A new report has revealed that Turkey is increasingly attracting the interest of British property investors.
Turkey’s Environment and Urban Planning Ministry released data which showed that more than 1,000 Britons bought a property in Turkey in the past year. This makes them the second largest foreign nationality to invest in the country in this way.
The report said that only Russian buyers were responsible for more transactions, as between May 2012 and May 2013 they acquired 2,313 properties compared to the British total of 1,353 separate property purchases.
The report also revealed that in total more than 14,000 foreign buyers invested in Turkish properties.
These figures are expected to rise significantly in the coming years as more overseas investors take advantage of new laws passed by the Turkish government. Last year Turkey enacted a law that expanded the number of nationalities allowed to purchase property which is “free of restrictions”.
Previously only 89 nationalities were eligible and that has now increased to 183. It is thought that this will mean a particular rise in purchasers from Arab countries.
The sums involved could be significant to the country’s overall economy, with authorities in Ankara recently announcing that foreigners are likely to be responsible for investing as much as $300bn (£197.5bn) in the Turkish property market over the next decade.
Currently the southern coastal province of Mersin is most popular with foreign buyers, having seen the biggest number of transactions over the period covered by the report. The Aegean-side province of Izmir is the second most popular and Yalova province, which is situated on the Marmara Sea, came in third place.
The provinces of Bursa, Ankara, Trabzon, Çorum, Sakarya, Tekirdag and Gaziantep followed respectively to complete the top ten list of areas most active with overseas buyers. Surprisingly, Istanbul did not feature in the top 10 at all.
If you want to invest in Turkish property, you will inevitably need to carry out a currency transfer. Remember to compare the currency exchange market rates before choosing how you go about doing so.