January is the month for predictions so who are we to break the trend? Here is Oceanwide Properties 2015 investment and Turkey property forecast for the coming year.
Expect to see further growth in foreigners purchasing Turkish properties
“Despite well publicised political issues in 2014, Turkey continued to experience record levels of tourism and rising foreign demand for properties in Turkey”, says Suleyman Akbay, MD at Oceanwide Properties in Fethiye. “This is great news for the Turkey property market and suggests 2015 should be an equally good year – maybe even better”.
TurkStat (Turkish Statistical Agency) recorded foreign house sales saw a rise of 66% in the first 10 months of 2014 reaching 15,417. Although sales to Turks fell slightly, foreign demand is still strong proving how important this foreign investment is to the Turkish economy. The majority of foreigners looked towards the coast for Turkish property investment, particularly Antalya, Kalkan and Side. This was closely followed by city investment in Istanbul.
Turkish property prices should continue to rise
A steady increase in Turkish property prices was seen in 2014. October saw a month-on-month rise of 1.33% as recorded by Turkey’s Reidin-GYODER New House Price Index. This, a 7.3% increase on the same month period in 2013.
Tourist numbers should continue to rise in 2015
In 2013, the United Nations World Tourism Organisation stated Turkey was the 6th most popular tourist destination in the world. The association of Turkish Travel Agencies predicted back in October that Turkey was well on the way to exceed its $36 billion tourism target based on new record levels of revenue achieved during the first 9 months of 2014. TurkStat recorded that over 30 million visitors graced Turkish shores generating a colossal $26.6 billion. Based on 2014, the number of those visiting Turkey, and in turn, looking to secure a new Turkish property, should increase in 2015. Suleyman Akbay says, “A predicted rise in tourism in 2015 is not only good for Turkish economy, it’s also great news for our developers and vendors. It should mean an increase in potential purchasers looking to buy a Turkish property and coming through your doors”.
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