Russian and Middle Eastern investors are being lured to Istanbul to buy luxury real estate now that property laws have been relaxed, the economy is strong, prices are relatively cheap in comparison and Turkey is viewed as a safe haven
A new wave of wealthy investors from the Middle East and Russia is increasingly eyeing luxury developments in bustling Istanbul, lured by a relaxation in property laws, relatively cheap prices and a thriving economy.
A revision to Turkish property laws, announced in May, abolishes a reciprocity rule that only allowed investors from countries where Turkish nationals could buy real estate to buy property in Turkey. The bill also allows the government to double the amount of land foreigners can buy in Turkey to 600,000 square meters, although for now a limit of 300,000 square meters remains.
Turkish property prices marked the third-fastest growth in the world in the year to June, behind Brazil and Austria, surging more than 10 percent and outpacing Russia and Hong Kong, according to the Knight Frank Global House Price Index.
Rising prices and the prospect of relaxed rules for foreigners are fueling lofty ambitions in Turkish property circles for Istanbul to match the rapid rise of other newly fashionable property hubs such as Moscow, where prime real estate prices now rival London and New York.
Turkish property prices marked the third-fastest growth in the world in the year to June, behind Brazil and Austria, surging more than 10 percent and outpacing Russia and Hong Kong, according to the Knight Frank Global House Price Index.
Rising prices and the prospect of relaxed rules for foreigners are fueling lofty ambitions in Turkish property circles for Istanbul to match the rapid rise of other newly fashionable property hubs such as Moscow, where prime real estate prices now rival London and New York.
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