Foreign buyers are interested in the real estate market in Turkey with figures from the country’s Ministry of Environment and Urban Planning showed that sales to overseas buyers more than doubled in the first six months of 2013 compared with the same period in 2012.
Foreign investments in the Turkish real estate sector totalled 7,145 in the first half of the year, compared with 3,107 a year earlier. Experts say that the relaxation of Turkey’s reciprocal ownership laws last year seems to be taking effect.
The data shows that overall buyers from 88 different countries bought property in Turkey in the first half of 2013 compared with 55 in and between January and June this year, 7,761 foreign nationals bought 7,145 properties, made up of 916 parcels of land and 6,229 houses. The Ministry’s figures also show that Russians account for the largest number of foreign buyers with
sales completed on 1,388 properties followed by 720 sales to British buyers and 653 to German buyers.
In terms of regions, there has been a huge rise in buyers from Middle Eastern countries. Until last year they were barred from buying in Turkey but have now completed sales on 1,040 properties.
The easing of the law governing property purchases in Turkey by foreign nationals has opened up Turkey’s booming real estate market to investors from Russia, the Arab world, and Southeast Asia. The country also grants residency permits to foreigners who acquire property.
Turkish real estate purchases by foreigners were worth $2.6 billion in 2012, an increase of 31% on the previous year. During the first quarter of 2013, foreign purchases reached $720 million, and Turkey’s government has a target of $3 billion for the year as a whole.
An increase in tourism numbers is helping to boost the property market among foreign buyers, according to Turkey real estate specialists Spot Blue. Tourist numbers and demand for property in the southern Turkish resort of Alanya are expected to record a rise during 2013, thanks to a rise in the number of international flights, particularly from northern Europe arriving at the nearby regional airport at Gazipasa.
By the end of July this year, the number of flights passing through Gazipasa Airport was equal to the total for the whole of 2012, a spokesperson for the airport reported, adding that by the end of 2013 air traffic was expected to show a 100 to 110% year on year increase.
The most recent new route to Gazipasa Airport started from Stockholm in July, operated by Thomas Cook Scandinavia Airlines. In June, Danish carrier Jet Time began flights to Gazipasa from Copenhagen, and in the same month Lithuanian Airlines started flights from Vilnius. In November, German carrier SunExpress will launch new services to Gazipasa from Dusseldorf, Frankfurt and Leipzig.
‘There are now direct flights to Gazipasa from twelve destinations in eight countries, including Sweden, Denmark, Norway, Belgium, Holland, Poland, the Czech Republic and Lithuania,’ said Julian Walker, director at Spot Blue, which sells property in and around Alanya.
‘When you think the first scheduled internal flight only arrived there in December 2010 and the inaugural international flight touched down in spring 2011, this ramping up of options is encouraging for tourism and property owners in Alanya, which is just 30 minutes from Gazipasa Airport. Direct flights might be limited to northern Europe at the moment, but you have to wonder how long it will be before a low cost carrier launches a UK route there, just as SunExpress will begin doing this winter from Germany,’ he explained.
Most foreign visitors to Alanya, including those from the UK, must fly to Antalya Airport, a 90 minute drive west. Consequently, better flight options to Gazipasa Airport are raising the appeal of Alanya, as well as the resort of Side, around 60 kilometres west of Alanya, according to Walker.
‘The beaches and colourful lifestyle that Alanya offers foreigners are complemented by its year round balmy climate which is one of the reasons it is popular in winter months with northern Europeans escaping the cold of their home countries,’ he pointed out.
Properties popular with foreign buyers in Alanya include apartments on gated complexes, with a communal pool and within walking distance of the beach, with prices starting at around £40,000 for a one bedroom unit. Alanya offers a choice of residential districts, including Oba where a one bedroom apartment is on the market for £47,700.
Meanwhile, in the municipality of Gazipasa, making it less than 30 minutes from the airport, a pretty three bedroom villa is on the market for £123,700.
writen by: PropertyWire