The Turks have a reputation for being welcoming to their visitors from all around the globe, so it should have come as no surprise that Turkey has opened its property market to investors from 183 countries, according to Emtilak.
Analysts at the firm say this has already started to attract some of its near neighbours from the Gulf states who have been making the most of their new found freedom in the country.
The new property law in Turkey came into effect back in September 2018, yet even before this milestone, foreigners rushed in to purchase $1.1 billion worth of property. If this doesn’t sound significant, it was four times more property than 2011 according to research highlighted by Emtilak.
Jordan Shelton, Managing Director of Emtilak said, “Many thought at the time that this was a temporary surge of investor interest in Turkish property and that it would soon pass when those investors would sell on to other investors when the law was approved.
Yet there is little evidence of this happening now with the FT recently reporting a property development in Istanbul has already received $400m from Gulf investors, even before launch.
It is not clear if it is by accident or design that just as the Arab Spring is playing out its final conflicts, Turkey is opening its doors to many of its Arab neighbours. In fact they seem to be doing it with open arms and with few safe options for their holidays locally, many people from Gulf states are only too happy to start moving in where they feel comfortable to invest.”
Emtilak point out that it is not a case of Arabs having any fear of investing in other countries in Europe, it is just that compared to Western Europe, cities like Istanbul offer a much better alternative.
The last time Istanbul appeared on a list of the world’s most expensive cities to buy property, it was still well down in 30th place. This means that it is not just investors from the Gulf who will be finding the opportunities to be had in Istanbul exciting now. Istanbul property offers an attractive alternative because there is so much room for growth and the investment numbers stack up according to Emtilak analysts.
The national economy too is still growing at a respectable rate even after this year’s engineered slowdown. I have a funny feeling that this property boom in the new, more open, Turkey still has some way to run as a result.
Emtilak is a leading property investment company that specialises in finding positive cash flow investment properties worldwide.
For more information, please visit their website at: https://emtilak.com/.
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For more information about Emtilak, contact the company here:
Emtilak
Jordan Shelton
info@emtilak.com
Istanbul, Turkey
