Significantly Higher Rates of Direct Foreign Investment in 2014With everything that Turkey has to offer, it was only a matter of time before foreigners began investing in both industries and real estate throughout the country. As a matter of fact, Turkey has witnessed record levels of foreign direct investment since the beginning of 2014 (January to April), up 46% from the same four month period last year and totalling about $5.1 billion. Notably, almost a quarter of this investment comes from the real estate sector, with foreigners having spent $1.26 billion on property already by April of 2014, an increase of $367 million from the same period during the previous year. Estimates for the total amount of investment foreigners will place in Turkish real estate are very optimistic, since already in 2013 the $3 billion total spent on real estate purchases by foreigners was a 15% increase from 2012 and this year the numbers are even more promising.
Loosened Ownership Regulations Make the DifferenceThe Turkish government finally decided to loosen the regulations governing property ownership by foreigners in 2012 after years of struggles both domestically and internationally over their strict requirements. These loosened regulations quickly corresponded to an increase in property ownership by foreigners in 2012 that has only continued to grow in the last years, reaching record levels in 2014. Although advocates of Turkish nationalism find this trend troubling, those in favour of opening of the Turkish economy to direct foreign investment believe that these changes will help usher Turkey into the future.
Opening the Market to Middle EasternersIn sync with these changes, various foreigner friendly services have also become easier.
There are many more international flights to areas in the Middle East that bring millions of tourists to Turkey every year, especially Qatar, Bahrain, and Kuwait who have already brought 46%, 40%, and 28% more tourists to Turkey in 2014 respectively. Other gulf states like the United Arab Emirates, Saudi Arabia, and Oman alone can be thanked for a whopping 5% of Turkey’s tourism industry worth over $32 million in 2013. Pegasus Airlines, a budget carrier, has even opened five direct flights between Istanbul and Dubai a week. The Turkish Culture and tourism Ministry has caught on as well, having created an Arabic-language website in 2012.
Foreigners may have known about the gem that is Turkey for a while, but now they can finally begin investing and living in this beautiful country. With better services catering to foreigners and a more positive outlook on the idea of direct foreign investment in the country in general, don’t miss wait too long to grab a piece of prime real estate in whatever location best suits your needs - near the cosmopolitan metropolises of Istanbul or Antalya, on the Turkish Riviera, or on the ridge of one of Turkey’s many mountain ranges.
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