Foreign investors not put-off by Turkish turbulence
By Steve Binge

Foreign investors not put-off by Turkish turbulence

Domestic turbulence is not deterring foreign investors from ploughing money into Turkish property it seems. New figures from the Ministry of Environment and Urban Planning revealed overseas buyer numbers more than doubled during the first six months of the year compared to the same period in 2012, Property Wire reported. Overseas buyer numbers totalled 7,145 in H1, compared to just 3,107 a year previous. This is more than a 50 per cent increase in activity - something experts believe is the result of the relaxation of Turkey's reciprocal ownership laws.

Figures have shown buyers came from 88 different countries in the first half of 2013, compared to 55 last year, the news portal revealed. Between January and June, 7,761 foreign national bought 7,145 properties, comprised of 916 plots of land and 6,229 homes. Interestingly, Russians have been the most active buyers, completing sales on 1,388 properties. However, Britons have been upping the ante too and were involved in 720 sales. Meanwhile, German investors accounted for 653 transactions.

Thanks to the change in reciprocity laws, Middle Eastern countries have increased their market share. Property Wire revealed buyers from this region have now completed sales on 1,040 properties. Supported by Turkey's residency scheme, it seems this number will only increase.

Omer al-Katib, director of corporate affairs and investor relations at Alliance Grain Traders, told The Globe and Mail that conditions are ripe in Turkey and its time to strike is now. He explained that the recent trouble has been a symptom of the country's "growing pains" and investors appear wise enough to see past it. After all, Turkey is an attractive country for many, thanks to access and proximity to key markets, free trade deals with many countries and its customs union agreement with the EU.

The Turkish government has now set a target of $3 billion (£2 billion approximately) in foreign investment for the year and is well on its way to reaching this, with $720 million transacted during the first quarter alone.
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