Turkey Property News

Weak Currency and New Regulations Push Foreign Investment in Turkey

Weak Currency and New Regulations Push Foreign Investment in Turkey
The continued weakness of the currency, as well as the regulations brought in throughout the last couple of years, has meant that the number of investors in the property market in Turkey who come from overseas has seen a significant boost. According to the latest figures released by Turkey's Statistical Institute (TurkStat), the fact that the weak Turkish lira gives people from other nations more for their money is a trend that is set to continue throughout the next year, boosting foreign investment throughout 2014.

The official body reported last week that the income per year generated by sales of real estate to foreign buyers amounted to some $3 billion (£1.8 billion) in 2013. This was up significantly from the $1 billion that was generated throughout 2003. In 2013, foreign investors successfully purchased 12,000 homes in the nation.

One of the major reasons for such a large increase in the number of sales and their value in the space of the decade was the fact that regulatory changes brought in towards the end of 2012 made it easier for foreigners to buy. The change meant that there were fewer restrictions on what they were allowed to purchase, opening up a raft of new opportunities for those who were looking for a new venture.

The number one spot in the whole of Turkey was found to be Istanbul, which accounted for some 20.3 per cent of all homes that were sold in the country throughout 2013. However, holiday destinations on the coast are also starting to become more and more popular. Julian Walker, director at Spot Blue International Property, said that one such area is Antalya. "Antalya is home not only to the vibrant city of the same name, but also to a string of popular resorts. These include Alanya, Side, Belek, Kalkan, Kas and Kemer. Aydin include Altinkum and Kusadasi, while within Mugla are the hot spots of the Bodrum Peninsula, Marmaris and Fethiye.”

Strong sales look set to continue into 2014 as well, with the latest release from the official body in Turkey stating that there had been some 1,207 sales of homes to foreign nationals in January alone, putting it on course to outperform 2013's 12,000 annually.