Turkey Appeals To Foreign Investors
With the uncertain picture around Europe continuing to drag on well into 2013, the recent events in Cyprus hang heavy over investment confidence around the Mediterranean.
Nearby Turkey has been giving off mixed messages when it comes to the domestic property market for some time now, and its position outside of the eurozone means that it is attracting attention from buyers looking further afield than the usual hotspots.
With a mix of commercial and retail sectors statistics that have been patchy and an unrivalled coastline still showing different amounts of sales activity, the entire property market in Turkey has been a hard one to call for some time.
Overseas interest in recent years has certainly been high but that hasn’t necessarily translated into firm transaction figures – but some commentators believe that is all about to change.
Editor of The Overseas Guides Company, Richard Way, has said that the Turkish property market is increasing in interest for foreign investors because it has certain unique qualities.
“Outside the uncertainty of the eurozone, strategically located between East and West and enjoying economic stability, Turkey is intensifying its campaign to attract more foreign homeowners and residents to its shores," he said.
"While British people historically have had little difficulty obtaining residence permits in Turkey, Middle Eastern and other non-European nations have not always found it easy,” Mr Way said, in relation to the recent government announcement for plans to grant one-year residency to all people from overseas who buy property in Turkey.
The introduction of online applications for visas also means that travel to Turkey has recently become easier, with an ‘e-visa’ aiming to replace the sticker and stamp-type visas currently in use.
Other measures are aimed at easing restrictions on the sale of land and buildings to foreign citizens and companies to further encourage overseas investment.
If you want to transfer funds to Turkey, make sure you compare the exchange rates and find the best deal. Often a currency specialist will offer far better rates than a bank.