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Is Buying Property in Turkey a Good Investment?

3.11.2012

Turkey has recently (in August, 2012) abolished its law restricting foreign property purchases to citizens of countries which allowed Turkish citizens to buy land and property. With the abolishment of this reciprocity rule, investment opportunities have greatly increased. Turkey's new law also allows all foreigners to buy up to 60 hectares of land - doubling the previously allowed amount.

New Property Law in Turkey Allows Every Nation to Buy Property in Turkey

German and Russian retirees have long sought property on the Turkish Riviera - from Antalya and Alanya on the Mediterranean to Fetiye and Bodrum on the Aegean. But foreign investors are now buying up property in Istanbul as well.

Turkey's Association of Real Estate Investment Companies is forecasting that newly welcome investors from the Gulf States, Russia and central Asia could drive property sales in Turkey from $2.5 billion in 2012 to $4 billion in 2013.

Turkey's luxury housing market in particular is booming as a result of the country's prosperous economy. Turkey's per capita income has almost tripled during the last ten years, driving a growing demand for luxury construction.

Turkey's economy expanded by 8.5 per cent last year and reached a GDP of $770 billion, making it the third-fastest growing economy in the G-20 nations group, after China and Argentina.

The Stock Exchange in Istanbul (ISE) has expanded more than 26 per cent in the last year, making it one of the world's strongest emerging markets exchanges. Banks in Turkey are also strong, with average capital-to-risk assets ratio of 17 per cent.

The Istanbul International Financial Center (IFC), a $2.6 billion project in Atasehir, on Istanbul's Asian side, plans to hire 50,000 people and create a new site for the Istanbul Stock Exchange amidst modern glass and steel high-rises.

Projects like the IFC will undoubtedly raise property values in the area, yet property in Istanbul is only one-fifth the cost of comparable real estate in Hong Kong, London, and other world capitals. This makes Istanbul an excellent investment at this time.

Unlike neighboring Western Europe, Turkey has been experiencing an incredible economic upswing for the past ten years. The International Monetary Fund has enabled Turkey to become the most modern country in the region. With Istanbul in consideration as host city for the 2020 Summer Olympics, economic growth can only increase. If Turkey joins the European Union, which could be within the next few years, the economy will experience and even greater boom.

It is advised to buy property in Turkey for international investors. We beleive, it is a very good investment to buy property in Turkey nowadays.

Author: Bayram Tekce

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