Property Trends in Turkey 2016 are very positive, especially because of decisions taken by the government –such as the Reciprocity Law - that free up properties in Turkey for foreign investment. Foreign nationals bought more than 20,000 properties across the country in 2015. Among those who were on the top of the list if foreign buyers were Russians, who bought over 2500 properties here.
Turkey continues to be extremely popular with Russians – 3 million Russians visit Turkey each year as tourists and many have bought houses here. Katya Gruzina, a Russian national who bought a villa in Kemer, a place that’s close to the fast rising Antalya City, explains why Russians are interested in Turkey.
Katya says, “Turkey is very popular with the Russians because of its reputation for good package holidays and some friends convinced me to come along with them for a holiday to Kemer. I had been thinking about buying a small place in Bulgaria but I instantly loved Kemer and just thought ‘that’s it, why wait?’ and I bought somewhere at the end of the holiday.”
Katya explains why she bought a house in Kemar: “Kemer has some wonderful beaches, and if you can hire or a car or want to get the bus there are some amazing beaches a little further away.”
A lot of Russians, like Katya buy properties in Turkey for holidaying purposes, but rent them out during the months when they are not staying there. Katya says that she earns a significant rental income from her property during the off season. Also, with property prices in Antalya City increasing by 10% every year, there’s a lot of money to be made on a resale as well.
Russians are followed by Britons and Germans when it comes to interest in the Turkish overseas property market. There’s also a lot of interest shown by those from Netherlands, Belgium, Norway and Sweden. The Arabs have been traditional buyers of Turkish properties, so there has always been a substantial interest coming from the Middle East. Life in Turkey is considered to be very “cool” by people in the Middle East, who have probably grown up watching Turkish TV shows.
Adil Yaman, Director of the Universal21, a real estate firm in Turkey, talks about how the property market in Turkey is beginning to attract people from all over the world, not just from the traditional Arab buyers: "Whilst it is easy to assume that Middle Eastern interest will remain at the fore, it is very interesting to see the impact that buyers from China are now having on our enquiry levels. Such potential buyers are showing particular interest in our most recently launched projects, situated around the upmarket district of Beylikdüzü, an area on the European side of the city known for its high level of green space and excellent transport links."
There is a lot of interest coming from other countries, such as China. Cash rich Chinese nationals, who are always on a lookout for overseas property have made Turkey a part of their plans. According to real estate agencies in Turkey, there has been a 250% increase in the number of enquiries from Chinese investors looking to buy villas in Turkey.
The Chinese want to make the most of the fact that Turkey is one of the fastest growing economies in the region, which opens up a number of business opportunities for them. Also, Turkey is a stable country, both economically and politically, and represents a safe haven for their investments.
A lot of Chinese, as many as 300,000, visit Turkey as tourists each year. So, the Chinese have always been fascinated by Turkey, which has led to a number of cash rich Chinese snapping up properties in Turkey