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14/05/07 - Property in
Turkey Attracting New Investors |
Key industry
professionals gathered to discuss real estate opportunities in Turkey’s
main property markets. It was concluded that a Turkey had become more
attractive to global investors thanks to a less restrictive policy on
foreign investment focusing on the increased flows of global capital into
Turkey’s real estate industry key market of Istanbul in particular, reports
Nubricks.
Foreign investors however remain cautious about buying property in Turkey
despite relatively low real estate prices, according to GYODER, 63,000
foreigners bought real estate and $4.3 billion dollars was invested in the
country over the last three years.
As expect certain regions continue to outperform others, according to Title
and Deeds data from Alanya over 13,000 foreign homeowners from over 30
different countries with the most holiday home owners being of German, Dutch
and Danish nationality.
Turkish Delights
Panellists discussing factors which would attract foreign property investors
to Istanbul and Turkey in general would include Turkey’s goals for
showcasing Turkey as a European Cultural Capital in 2010 and should include
a focus on reconstruction of 1 million square metres of Istanbul’s historic
areas which have declined in part due to Turkish bureaucracy and restrictive
legislation.
The Turkish property market can hold its own by Turkey strengthening its
economy, resolving the current political crisis with Cyprus and tackling the
recent unrest relating to potential constitutional changes which undermines
Turkey’s potential as an emerging market in the eyes of foreign investors.
Recent claims are that Turkey in time will compete with BRIC nations, which
are predicted to account for almost half the world’s gross domestic product
by 2050.
Mortgage Boost
Finally, a new mortgage law due to come into effect from September,
regulating the Turkish mortgage process and the recent launch of finance
products from a variety of European banks, (giving non-nationals the option
to finance their purchase of a Turkish property with a mortgage) are both
major factors contributing to the growing demand for real estate investments
in Turkey.
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