Piagi are seeing that Turkey’s property sector has surpassed growth expectations due to a sharp rise in purchases by overseas buyers.
In a report from one of Turkey’s leading industry associations. The Association of Real Estate Investment Companies (GYODER) stated that property sales to foreign nationals have risen to such an extent that they are now approaching pre-crisis levels.
GYODER chairman Işık Gökkaya comments:
“Between 2006 and 2008, property sales to foreign nationals stood at $3 billion. In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion”.
Citing a recent report by PricewaterhouseCoopers and the Urban Land Institute Gökkaya told delegates at a recent conference that he expected sales to foreigners to double in the near future.
“In 2010, real estate sales to foreign nationals rose by 40 percent, reaching $2.5 billion. Foreigners’ interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double.”
Reciprocity is a requirement that a foreign national is allowed to buy property in Turkey only if Turkish citizens are allowed to buy property in the person’s home country.