The country’s easing of legal regulations on real estate ownership by foreigners along with the granting of residency permits for foreign property buyers, has directed Gulf investors’ attention to the country; already a favorite vacation destination for hundreds of thousands of Arab tourists.
Joining the trend, Qatar’s leading real estate developer, Barwa Group, has announced plans to invest in new projects in Turkey. The company, who partnered with the local company Sinpas in 2011 to build the Ottomare Suites seaside residences on Istanbul’s Zeytinburnu coast, has now allocated USD 500 million to invest in real estate projects in a number of countries including Turkey.
“Barwa Group plans to invest in residence and shopping mall projects in Turkey. Turkey’s growing economy and promising real estate market is an investor magnet.”, according to the company’s CEO Abdullah Abdulaziz Al Subaie, who added that the easing of the restrictions on property ownership by foreigners and recent rating upgrades that elevated Turkey to “investment grade” status had increased interest in the emerging country.
Turkey received USD 2.6 billion of foreign investments in the form of real estate purchases last year, up 31 percent over 2011.
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