Who Invests Most In Property In Turkey? The Results May Not Surprise You

Turkey real estateIt seems a long time since I last went on holiday. Thinking about it now reminds me of those spectacular sun rises, the coolness of the early morning breeze before I head out on my morning run – putting the towels out early.

There is just one thing that annoys me about staying in a hotel and that’s reserving the sun loungers.

When you first arrive, have you noticed how everyone is friendly and happy to have a lie in? On those first few days away, I was able to stroll out and take my pick of all the empty sun loungers.

If I wanted one by the pool, there it was. If I wanted one by the bar it was right there folded up in front of me, not a towel in sight.

It doesn’t take long though before you get up on day three only to find you have company. Towels are now draped across the sun lounger by the pool and as far as the one by the bar goes, forget it.

As I stroll out for a walk along the beach, I now see people literally fighting over a spot on the sand. Some people blame the Germans for this, I just blame increased competition.

There is nothing like competition to get people up in the morning, though it has to be said that on average Germans sleep for eight minutes less than the British and start work at 8.20am rather than 8.50 for the British who need a bit more of a lie in.

Anyway back to the subject of investors in Turkish property. It may not come as a surprise for you to learn that German citizens invest in more property in Turkey than any other nation.

Turkey’s Ministry of Environment and Urban Planning have revealed that 10,687 pieces of real estate have been sold to foreigners since the change in the law allowing more foreigners to invest. German citizens bought 1,294 properties.

The UK, which often misses out to Germany in sport, also comes some distance behind as the second biggest investor in Turkey’s real estate with 1067 properties.

Perhaps the biggest change in patterns of investment comes from foreign purchases in Turkish property coming from Gulf states. Take Kuwait, Saudi Arabia and the United Arab Emirates combined and the number is 358 making them the third largest investors in property in Turkey.

 

 

 

 

 

 

 

Property prices still reasonable in Turkey by Western European standards. Apartments in Istanbul’s suburbs can still be purchased for less than £40,000 which it could mean that UK investors who have yet to take the plunge lose out to those from other countries if prices rise as predicted in double figures again this year.

The UK is by no means having it all its own way in Turkey, the towels are certainly out on fast growing Istanbul property and they are selling fast.

Who will be the biggest investors in Turkey this year? Please leave your comments below:

Kind Regards

Loxley McKenzie
Managing Director

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