Turkish property prices are growing on a monthly basis, posting impressive numbers in a market otherwise hit hard by the worldwide financial crisis.
While European real estate is left unsold and frankly unwanted, data released by GYODER, Turkey’s Association of Real Estate investment show that property in Turkey continues to go from strength to strength with ambitious plans for the future.
GYODER produce a monthly index of new home prices in Turkey, with the latest index showing prices up 0.73% for the month and a huge 10.25% on the year in October. This follows the 0.32 percent growth in September. The total growth of property prices for the year has been measured at 12.23 percent. Try finding a better property price growth rate in Europe? Short answer – you can’t.
Last year GYODER revealed that there had been more than USD 2 billion invested in property in Turkey by foreigners alone. This was a huge 40 percent increase on the previous year and more than the total combined years of 2006 – 2008 put together. This week the Turkish government unveiled ambitious plans to attract USD 10 billion foreign property investments in Turkey PER YEAR.
Earlier this year the Turkish government amended a law that restricts foreigners from buying property in Turkey unless Turkish citizens are allowed to buy in the respected country. The relaxing of the law has made it easy for foreigners to buy in Turkey and led to a huge USD 1.1 billion worth of property sold in one month alone.
As the Turkish economy grows and prices of Turkish property continue to post impressive growth numbers, foreign investment is a given. With nationals from more than 194 countries now able to buy in Turkey easier than ever before, you just wouldn’t put it past foreign investors more than making the USD 10 billion per year target.