banned citizens of countries where Turks couldn`t buy from buying in Turkey. When details of how this will apply are released, the homes market is anticipated to receive an influx of overseas home hunters from 89 formerly prohibited countries, including Russia and Gulf states.

Experts are predicting foreign sales could reach 30-40 Billion USD annually in Turkey, and are noting that many investors are now wisely looking to seize the potentially lucrative low prices that the country is currently able to offer, before market values rise.

[Source: Hurriyet Daily News]

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