Monday, 29 February 2016

UAE investors buying Turkish property

UAE investors buying Turkish property

DUBAI, TradeArabia News Service

With the relaxation of foreign investment laws in Turkey, the number of real estate transactions involving the Gulf region investors, mainly Emiratis, has hit a new high in the country, said industry experts ahead of the inaugural Cityscape Turkey in Istanbul.

As the relaxation of foreign investment laws in Turkey have driven up the demand for prime real estate projects, the launch of the inaugural Cityscape Turkey is expected to attract a number of UAE investors keen to capitalise on this growing market, stated the experts.

Turkish real estate transactions by UAE residents have increased by 160 per cent in the last two years, according to Turkey’s Ministry of Land Registry, with the Emirati investors accounting for more than 300,000 sq m of space.

In 2015, over 500,000 Gulf residents visited Turkey.

“Turkey appeals to the UAE investor on multiple levels, from the comfort factor of cultural similarities such as halal food and plentiful mosques, through to the cosmopolitan positioning of a city like Istanbul,” said Wouter Molman, the director of Cityscape Group at Informa Exhibitions, the event organisers.

The sixth largest European economy with a current GDP (gross domestic product) -in excess of $800 billion, Turkey is also the 17th largest economy in the world and 6th most popular tourism destination, attracting 37 million international visitors in 2014.

The country’s real estate sector continues to attract significant levels of foreign direct investment, with over $3.5 billion in the first to third quarter of 2015 according to Gyoder, the country’s association of real estate investment companies. | Turkish Property for sale

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