Foreign investment in Turkish property hits record high
Foreign investment in Turkish property has reached a record high this year, according to new figures.
Turkish property sales increased 8 per cent month-on-month in May 2014, but dropped 12.4 per cent year-on-year, according to the Turkish Statistical Institute. But statistics from Turkey's economic ministry reveal that foreign investors are pumping more cash than ever into Turkey's property market.
Foreign investors spent a record $1.26 billion between January and April, which marks a considerable increase on the $893 million figure for the first quarter of 2013.
Indeed, the number of foreign investors totalled 12,485, which is 48 per cent up on last year according to official figures. Growing foreign investment has helped move Turkey up to fourth place in the world's fastest growing property markets according to Knight Frank.
Estate agency Unversal21 attributes the growth to the efforts of Turkey's government to encourage overseas buyers to enter the country, particularly those from the Middle East, who may be motivated by unrest or a tightening of Dubai's market.