Wednesday, 13 April 2011

Overseas buyers drive Turkish demand

An increase in the number of overseas buyers active in the Turkish property market has helped the sector to exceed growth expectations.
This is according to a recent report by the Association of Real Estate Investment Companies, which found that the market is returning to strength following the recent economic troubles, Hurriyet reports
Indeed, between 2006 and 2008, property sales to foreign nationals stood at $3 billion (£1.8 billion). In 2009, the figure fell by $1.8 billion, but has now rebounded up once again to $2.5 billion.
"Real estate sales to foreign nationals rose by 40 per cent, reached $2.5 billion. Foreigners’ interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double," Is?k Gokkaya, the chairman of organisation, said.
Mr Gokkaya added that the country’s construction sector expanded by 18 per cent over the course of last year, with new developments springing up around Turkey.
Meanwhile, Nick Mar, chief executive officer at Homesgofast.com, recently claimed that Turkey is one of the best foreign property markets at present, along with Spain, Brazil and Malaysia.

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