Foreign buyers gobbled up turkey's property in 2013

Photo credit: Bryan_T

Foreign buyers gobbled up Turkey's property in 2013, according to new figures, which show the international sales climbed 60 per cent compared to 2012.

Sales of real estate, including land, totalled 21,691 in 2013, climbing 60.7 per cent year-on-year, according to the Building Information Center (YEM). The rise has been attributed to the country's Change in reciprocity laws, which opened up the market to 129 nationalities for the first time without restrictions - and a further 52 with restrictions.

Since then, the market has seen prices and sales soar. Indeed, house prices in Turkey increased by more than 13 per cent last year, notes Universal21.com, with values rising by 17 per cent in some areas of Istanbul.

The YEM report highlights Mersin, Izmir, Bursa and Ankara as the most popular hotspots, with Russians now the dominant investors in the market.

Universal21.com, on the other hand, emphasises the Istanbul district of Beylikduzu as a key target for overseas buyers, thanks to its proximity to the airport and four university campuses, as well as excellent transport connections and potential for high capital growth away from the more expensive areas of the city.
 
"Beylikduzu is also a Centre for shopping with Marka City, Surmen Center, sBeylicium Shopping Centre and the Beylikduzu Migros Shopping Centre all popular with the locals," argues the agent.

"Beylikduzu is home to Turkey's largest exhibition Centre, the Tuyap Exhibition Centre. This attracts visitors from all over Turkey and abroad. With several events held throughout the year this Centre certainly puts Beylikduzu on the map."