The change in the reciprocity law that enables foreign citizens to buy property in Turkey, was passed in its Parliament in May 2012. Under the law the Turkish government would permit citizens of all nationalities worldwide to acquire property in Turkey unconditionally. This new law made Turkey one of the most attractive real estate markets in the world and opened doors for Foreign Direct Investment to the country.
Thanks to the strong domestic demand, Turkish construction companies already used to perform very well in the last decade. With the increasing demand from foreign investment, the developers in Turkey started to take into account demands of foreigners also and started to develop projects which answer the taste of all customer needs.
Even though, there is demand from all countries worldwide, GULF countries’ demand is new for Turkey and cannot be underestimated as the indicators showing that their purchases are increasing continuously. Many international investors in the Islamic countries started to prefer Turkey and especially Istanbul city for their real estate investments for the following stated reasons
- Istanbul is one of the oldest cities in the world and has a great culture and history that you can still feel once you visit this city.
- Istanbul is one best destinations in the world for tourism due to its beauty.
- Istanbul is one the fastest growing cities in the world even though it is already one of the biggest cities in the world with its 17 million population.
- Every year there are numerous new launching projects in Istanbul which are big opportunities for real estate investors.
- Turkey is a liberal Islamic country which is one of the most important reasons that attracts Arabic population.
- Due to problems some Islamic countries had encountered for the last decade, Turkey is seen as a safe country to invest.
When we look at the number of properties sold to foreigners
- In 2013, 12.181 properties were sold to foreigners in Turkey whereas 2.447 of these were sold in Istanbul.
- In 2014, 18.959 properties were sold to foreigners with 55.6% increase and 5.580 of these were sold in Istanbul this time.
As the numbers are also showing, Turkey real estate market is booming at the moment and the demand from foreigners are increasing tremendously. In 2015, sales from foreign investment are expected to hit 5 billion USD with more than 25.000 sold properties and broke its record.