Gulf buyers lead the way as Turkey’s foreign housing market soars
- House sales to foreigners in Turkey increased by 20.4% in 2015 compared to previous year (TurkStat)
- Gulf buyers top the list, accounting for 39.5% of total overseas sales (TurkStat)
- Foreign housing market predicted to grow 5%-6% this year (The Association of Real Estate Investment Companies in Turkey)
According to the latest figures released by the Turkish Statistical Institute (TurkStat), house sales to foreigners increased by a remarkable 20.4% in 2015 compared to the previous year and it is buyers from the Arab Gulf nations that are at the front of the queue for properties.
Responsible for a substantial 39.5% of all sales to international buyers, the top three nations investing in Turkey’s real estate today have been revealed as Iraq, Saudi Arabia and Kuwait. Iraqi citizens purchased the highest proportion, with a total of 4,228 sales, significantly more than any other nation, with Saudi residents ranking second with 2,704 sales. This renewed influx of Gulf buyers highlights Turkey’s ever growing appeal as a hotspot for property investment.
With savvy international buyers looking to Turkey, it is the city of Istanbul that is currently attracting the greatest amount of attention. Istanbul claimed the number one spot as the province with the most sales to foreign buyers in 2015, with a substantial 34.3% increase on the previous year’s figures.
Adil Yaman, Director of Universal 21, the largest management company based in Istanbul, comments,
“2015 was a strong year for international sales in the Istanbul property market and we are confident that the trend will continue throughout this year. Whilst buyers from Gulf States have long been the top nationality purchasing properties within our Istanbul projects, we have seen a recent spark of interest from the region as they recognise the extensive opportunities the city has to offer. We expect these nations to lead sales once again in 2016.”
The Association of Real Estate Investment Companies in Turkey (GYODER) is also predicting a prosperous 2016, with a 5%-6% growth indicated for foreign real estate sales in Turkey this year. Demonstrating that international demand for Turkish property is only growing stronger, and with key Gulf nations leading the way in investment, the future is incredibly bright.
Situated in the Beylikdüzü district of Istanbul, Crest Plaza Residence recently launched by Universal21 offers an ideal investment opportunity for 2016. Just a 20 minute drive from Ataturk international airport, the new third airport, and a few minutes from six universities, The Tuyap exhibition centre and the seaside, Crest Plaza Residence is well located for both transport links and amenities.
The development offers spacious living and benefits from an array of facilities that include a fitness centre, swimming pool, Turkish bath, steam room, sauna, and health club. With a range of large sized one, two and duplex apartments, prices start from just £60,000. A continual huge demand for rental properties in this area and ever increasing prices makes this is a very attractive step into the Istanbul market and in one of the fastest growth areas currently in the World.
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.