The attraction of Turkish real estate to foreign buyers
If you’re considering investing in foreign property then you may want to look at Turkey; it’s one of the hottest places for foreign real estate investment right now, and the situation looks set to continue in 2015.
So what has brought about surge of interest in Turkish property? The main impetus has stemmed from the changes to some of the property and residence rules.
What type of changes have taken place?
One of the major positive changes that has taken place is the easing of the amount of time it takes to obtain the title deeds for a property which in the past has taken as long as 10 weeks. Another change that has been made is to the residency rules which now means that foreign nationals who purchase property in Turkey automatically receive a residence visa for one year; this can be extended for an indefinite period if they retain the property.
What is the current situation with foreign investment in real estate?
Between January and September 2014 the level of foreign investment in Turkish real estate had already surpassed that for the whole of 2013; a total of $3.1 billion worth of investment. This equated to one third of the overall direct foreign investment that Turkey received for the period, so you can see why Turkish officials are so keen to make the rules as simple to negotiate as possible for those investing; hence the changes.
It’s probably no coincidence that the rise in foreign investment in real estate has coincided with a continuing rise in the number of tourists visiting the country. Between January and September 2013, Turkey welcomed 30 million visitors; this was a 6.1% increase on the same period in 2013.
Is the interest in Turkish real estate set to continue?
As tourism to Turkey continues to rise so real estate investment looks set to follow in 2015. Turkey is now the sixth most popular country in the world with tourists, according to the United Nations World Tourism Organization, and the highest amount of foreign real estate investment is in the most popular tourist region, Antalya. It seems the two are definitely linked, so it doesn’t seem as though foreign investment in Turkish real estate is going to diminish anytime soon, especially with the rule changes and the ever increasing buoyancy of property prices in the country.