TURKEY PROPERTY REPORT
For investors, holiday or retirement home buyers, for property developers and those who are looking for land and attractive parcels of Turkish Real Estate this is our comprehensive Turkey Property Report which details and assesses the latest findings and statistics relating to the areas of Turkey most popular with overseas buyers, the most common buyers of property in Turkey and the future prospects for intense development and purchase focus.
2006 has so far been an important year for the emerging turkish real estate market for three main reasons which this article will discuss, and it means that now is definitely the time that investors hungry for a new market should begin seriously exploring their options in this exciting nation full of potential.
As stated 2006 has been a significant year for Turkey - firstly January saw the nation finalise and exact new laws relating to the foreign freehold ownership of property that kick started foreign investment into the real estate sector. Secondly it was announced that Turkey could begin serious discussions with the EU about possible entry into the fold of the European Union over the medium term, and thirdly, following this important EU announcement the levels of foreign direct investment received in Turkey from GCC nations and Arab investors was massively boosted.
Overseas money has subsequently been ploughed into commercial and infrastructure projects and further investment was promised meaning that Turkey suddenly became one of the most strategically interesting nations from an investment (and not just a property investment) perspective.
Naturally enough all of these positive factors have had a lasting and interesting impact on the property market.
Our Turkey Property Report can confirm that between the passing of the new law in January 2006 and the end of July 2006 over 6000 separate foreign property transactions have been finalised taking the total number of properties in Turkey owned by foreign citizens to well in excess of 62,500.
In terms of the turkish region where most land is in the hands of foreigners Hatay bordering Syria is number one - but this has more to do with inherited land and historical foreign ownership of property in this once disputed territory than it does with the potential for land and real estate from an investor's perspective. So, moving on, Antalya has more foreign owners of property than any other town or city in Turkey and over 98 % of all the property transactions involving foreigners at Antalya were as a result of land and real estate being sold to overseas buyers rather than as a result of inheritance for example.
The Mugla province on the Aegean which is home to the stunning summer holiday resorts of Bodrum, Marmaris, Datca and Koycegiz came second only to Istanbul in 2006 so far in terms of the actual total area of land owned by foreigners with Istanbul coming out on top in terms of the actual number of properties within the city that are owned by foreign citizens.
After Istanbul, Mugla, Antalya, Izmir, Bursa, Adana, Aydin and Manisa all have significant foreign presence in the property market. Alanya has witnessed strong overseas investment into land, Istanbul is unsurprisingly the strongest market for foreigners buying property with a view to residing in it whilst working in the city or letting it out to other workers in the city - and in terms of who is actually investing in property in Turkey our findings reveal that the British rank first with Germans hot on their heels. Greek, Israeli and Irish interests are also strong and Dutch, Norwegian and Belgian interests are growing.
Now there are 88 nations with a full foreign property ownership reciprocity agreement with Turkey in place and another 32 that have partial agreements finalized, it is likely that the appeal of Turkey property will dissipate and 2007 will be another strengthening year for this sector of the Turkish economy.
