Overseas investors turn to turkish property

Overseas investors are increasingly turning to Turkish property, instead of placing their money in Turkish companies or manufacturing ventures, according to new figures.

Data from the Turkish Land Registry Directorate reveal that the number of foreigners purchasing real estate during the first 10 months of 2014 rose from 8,000 in the same period of 2013 to 20,000.

$9.8 billion was invested in Turkey between January and October 2014, $3.5 billion of which was invested in property, as 36 per cent of all foreign investment came in the form of property purchases - a proportion that increased later in the year, reported Cihan, with 64 per cent of foreign investments in October going towards real estate.