TODAY’S – Real estate sales to foreign buyers expected to hit $5 bln in 2015

Real estate sales to foreign buyers expected to hit $5 bln in 2015The total amount of corporate and individual real estate sales expected from foreign buyers will reach the $5 billion mark, Housing Developers and Investors Association (KONUTDER)hairman mer Faruk elik said in a recent statement.Reciprocity laws easing the restriction on real estate sales to foreign buyers in recent years have positively impacted the flow of foreign capital to the Turkish real estate sector, elik said.

While foreign buyers purchased 10,740 homes in Turkey during the first 11 months of 2013, that figure increased 59.2 percent to 17,104 during the first 11 months of this yearelik said real estate sales to buyers from the UK and Germany as well as Saudi Arabia, Kuwait and other Gulf States increases every year and will continue to rise in 2015.

Overall real estate sales within Turkey had declined for seven consecutive months in 2014, before picking up as the year went on. A total of 1,030,000 homes were sold in Turkey during the first 11 months of this yearForeigners were not permitted to purchase real estate in Turkey until 2003, and in recent years laws have scaled back the limitations on the nationalities of those who are able to make real estate purchases.

Foreign buyers have scrambled to purchase real estate in various provinces since then. The ruling Justice and Development Party (AK Party) is a strong supporter of opening the market to foreign buyers, while opposition parties have criticized the trend.

SOURCE: Today’s Zaman