A data provided by the latest research has shown that almost a quarter of real estate buyers who are not local in Turkey are usually from the Golf region. Since the last number acquired in 2012, the number of which has increased by 500 per cent. Turkey has a new law which took effect last 2012 and that was the liberalization of foreign investment. This certain law is the very reason why there is an increase in investment, around 5 times the initial number, coming from the GCC. These new investments comprise 24 per cent of the total number. These figures are made public by a real estate information company, REIDIN.
The news was released along with the announcement that certain dignitaries from both Australia and Turkey joined hands in Nurol Reit’s decision to appoint Raine & Horne in Dubai to lead be the GCC agency leader for the upcoming AED3 billion property portfolio to be established in Istanbul. Raine & Horne is known to be the largest as well as the longest running real estate in Australia.
When it comes to GCC, it is quite known that Turkey has a commitment with it that goes beyond culture and religion and now it has developed into an important partnership for the economy. The trade volume between these two – GCC and Turkey – was nearly $16 billion for the year 2014.
A recent event in Dubai, the Cityscape Global 2015, out of the 369 there were 52 who are remarkably from Turkey. Istanbul, on the other hand, had the highest appeal for foreign investors who are in the region. This is indicated by the increase in tourists within the last two years, of around 450 per cent, which are mostly from the Gulf.
According to Raine & Horne Dubai’s joint managing director, Turkey is considered as a key market for real estate investors due to various reasons including positive capital growth, future infrastructure projects, propositions for great investments as well as a legislation and regulation that is quite secured. With this in mind, many of the company’s buyers are confident in property market in Istanbul coupled with proper real estate legal services.