Arab investors eyeing Turkish property
Istanbul, December 18, 2013
The Turkish real estate growth is sparking a lot of interest among Arabian and Russian investors with many eyeing the central fashionable districts in the capital, according to a property expert.
“Istanbul in particular has attracted interest from Gulf and Russian investors this year,” revealed Julian Walker, director of UK-based Spot Blue International Property.
According to him, the number of visits from the Arab region to Spot Blue's website rose 164 per cent year-on-year, while those from Russia were up by 113 per cent.
Overall, more than 50 per cent of visitors to Spot Blue’s website now come from outside the UK, and also include French, Dutch and American property-hunters, he said.
Visitors to the website increased 24 per cent in the three months ending November, as compared to the same period last year.
“The city’s appeal is two-fold for them - the choice of buy-to-let opportunities springing up in the booming suburbs, in areas such as Halkali, Beylikduzu, Bahcesehir and Erenkoy, and the availability of chic second homes in more central fashionable districts on either side of the Bosphorus,” said Walker.
“Also, if they’re buying for lifestyle purposes, then Bodrum on the Mediterranean Coast and other marina resorts on the Bodrum peninsula are also popular spots,” he stated.
The largest group of Gulf investors in Turkey come from Saudi Arabia, from where a group of delegates attended the Turkish-Gulf Real Estate Congress and Exhibition in Istanbul this month.
The event highlighted the strengthening alliance between Saudis and other Arab nations, and the Turkish property sector, and included the unveiling of a new package of joint real estate ventures worth a total $5 billion.
A leading real estate firm in the region announced this month, that it has committed to real estate investments in Turkey worth Dh200 million ($54.4 million).
“International investors like it not only for its capital gain prospects and buy-to-let opportunities, but also because it operates in multiple currencies, including US dollars, euros, Sterling and the local Turkish lira,” Walker added. - TradeArabia News Service