Turkish Property is still developing and properties in Turkey are seen as affordable and tempting with substantial investment in 2014 and that growth in sales of Turkish property is expected to make progressin 2015
The Turkish Market seems set to progress in 2015
International real estate market players keep a close eye on a country’s wider monetary position, not just the state of its real estate market, especially in what are still unstable financial times for much of the world. This healthy and ever-increasing level of discover is sure to bolster property sales in Turkey. This news is especially substantive given that Spain has only just escaped a bailout, unlike its neighbours Portugal which succumbed, so decisions to invest internationally don’t come lightly. As House Sales Turkey previously reported, the Russian overseas property magazine International Residence carried out a analysis at Moscows leading property show in March of this year. Given that The Turkish Ministry of Culture and Tourism has predicted as many as 1 million more Russian tourists will visit Turkey this year (when over 3 million Russian tourists travelled to Turkey last year), it could be that Russian purchasers will bolster real estate in Turkey for some time. While the prices of property in Turkey have slowed in the past few years (just like in the rest of Europe), the market is still buoyant, in part due to considerations such as Turkeys strong tourism.
Both districts have healthy sources of demand for rentals, including university campuses. Having a waterfront, means Belikduzu also offers a water taxi service. 115,786 houses changed hands in September. The Turkish property market has cooled down a little from the torrid pace over the last decade. According to the Turkish Statistical Institute (TurkStat), a total of 1,774 houses were sold to foreigners in August, displaying a significant contrast to the 890 homes sold last year. The canal will connect the Black Sea and the Sea of Marmara, transforming the land along its route and attracting more Gulf investment to the country. They offer a good selection of off plan and newly built quality apartments, within gated complexes and with communal facilities, priced between $100,000 and $200,000, all of which suits the requirements and budget of typical Gulf investors.
Is 2015 the right time to buy real estate in Turkey land and property in Turkey seems to be at the right time of its cycle
Two up and coming districts on Istanbul’s European side have become hot spots for Gulf investors purchasing second homes in 2014, it is claimed. Walker also explained that Belikduzu and Bahcesehir both have excellent transport connections, by bus, train and motorway, with the Istanbul’s cultural and business districts, as well as the main Istanbul airport (Ataturk International Airport), making transfers from the Middle East easy. However, a slow-down is now evident although growth continues to be recorded.
Residential rental values increased the most in Antalya, the fastest-growing city in Turkey, perennially popular with tourists. Several factors including new value-added tax laws and an anticipated economic cooling in 2014 means reduced domestic sales volume for both new and resale homes through the end of this year. Although the domestic property market still faces challenges and demand remains weak, the climate for foreign investors has improved significantly, with interest focusing mainly on apartments in resort areas. It is widely believed that foreign investors will pick up the slack in the domestic property market as transaction volumes have consistently risen over the last 18 months, showing no loss in investor sentiment for Turkey.
Major infrastructure projects have also underpinned property investment in the country, with more large-scale projects in the pipeline. With fewer restrictions on foreign property purchases, mortgage availability also increased in August after declining for the preceding seven months. Foreign investors in Turkey’s property market also received a boost this year, as restrictions on the sale of real estate to foreigners were reduced. Bahcesehir has the Akbati shopping centre, Akkoza mall and Prestige mall. Vatandas said the high cost of land in a dynamic metropolitan areas was responsible for the large price hikes in Istanbul, where more than 14 million people live.
The price index for Istanbul has increased about 8-10 points more within five years compared with the country as a whole. Around 13,611 real estates were sold to foreign buyers in the first nine months of the year, an increase from 12, 181 the year before.