Foreign investment in turkish property increases 40%

A recent report conducted by the Association of Real Estate Investment Companies or GYODER found that Turkey’s real estate sector has exceeded all expectations, rapidly expanding last year. Not only did transactions increase significantly, but the construction sector expanded by 18%, with applications for construction permits increasing by 35% and overall property supply doubling in Q4 of 2010 compared with a year earlier.

The report highlighted the surge in foreign property investors as the major driver behind the growth, which has brought the country back to the levels experienced before the world wide economic crisis.

“As a whole, post-crisis normalization and growth went hand in hand in 2010,” GYODER stated in a announcement accompanying the report. “Growth has created very convenient conditions for the commercial real estate market, too”.

“Between 2006 and 2008, property sales to foreign nationals stood at $3 billion,” commented Işık Gökkaya, GYODER’s Chairman. “In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion."

Source: Select Property