In recent years, foreign investment has flooded the Turkish property market.
Property prices in Turkey remain low compared to other European countries, however, even with the high levels of foreign investment. This makes the Turkish property market an ideal investment opportunity. Overall, the Turkish housing market has matured successfully over the last decade. The real estate sector accounted for approximately 5 percent of GDP in the last decade. On the investment side, FDI inflow rose to USD 16.5 billion, with real estate and construction garnering USD 4.1 billion (24.8 percent) of total FDI in 2015. According to the Central Bank of Turkey, real house prices grew 14, 18, 9, and 15 percent in Turkey, Istanbul, Ankara, and İzmir, respectively, from July 2015 to July 2016. According to the Knight Frank Global House Price Index, Turkey ranked first in the 55-location index in Q4 of 2015 in terms of annual price growth index. Turkey saw a year-on-year increase of 18.4 percent and thus emerged as the top-performing housing market in the world, ahead of New Zealand, Sweden, and Australia.
The total number of houses sold in the Turkish property market reached 1,289,320 units in 2015; likewise sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2015, 22,830 houses were sold to foreigners in Turkey, marking a year-on-year increase of 20.4 percent. With regard to house sales to foreigners, Istanbul was the top-performing province with 7,493 sales in 2015, followed by Antalya with 6,072 sales, Bursa with 1,501 sales, and Yalova with 1,425 sales. It’s no secret that Turkey is one of the best destinations for Arabs, both tourism and investment.
Arab tourists mostly prefer green and chilly destinations as well as popular coastal cities and districts in the Mediterranean and Aegean regions like Mugla, Antalya and Marmaris. Northern Turkey is also their next favorite spot for travel and settling in, including the cities of Bolu, Trabzon and Yalova. Traveling to Turkey in either large groups or with families, they do not return home without visiting Istanbul for luxury shopping and accommodation opportunities.
Aykut Aksu, TURKEY Business Development Director, Top Real Estate Group (TREG) said: TREG as an exclusive marketing and selling agent for Inanlar & Gul Proje in Kuwait is happy to announce two new projects in Esenyurt and Beylikdüzü, Terrace Lotus & Vira Istanbul.
Terrace Lotus, with its’ unique location on E-5 Highway, is providing an excellent ease of transportation. It’s possible to reach region’s leading education, health and shopping centers within minutes. The project is 10 minutes to Ataturk Airport, 3 minutes to TEM Highway, 6 minutes to IDO Seabus Station, and 15 minutes to Marmaray. And also will be only 2 minutes far from the new Subway Station, which will be finished by 2019. Rising on the most valuable location of the region, Terrace Lotus apartment’s sizes range from 90-240 square meters. The project is 40 floors and 150 meter height. Terrace Lotus has 149 residential units and 44 stores at the shopping mall. With a selection of 1,2,3 and 4 bedrooms starting from 567.000 TL, down payment is %20, completion payment is %20 and the rest in 40 months installments. Project will be finished by the 4th quarter of 2017 with projections of %40 increase in the property value.
Vira Istanbul, being developed by GUL PROJECT, which is one of the oldest reliable real estate companies in Istanbul Turkey, superiority is characterized by exceptional expertise in the field of architectural creativity and remarkable successes since more than 35 years. GUL PROJECT, working to strengthen its expertise in the development of master-planned communities, which today enjoys a strong presence of one of the most important projects that the under construction, a project of (VIRA ISTANBUL) in modern Beylikdüzü area, one of the most urbanized region and an expansion in Istanbul,.
The apartments in "VIRA ISTANBUL" features amazing view of the Sea of Marmara, as well as its strategic location near the highway, which is just seven minutes, and five minutes from the Yacht Club (Marina). The project consists of 17 integrated residential complex and 1156 apartments ranging in size from 50 to 200 m2 designed to please every kind of people where the total project area " 92000 m2 and 74.500 m2 of it is public facilities, parks, sports clubs and stadiums as well as kindergartens and surrounds this complex world brands shops, fine dining restaurants besides social & community centers. Since the project is being implemented, has been the announcement of the incentive prices initially but only for a limited period of 4.100 TL per square meter and with a delivery date August 2018.
It’s very easy to own a property.
Legally, Turkey treats foreign investors according to the principal of reciprocity: as long as their homeland allows Turks to purchase property, foreigners are allowed to purchase property in Turkey. In contrast to many countries, Turkey´s stance on foreign property investors is refreshingly simple.
Hotel business is thriving and has great connections. One of the strongest international hubs in the world, Istanbul is within three hours of flight distance to 61 countries. Arabic infrastructure is better than ever with Arabic-speaking staff, tourist guides, hospitality workers, designers, agents, lawyers. “It will feel like home” says Aykut Aksu, TURKEY Business Development Director, Top Real Estate Group and inviting to see the investment opportunities during the Real Estate and Investment Exhibition (7-12nd November, Kuwait International Fairs Ground, Mishref, Hall 8)