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Turkey property bonanza as sales revenues hit 3.48 billion Lira

Turkey property bonanza as sales revenues hit 3.48 billion Lira

Turkey property bonanza as sales revenues hit 3.48 billion LiraThe Turkish treasury has announced sales revenues from property purchases in Turkey have reached 3.48 billion Lira.

In Parliamentary Questions Turkey`s Finance Minister, Mehmet Şimşek, gave figures showing annual property sales to have more than tripled across Turkey in the past ten years, with 3,519 properties selling in 2002 compared to just short of 12,000 in 2011. Three thousand properties have sold in Turkey so far this year.

The news is yet a further demonstration of Turkey’s property market confidently displaying growth, despite the slowdown in other economies.

In the three biggest provinces in terms of population the number of properties sold was 12,858 in Turkey`s capital Anakara, 9,524 in Turkey`s business capital Istanbul, and 5,124 in Izmir’s western province.

Figures from the Turkish Land Registry for 2011 state 111,000 foreigners have invested in Turkish property, of which one in three are from the UK. The coastal provinces of Antalya and Mugla continue to prove the top two destinations for overseas home hunters, with Istanbul the rising star investor destination owing to its young population, rising consumer spending and real estate need outstipping supply.

The news comes soon after the easing of property restrictions on foreign nationals last month, which are expected to further boost the number of overseas investors looking for property for sale in Turkey.

Source: Hurriyet Daily News

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