International real estate for sale gobbled up by Brits in Turkey

International real estate for sale in Turkey is being
gobbled up by British buyers, according to recent reports.

The latest statistics from the Land Registry Directorate
General show that 1 in 6 of Turkey’s homes are owned by Brits, as the country’s
booming economy and strong housing market attract overseas investors.

113,687 properties in Turkey are now owned by foreigners,
adds the report, which represents an increase of 2,400 homes compared to
September this year.

On the up

British demand is also increasing, with 25,177 houses owned
by buyers from the UK – another rise from September 2011, with 329 more properties
purchased last month.

Other figures are on the up too. House prices on average
jumped by 0.81 per cent in September, according to REIDIN’s monthly index, with
Turkey’s capital Istanbul recording an above-average increase of 0.88 per cent.

Istanbul remains a popular spot for investment, with demand
for accommodation and rented property in the city increasing. Indeed, buy to
let investors are reaping the rewards of the sector’s growth, as rents rise by
1.26 per cent in October compared to the month before – another performance
above the national average of 1.07 per cent.

Turkey is “a lucrative hub”

Ray Withers, Director of Turkish property investment
experts, Property Frontiers, comments,

“Turkey has become an exceptionally popular property
choice. At present it is an anchor of stability with a booming economy that is
hoped to reach around $2 trillion by 2023,and with the predicted 2.9 million
housing units required over the next four years to accommodate the ever growing
population… Turkey is a lucrative property investment hub.

“Indeed,
Istanbul, the pulse of the nation, has experienced an increase in rental values
therefore creating one of the best areas for rental opportunities. The western
suburbs located around Ataturk International airport such as Beylikduzu, one of
the fastest growing areas, presents not only a great opportunity for investment
but cheaper property price tags than the rest of Europe, making the city even
more attractive to potential buy to let investors wanting to take advantage of
the increase in rental prices highlighted by the data.”