Turkey’s real estate sector expects more foreign buyers

ISTANBUL - Reuters

AA photo

The Association of Real Estate Investment Companies in Turkey (GYODER) has said its members expect more foreign housing buyers in the market in 2016 and growth of around 5-6 percent, in a written statement on Dec. 30. 

The association said further growth was estimated in the sector with an expected acceleration in urban transformation projects and in the construction of new settlement areas. 

Turkey’s existing and planned mega infrastructure and transport projects, including the Marmaray, the third bridge over the Bosphorus Strait, the Eurasian Tunnel, the Istanbul Financial Center, the Galataport and the Haliçport, will help the sector lure more foreign investors, said the statement. 

The association also said the Turkish market was attractive as it was growing faster than the world average. 

A total of 20,547 properties were sold to foreigners in Turkey in the first 11 months of the year, according to official data. Foreigners bought a total of 2,119 properties in November, an increase of around 25.6 percent compared to the same month of 2014.