Brits Are the Top Purchasers of Turkish Property
09 September 2011
According to data from the Land Registries Directorates Foreign Affairs Unit, the majority of foreign buyers in Turkey are British, Germans and the Greeks. The data showed that buyers from 89 different countries had purchased around 111,200 properties throughout Turkey, but British people have bought the most.
Apparently 35,249 British people now own 24,848 properties. The data also shows that foreign buyers have purchased property in 76 out of turkeys 81 provinces, and 12,109 properties in Istanbul are owned by foreigners.
Prices are also rising with 0.83% month on month growth across the country and a 1.05% growth in Istanbul in July. New build properties are becoming increasingly popular especially amongst foreign buyers and second homeowners, with sales up 1.2% between June and July, and 7.29% higher than the same period in 2010. Rental prices in the country are also on the up, with growth of 0.36% on the month in July.
It's hardly surprising that Turkey is a popular choice for foreign buyers, as it is seen as being a stable country with a booming economy. The population here is also growing rapidly, and it is estimated that 2.9 million housing units will be required over the next four years to meet increasing demand. One of the most popular cities is Istanbul, with the western suburbs around Ataturk International airport seeing particular popularity with buy to let investors due to the competitive pricing and rising rents.