Despite an already very successful year in economic terms, Turkey’s currency is set to strengthen even further in 2014. Meanwhile its market is the sixth fastest rising in the world, Turkish estate agents Oceanwide Properties has learned.
Senior staff at leading international bank SocieteGenerale (SocGen), which is based in Istanbul, has informed US trading news platform Bloomberg that they expect the Turkish economy to do even better next year, meaning investors in Turkey property should certainly continue buying up real estate – both residential and commercial. The expected growth rate for the economy in Turkey next year is actually around four per cent. This is one per cent higher than the European and Middle Eastern predicted average. Meanwhile Turkey’s growth this year was expected to easily hit its 3.6 per cent target.
A SocGen spokesperson could not have been clearer when he stated: “If you’re talking about growth reviving next year in emerging markets, which it seems to be doing, you cannot afford to miss out on Turkey – it is the best in the region in terms of growth performance.”
Turkish Property Market Sixth Strongest in World
The Global House Price Index rated Turkey the sixth fastest growing property market for the third quarter of this year, with house prices rising by 12.5 per cent between January and September 2013. The other five countries in front of Turkey were (in order of priority) Dubai, China, Hong Kong, Taiwan and Indonesia.
Faster Approvals Process for Title Deeds
One of the reasons for the fast growth in the Turkish property market is the easing of restrictions on foreign buyers of property in Turkey, including the faster issuing of title deeds, more secure and longer residency laws for non-Turkish citizens and easier access to temporary visas. In addition, foreign nationals who have a working permit in Turkey will now automatically be granted a residency visa.
Another reason for the huge growth in the country’s property market is the opening up of the market to foreign citizens who were unable to invest in Turkey property in the recent past due to the fact no reciprocacy agreement existed. This included Russia, China and, more recently, the Middle East.
TAPU Process Made Easier
All TAPU offices now contain maps showing restricted zones for property investment by foreign nationals (i.e. military zones). In the past foreign nationals could not buy property without official military clearance (but only the military knew where the banned zones were). Now foreign investors and TAPU agents can tell at a glance, saving months of waiting for clearance and therefore quicker property sales.
For information about property for sale in Fethiye, Kalkan and other coastal resorts in Turkey, as well as the growing city of Istanbul, then Oceanwide Properties would be delighted to help. We have a portfolio of properties in Turkey for sale – both villas and apartments – and can advise on the buying process in Turkey. We have an office in Fethiye, as well as London and are happy to meet with clients at either outlet.