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Investment Property Interest in Turkey Reaches New Highs
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Added: 05/02/2006
Type: Summary
Viewed: 289 time(s)
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Investment Property Interest in Turkey Reaches New Highs
Interest in property investment in Turkey reaches record highs as international political confidence surges and the Turkish government commit to achieving EU entry qualification.
Following a visit to Ankara by American Secretary of State Condoleeza Rice in which she confirmed her country’s support of Turkey’s bid to achieve EU accession and the countries’ joint commitment to political, economic, cultural and academic harmony, international investor interest in both the residential and commercial property markets in Turkey has further surged.
Following a resumption of sales of investment property to foreigners in 2006 after a brief restriction imposed last year by the Constitutional Court, Turkey has seen in excess of one thousand two hundred pieces of residential real estate sold to overseas investors and welcomed hundreds of millions of dollars of foreign direct investment into the property sector particularly in Istanbul and especially from developers from GCC nations.
For example Dubai based Emaar Properties have committed seven hundred million US dollars to just one of their Istanbul based mega residential projects, Dubai Holding have committed five million US dollars to start creating their stunning architectural vision of two twisting towers in the Levent business district of Istanbul, and already the city has seen property prices rise by an incredible 85% in just one year.
As 2006 brings predictions of 120% increases in the Istanbul investment property market corporate giants from America and Europe are reportedly researching the market potential intensely and employing local experts to assist with their due diligence. Morgan Stanley, UBS, Deutsche Bank and Credit Suisse are but a few big name players who have conducted risk/profit analysis of the Turkish property market and who have been assisted by local expert knowledge from Garanti GYO, Is GYO and Yapi Kredi Koray financial institutions.
As these corporate entities move in on the commercial investment property market in Turkey the Turkish Land Registry General Directorate has released statistics that show British investor interest in the residential property market in Turkey has surged in the first quarter of 2006. British buyers have been buying property in Turkey especially apartments and villas along Turkey’s southern coastline in their droves and helping to fuel a European led boom in interest in holiday homes, fly to let property investments and retirement homes in the sun in Turkey.
Other than Istanbul the towns and cities of Antalya, Aydin, Mersin and Izmir are among the most popular with residential property investors, and property prices have been rising consistently in these towns and across Turkey as international confidence in the country rises, the appeal of the nation is brought to the attention of the wider world, tourism numbers increase and Turkey further commits to undertaking far reaching strategic measures to align the country with the EU ready for its accession to the European Union in the future.
Amberlamb.com who produce comprehensive property investment guides for all the world’s most important emerging and established real estate economies have succeeded in highlighting the depth of potential that exists from property investment in Turkey through their analysis of the latest economic, political and property market data. Their findings reveal that Turkey currently represents one of the world’s most exciting emerging property market economies and that it has massive potential for growth in both the residential and commercial real estate sectors.
About AmberLamb:
http://www.Amberlamb.com are online publishers of impartial and independent overseas investment property advice, news, information and guides.
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