Turkish property market 'attracting Middle Eastern buyers'
By Peter Mindenhall

Turkish property market 'attracting Middle Eastern buyers'

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There is increasing interest in the Turkish real estate sector among buyers from the Middle East.

Reporting on comments made by the country's environment and urban development minister Erdogan Bayraktar, Today's Zaman revealed investors from nations such as Saudi Arabia, Iran and the United Arab Emirates (UAE) are all lining up to own property in Turkey.

However, under current laws, it is not possible for foreign nationals from these -and other - locations to purchase a home in the country; something that is due to change if new rules are approved by parliament.

Mr Bayraktar commented: "The regulations contained in the bill are now even more important, because some buyers have already made down payments in provinces such as Istanbul and Bursa."

It is not only residential property that is attracting investment from overseas, with The National reporting recently on a flood of capital from the UAE into the Turkish hotel sector.

Rotana Hotels and the Viceroy Hotel Group have unveiled plans to construct resorts in Turkey, with the regional president of the latter Anton Bawab explaining the Turkish market has opened up and has therefore become more appealing to investors and developers alike.
 

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