Turkey becoming increasingly popular choice for overseas property investors
Property prices in Turkey are steadily moving upwards with the latest Residential Properties Sales Price Trends Index from REIDIN showing they increased by an average of 0.81% last month compared to September.
The price of existing homes increased 0.73% in Turkey overall, 0.32% in Adana, 0.44% in Ankara, 0.96% in Istanbul, 2.11% in Izmir and 0.45% in Kocaeli. But they fell 0.38% in Antalya and 0.76% in Bursa.
Rents for existing increased 0.90% in Turkey overall and were up 0.69% in Ankara, 1% in Antalya, 0.65% in Bursa, 1.13% in Istanbul, 1.00% in Izmir and 0.23% in Kocaeli. The only place where they fell was Adana, down 0.31%.
New homes saw prices increase by 7.18% while in Istanbul on the European side prices actually fell by 0.17% but increased by 3.52% increase on the Asian side.
Meanwhile, figures from the Land Registry Directorate show that one in six Turkish properties sold to foreign buyers were bought by British people in the last two months. Some 25,177 properties now owned by British citizens, an increase of 329 since September 2011.
The data also shows that overall 113,687 properties across Turkey are now owned by foreigners, an increase of 2,487 property sales made on September’s 111,200 figures.
Further data shows that Brits are still the biggest foreign buyers of Turkish property, with.
Indeed, those who have invested in Turkish property for rental purposes will be happy to hear that rental values have also increase between September and October this year rising by 1.07% with rents in Istanbul pushing up by 1.26%.
Ray Withers, director of Turkish property investment experts, Property Frontiers, believes that Turkey will become an increasingly popular choice for overseas real estate investors.
‘At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023, and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population, we at Property Frontiers have recognised the flourishing potential of Turkey as a lucrative property investment hub,’ he said.
‘Indeed, Istanbul, the pulse of the nation has experienced an increase in rental values therefore creating one of the best areas for rental opportunities. The western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only a great opportunity for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors wanting to take advantage of the increase in rental prices highlighted by the data,’ he added.