Real estate in Turkey has been in the limelight for some time now and it is all because of the large amounts of money, which Gulf investors are pumping into the system. A considerable part of the billion dollars sector has come from the Middle East region.
According to the article on Turkish property, there are a large number of foreigners who are investing in Turkish real estate with the numbers increasing steadily. The number of real estate purchases made by overseas investors has increased by more than 40 percent in the last six moths. The real estate sector in the country has attracted investments larger than one billion dollars in the same time.
Significance of Gulf investors
Most of the large investments are coming from property buyers and investors in the Gulf countries. These are also the people who contribute significantly to the tourism revenue of the country. Turkey is a Muslim majority country and is a space that people from the Gulf are comfortable within, as compared to some Western locations. In addition to this, the recent surge in interest in Turkish soap operas has been responsible for the constantly increasing tourist numbers from the Middle East region.
Countries like Russia, Germany and Great Britain have been traditional buyers of beach and coastal properties in Turkey, but the Middle Eastern countries are now scrambling to get a piece of them. According to experts, there are two reasons for this upward trend.
One is that the real estate markets in Dubai have been slow and not performing optimally, making investment a tricky affair. Two is that places like Saudi Arabia, Kuwait, Bahrain, Qatar and Oman have been experiencing considerable cultural as well as political friction. Both these factors combine to make Turkish real estate an attractive investment avenue.
Going beyond Istanbul
Foreign investors are starting to look beyond properties in Istanbul and are moving to the suburbs that are developing at a very fast rate. Some of the most popular suburban choices include Antalya, Bodrum and Bursa. Antalya is becoming a rapid favorite for development of super luxury hotels and resorts. This is due to its distance from places that are popular among tourists, creating a quiet, serene and secluded atmosphere, much appreciated by the wealthy.
Foreign investments in Turkish real estate summed up to approximately over three billion dollars last year, a number that is only expected to be following an upward trend this year too. There has also been an increase in air traffic between the two regions due to the interest of the Gulf in Turkish real estate.
Making changes in ownership policies is one of the best decisions that the Turkish government has taken in the last few years, one that is showing great results for the real estate sector of the country.
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