Overseas Property in Turkey
By James Roberts

Turkey to remain popular with overseas buyers in 2014

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Turkey is set to continue to be popular with those buyers who are coming from overseas to invest in property, a new report has claimed. The nation's property sector was boosted by foreign buyers throughout 2013, largely because of the low prices available and the poor performance of the currency. The low lira meant that those with dollars, pounds and euros to spend were able to get far more for their money than they might have been able to otherwise.

Adil Yaman, director of Universal21, which predicted that this year will be a strong one for Turkey, said that last year was one of the most successful to date for the sector. "We experienced a surge in demand for Istanbul property. Much of this demand came from the UK and the Middle East and the lifting of restrictions on foreign ownership has certainly helped us with property sales," he added.

A new report from REIDIN has also stated that the price of properties in Istanbul alone rose by some 13.3 per cent in 2013 - a trend that is set to continue throughout 2014. One of the main drivers of investment, according to Universal21, comes from the fact that those buying properties are able to let them to tenants at a price that brings them a very favourable yield. 

"In our experience much of the interest is in new developments on the European side of Istanbul. The suburb of Beylikduzu has a particular appeal with investors due to its transport links and growing middle class population. Property prices are still relatively cheap in this part of Istanbul and high rental yield make apartments particularly investible," said the company's marketing director Monica Ana.

Moving forward, Universal21 said it expects to see price rises further supported by sentiment from foreign buyers for these reasons. In the year as a whole, predictions are that prices will be some ten to 15 per cent higher. However, while some of this rise will be driven by demand, it is also believed that there will be a degree of rises that stem from the fact construction costs are set to soar in 2014.

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