Middle Eastern buyers look to Turkey

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Property buyers from the Middle East are showing a growing interest in the Turkish real estate sector.

Middle Eastern buyers from nations such as Saudi Arabia, Iran and the United Arab Emirates (UAE) are currently lining up to enter the property market in Turkey.

This revelation has come from comments made by the country’s environment and urban development minister, Erdogan Bayraktar.

While investors from the Middle East are keen to purchase property in Turkey, due to current laws, foreign nationals from nations in the Middle East and other locations are not able to purchase a home in Turkey.

The interest from Middle Eastern buyers was sparked by new rules that have been proposed to parliament, which if passed, will allow foreign investors to purchase Turkish property.

Mr Bayraktar said: "The regulations contained in the bill are now even more important, because some buyers have already made down payments in provinces such as Istanbul and Bursa."

Overseas investment is certainly drawn to residential property, but recent reports from the region show a splurge of capital from the UAE in the Turkish hotel sector.

Plans to build resorts in Turkey have been revealed by Rotana Hotels and the Viceroy Hotel Group. The regional president explained the opening of the Turkish market instigated its growing appeal to investors and developers.

Transferring money to Turkey

If you are looking to invest in Turkey, think carefully about how you will send money to Turkey. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Turkey – which is probable if you are intending to make a property investment - be sure to compare the market before you buy your overseas currency.

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Middle Eastern buyers look to Turkey

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