Number of istanbul homes sold to foreigners triples

Photo credit: Erman Akdogan

Figures from Turkstat reveal that despite a temporary lull in January 2014, which is attributed to political uncertainty, the pace of Turkish property sales has increased.

Adil Yaman, Investment Director of Universal21 commented: “It has taken some time for investors to realise that it is much easier to invest in Turkey than it has been in the past. Now we are seeing the full effect of the county's focus on attracting foreign investment in property over the past 2 years.

"A lot of red tape has now been taken out of the buying process and foreign investment has been actively encouraged. Turkey needs foreign investment to help realise its long term ambition of becoming one of the world's economic powerhouses. This is good news for the property market.”

The figures follow some positive news for Turkey's econony, with the Lira's value starting to recover on the back of the central bank's decision to raise interest rates. The dollar fell below 2.09 against the Turkish Lira in April, the first time since December 2013 the dollar vs lira was at that level.

Istanbul has also helped Turkey move into the top 5 fastest growing property markets in the world this year according the latest global house price data released by Knight Frank. The city itself saw prices rise by up to 20 per cent in 2013.