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Istanbul Amazes Foreign Real Estate Investors

Istanbul Amazes Foreign Real Estate Investors

According to numbers released by the Turkish Statistical Institute: the number of houses in Istanbul sold to foreigners in the first half of the year increased by %150 to 2,517 compared to the same period last year.

According to data compiled by the Turkish Statistical Institute (Turk-Stat), the number of houses that have been sold to foreigners has risen from 1,008 to 2,517 in the first half of the year; a %150 increase in comparison to the same time last year. Across Turkey house sales to foreigners increased to 8,507 from 5,234 – a %63 increase for the January-June period – in comparison to the same period of 2013. The data indicates that, in the cities where foreigners purchase houses, almost half of the residences sold last year were in Antalya, but attention has moved toward the cities such as Istanbul, Sakarya and Bursa this year.

Foreigners bought more houses in the first half of this year than they did for the whole last year. Leaders of the housing industry said that foreigners pay close attention to the urban transformation projects in metropolitan areas. They also stated that the leading city in terms of urban transformation, IStanbul, comes to the fore in terms of the number of real properties that are sold to foreigners. Primary urban projects in Istanbul include the city’s third bridge and its third airport.

Furthermore Istanbul, compared to last year, has showed the biggest increase in the sale of properties to foreigners in the first half of the year with 509 houses. Nazmi Durbakayım, The head of the Istanbul Constructors Association (İNDER) said: “We predict that once the laws regarding reciprocity and urban transformation are passed, the foreigners’ attention to Istanbul will increase further; however, the houses that appeal to the foreigners are mainly in Antalya district.”

“Houses that the foreigners demand are being constructed in Istanbul as well. Along with urban transformation, houses with fine views are being built in city centers. New projects are under way in a number of districts including Taksim, Fikirtepe and Zeytinburnu, which grab the attention of foreigners. Foreigners’ demand for houses in Istanbul will increase gradually.” he added.

Half of the houses in these districts are bought by foreigners while the other half are bought by locals.” The Saudi royal family is perhaps the most infatuated with Istanbul where Prince Sultan bin Mohammed bin Saud al-Kabeer, the nephew of Saudi King Abdullah and his wife Princess Aljoharah Saad Abdulaziz al-Saud, bought three mansions at $18 million (37.6 million TL) from the project of Sultan Makamı in Çengelköy.

The Saudi Prince is trying to get the decorations for the mansions completed before a move in September. $10 million was spent on decorations that were designed at the royal family’s behest. In the mansions located toward the Bosphorus, there are six rooms, two halls, two kitchens and six bathrooms. Each mansion also has one private swimming pool.

July 2014