Wealthy home buyers from Asia, the Middle East and Russia are increasingly looking to buy prime property in Turkey, with Istanbul accounting for 80% of the market, says top agent Coldwell Banker
Turkey is seeing an influx of wealthy overseas property investors, with 80% buying in Istanbul, says a leading international agent.
Central Asia, Middle Eastern and Russian buyers are among those searching for prime property in Turkey, which has seen the luxury sector rise 15% in each of the last five years, says a Coldwell Banker report.
Coldwell Banker Turkey’s Operations Leader, Birgül Dalgakıran, says, “We are seeing a growing upper class and more affluents coming from the Middle East, the Russian Commonwealth of Independent States and Central Asia, who come to enjoy the city’s art, culture, pleasant weather and natural beauty. The ‘Arab Spring’ also brought wealthy consumers from Tunisia, Egypt and Syria.”
J. Peter Turtzo, Vice President of Global Operations for Coldwell Banker, says demand has increased following the passing of the new reciprocity law last year that enables foreign citizens of 129 countries worldwide to acquire property in Turkey unconditionally and another 50 or so with certain conditions.
“The demand from Russian, Azerbaijani and Middle Eastern investors has started to …read more