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Old 14th November 2005, 09:27   #1 (permalink)
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Post More foreigners buying residential property in Turkey....

An increasing number of foreigners are buying residential properties in Turkey, which has begun negotiations for joining the European Union (EU).

Some 53,000 foreigners from 68 countries have bought housing units in the country this year alone and a majority of them are Europeans.

Haluk Sur, chairman of Istanbul-based Association of Real Estate Investment Companies (Gyoder), said in remarks to this newspaper yesterday that the construction industry in Turkey was booming showing a growth rate of 20 per cent this year.

Sur was here as part of a huge delegation of Turkish businessmen that accompanied the country’s prime minister, Recep Tayyip Erdogan.

The construction boom in Turkey was despite the fact that the overall economic growth had slowed down from 9.9 per cent in 2004 to 4.5 per cent by the second quarter of 2005.

Demand for housing is increasing and on an average some 500,000 units are required per year. The rise was fuelled by exploding population and the influx of people from rural to urban areas.

Sur said that depending on the location, the prices of constructed houses varied from $1,000 to $3,000 per square metre and easy mortgages were available from 15 to 25 years at low interest.

Asked if all foreigners were allowed to buy residential property in Turkey, he said an existing law enacted in 2003 was being reviewed and as of now nationals of countries that permit Turkish people to buy properties, were allowed ownership.

Foreign investment in real estate projects in the country totals $2bn so far this year and housing finance by way of mortgages provided by banks and financial institutions amount to an incredible $7.5bn.

Turkish people are very hospitable to foreigners and like to live as their neighbours. People feel safe and secure in Turkey, he said.

According to Sur, some 1.7 million residential units were bought by EU citizens in Spain after it joined the union.

“The same is going to be the situation as Turkey is all set to join EU hopefully within five to 10 years,” remarked Sur.

Nebil Celebi, head of the association of travel agencies in Turkey (Tursab), said 22 million foreign tourists had visited the country this year and the target for the year was met much in advance.

However, 57 per cent of tourists were from Europe , 16 per cent from Russia and former Russian states and only five per cent were from the Middle East.

“We are in the process of setting up more facilities for Arab tourists,” he said.

Istanbul is a 2,007-year-old city and has been the capital of three major empires (Roman, Byzantine and Ottomon). There are 25,000 monuments all over Turkey and 3,000 ancient sites.

The largest Turkish city is Istanbul with a population of 12 million, followed by Ankara (six million) and Izmir (three million). Antalia is the most favoured tourist spot, said Celebi.

Earlier, he and Sur made presentations at a function organised by the Qatar Chamber of Commerce and Industry (QCCI) at the Ritz Carlton yesterday.

Sur said that a lot of Qataris had evinced keen interest in making investment in the real estate sector in Turkey.
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Old 14th November 2005, 15:00   #2 (permalink)

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Re: More foreigners buying residential property in Turkey....

Harbiye and Samandağ in The Hatay has loads of Arabs who have bought holiday villas there..they mostly come from Syria but also many from the Gulf regions too.
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