26 October 2012
The Turks have a reputation for being welcoming to their visitors, so it should have come as no great surprise that Turkey has opened up its property market to investors from 183 countries, according to Colordarcy.
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 May 2012, yet even before this milestone, foreigners rushed in to purchase $1.1 billion worth of property. If this doesn’t sound significant, it was actually four times more property than 2011 according to research highlighted by Colordarcy.
Loxley McKenzie, Managing Director of Colordarcy commented, “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 at the moment with the FT only this month 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.”
Colordarcy.com 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 at the moment. Istanbul property offers an attractive alternative because there is so much room for growth and the investment numbers stack up according to Colordarcy 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.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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