Brits have a taste for Turkey
Thursday, 1 September 2011 2:48 PM
Brits are keener than ever on Turkish property and are responsible for 22 per cent of all foreign investment in homes there, claim new figures.
According to data from Turkey's Land Registry Directorate's Foreigner Affairs Unit, foreign investors have purchased around 111,200 estates across Turkey with some 35,249 Brits owning 24,848 properties.
Investment from the UK has made its residents some of the most frequent buyers of Turkish property, beating back competition from German and Greek investors.
The cost of buying property in Turkey is also rising steadily, with sale prices having increased by 0.83 per cent across the country and a 1.05 per cent rise in Istanbul in the past year, the Reid In Turkey Residential Property Price Index claims.
Ray Withers, director of Turkish property investment company Property Frontiers, said: "Turkey is fast becoming 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, we have recognised the flourishing potential of Turkey as a lucrative property investment hub.”
Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter.
