Just a brief gander through our latest posts will highlight the glowing reports Turkey’s real estate market is receiving from finance and economic professionals, and now the manager of HSBC GIF Turkey has joined the throng pointing to the improvements the market is witnessing.
Growing domestic demand and the prospect of relaxed rules for foreigners wishing to own property in Turkey following real estate legislation introduced earlier this year are fuelling the positive view, Ercan Guner, manager of HSBC GIF Turkey equity fund told FundWeb.
‘We expect [the new legislation] will boost demand for Turkish property as there is substantial demand from Russia and GCC [the Cooperation Council for the Arab States of the Gulf] countries’, he said.
Guner also believed Turkey’s fast growing population and a recently introduced mortgage financing system, which has enabled more people to access funds for a property purchase, are advancing Turkey’s position as a sound investment prospect.
Evidence suggests that opening up Turkey’s property scene to more buyers is already reaping rewards for the sector and is propelling ambitions for hubs like Istanbul to match fashionable property zones like Moscow, where real estate values in prime locations now rival London and New York.
According to the Knight Frank Global House Price Index, property prices in Turkey represented the third-fastest for growth in the world to June 2012, surging more than 10 per cent and outpacing Russia and Hong Kong.