Real Estate News | Residential Real Estate
Brits Are Now Most Popular Foreign Investors of Turkish Properties, Now 22% of Market
By Michael Gerrity | August 31, 2011 10:50 AM ET
According to official data by the Land Registry Directorate's Foreigner Affairs Unit, foreigners from a staggering 89 countries across the world have purchased approximately 111,200 estates across Turkey with some 35,249 Brits owning 24,848 properties, putting the UK on a pedestal as one of the most popular buyers of Turkish property followed by Germans and Greeks.
Further research suggests that foreigners have bought real estate in 76 of Turkey's 81 provinces with a total of 12,190 properties in the economic powerhouse of Istanbul being owned by foreign nationals.
Meanwhile, in response to buyer demand and according to recent figures from the ReidIn Turkey Residential Property Price Index, the cost of buying property in Turkey is rising steadily with sale prices having increased by 0.83% across the country with a 1.05% rise in Istanbul alone in July this year.
The research also indicates that buyers are searching for new build properties which have been growing in popularity amongst overseas and second home owners showing a 1.2% increase in new build buyers from June to July, 7.29% higher than the same period last year. There are also vast rental opportunities at large across the country seeing rental prices increase by 0.36%.
Ray Withers, Director of Turkish-based Property Frontiers comments, "Turkey is fast becoming an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023, and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population, we at Property Frontiers have recognized the flourishing potential of Turkey as a lucrative property investment hub.
"In particular, Istanbul, the pulse of the nation and the western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors especially given the increase in rental prices highlighted by the data."
As a perfect opportunity to capitalize on the positive growth and ever growing popularity of the nation, Property Frontiers has a stunning new key ready development affording 1 and 2 bedroom luxurious modern apartments located in the heart of Beylikduzu.
Available £20,000 below comparable projects in the area, the spacious apartments of Kensington Residence will present tremendously good value for money with an investment of only £16,500 required for a 1 bedroom and £29,000 for a 2 bedroom apartment.
In addition 70% LTV finance is available while investors can enjoy an immediate and guaranteed rental income at 7% for 2 years.</strong>