Foreign sales of Turkish property have soared 28 per cent in the past year, according to new figures.
Official data from the Turkish Statistical Institute shows that sales in February reached 95,021, up 15 per cent year-on-year. The number of purchases made by overseas buyers in February 2015 climbed to 1,369, up 28 per cent from 1,071 in February 2014.
Istanbul led the way, accounting for 18.6 per cent house sales across the Turkish provinces. The city has become a hotspot for domestic and foreign investors alike, thanks to its booming population, which has doubled in the last five years. As a result, rents for furnished apartments have risen up to 40 per cent in the past two years, as buy-to-let becomes an increasingly attractive market.
“Beylikdüzü is certainly a destination to watch,” comments Adil Yaman, Director of property agency Universal21. “On the coast, with its own marina, five universities, the largest exhibition centre in the city, three private hospitals and as home to Istanbul’s very best shopping centres, whilst offering an array of choices for luxurious property options and modern resort-style living, it is clear to see why the district has become synonymous with the upper middle-classes, and in turn with amazing buy-to-let potential.”
466 international sales took place during the month in Istanbul, according to TurkStat, the highest of all provinces. Antalya, though, was closed behind, with its well-known resorts attracting 356 house sales during February, ahead of Bursa (106), Yalova (77) and Mugla (75).
The figures follow Istanbul’s ranking as the 20th most important market in PWC’s Emerging Trends in Real Estate Europe 2015 report, highlighting the city as one to watch for investors.
“One sector that is gaining traction and could appeal to institutional investors is student housing,” said the report in January. “Growth in this sector is driven by demand for higher education as a result of Turkeyâs young and growing population and increasing household incomes.
Dubai-based private equity firm the Abraaj Group has already bought a number of properties in the past year and a half, including those in student hubs Ortakoy and Buyucekmece.
“Itâs still a small market but student housing is becoming popular,” adds the report. “There are more students now in Istanbul than in London.”
Estate agency Spot Blue confirms that Beylikduzu is a neighbourhood of note, highlighting the importance of Istanbul’s future transport infrastructure upgrades.
“The Turkish property market is gaining momentum,” says the firm.
