Foreigners will continue buying from Turkey for the next 10 years
In an article published by the Today’s Zaman Newspaper read. One of the arenas to be hardest hit by the 2001 economic crisis in Turkey, the real estate market, is bouncing back with speed, as it experiences a series of economic developments.
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Last month’s bidding for General Directorate of Highways (KGM) and İstanbul Transportation Authority (İETT) plots are just one example of renewed energy in real estate. The Zorlu Group bought the KGM property for $800 million, while the Dubai-based Sama Dubai company, owned by Dubai Sheik Maktoum, bought the Levent İETT garage property for $705 million. In the wake of these significant purchases, there is curiosity on the market as to whether or not this type of sale will continue.
Cansel Turgut Yazıcı, general manager of the Real Estate Evaluation Department at Turkey Industrial Development Bank (TSKB), says that the most important reason for these recent developments in Turkey’s real estate market is the general state of economic stability. Yazıcı said: “At this moment, the future of real estate in Turkey looks very bright. These sorts of open bidding sales should continue. Economic development and stability are pulling real estate investors into Turkey. Good years lie ahead for our country’s real estate market, and those who are aware of this are on the right track. … If we compare the general situation to a train, those who are buying property are getting on board the train and going, but those who don’t will be very sorry in the future that they missed the train.”
Foreigners investing in İstanbul real estate are generally purchasing shopping centers, offices, and luxurious housing. At the forefront of foreign companies investing in Turkish real estate are British, German and Arab companies. Yazıcı also noted that the relatively cheap price of Turkish real estate in comparison with other developing countries is another reason for its favored status among foreign investors. She said: “The Spanish are looking at property near city centers in the south. Arabs tend to look for places to build apartment buildings and shopping centers. European investors are interested in shopping centers, apartments and office space. With the current economic situation continuing in a positive manner, we will see foreign property purchases continue in Turkey for another 10 years.
Read More: Investing in Turkey Properties
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