Thursday, 24 July 2014

Istanbul Home Purchases Double from Foreign Investors

Overseas property purchases in Istanbul saw a rise of 127% from January to April and official figures show that foreign buyers across the whole of Turkey rose to 42% year on year.

These figures show that in the first four months, those properties purchased in Turkey increased by 42% year on year, whilst the figure has more than doubled in Istanbul.
From January to April foreign investors bought US$1.21 billion worth of properties in Turkey which is an increase of US$367 million more than the previous year, whilst purchases in Istanbul rose by 127.2% annually.

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For the whole of 2013, those purchases made by foreigners accounted for US$3billion, which is an increase of 15% from 2012 which was the year when they laws were changed so that purchasing property in Turkey was a lot more accessible, many of the investors came from the Middle East.

1886 purchases were made by foreigners in Antalya which was the highest total and an increase of 8.1% in comparison with the period January to April in 2013.  Istanbul followed with overseas sales sitting at 1511. The only drop in sales was in Izmir which saw a decrease of 5% to 57 sales from 60 the year before. The GCC is still the main market into Istanbul properties and the demand is still healthy from those in the Middle East with more investors looking to purchase as more understand the story behind the growth.
For the total foreign investment made directly to Turkey, a quarter of it was made up by real estate between January and April with the cost sitting at US$5.1billion which is a 46% increase annually. This increase in investment can be put down to the rise in tourists that come from the Gulf nations according to Turkey’s cultural and Tourism Office. In the first four months of 2014, tourists from Qatar had increased by 46%, Bahrain had increased by 40% with Kuwait coming in at 28% in comparison to the first four months of 2013.
The GCC which include the UAE, Oman and Saudi Arabia account for around 5% of the revenue made from tourism in Turkey which was US$32billion in 2013. The main attraction for those tourists coming from the GCC is Istanbul but Bodrum, Bursa and Antalya are all seeing their number of tourists and property buyers from the Middle East increase.
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The Turkish Culture and Tourism Ministry opened an Arabic Language website in a push to encourage more visitors from the Middle East and access to Turkey has improved through an increase in the number of flights in 2014.
Pegasus Airlines, a low cost Turkish airline now offers direct flights to Dubai five times a week from Istanbul Sabiha Gokcen, which is an extra two more flights than it originally offered when it launched two years ago. In May, three extra flights were added by Turkish airlines to its weekly schedule to Abu Dhabi for the summer. 
The service between Saudi Arabia and Istanbul Ataturk provided by Saudi Arabian Airways also saw the number of flights increase to 18 per week. Jazeera airways also offer a new route between Kuwait and Istanbul Ataturk as well as Pegasus Airlines beginning flights between Kuwait and Istanbul Sabiha Gokcen.
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