Nearly a quarter of foreign buyers in Turkish real estate come from the Gulf region with a 500 percent increase since 2012, according to new research.
Following the 2012 liberalisation of foreign investment law in Turkey, there has been a five-fold rise in investment from the GCC, which accounts for 24 percent of the total, said figures released by REIDIN, the real estate information company.
The news comes as dignitaries from Turkey and Australia gathered to mark the announcement of Nurol Reit’s appointment of one of Australia’s largest and longest established real estate agents, Raine & Horne in Dubai, as the lead agency in the GCC for a AED3 billion property portfolio in Istanbul.
Turkey has a religious and cultural bond with the GCC but is also developing as an increasingly important economic partner. Trade volume between Turkey and the GCC was close to $16 billion in 2014.
At Cityscape Global 2015 in Dubai, 52 stands out of 369 in total were from Turkey while Istanbul has a strong appeal for visitors from the region, with a 450 percent increase in tourists from the Gulf in the last two years.
Sanjay Chimnani, joint managing director of Raine & Horne Dubai, said: "High capital growth, great investment propositions, important infrastructure projects on the horizon and secure legislation and regulation means Turkey is a key market for today's property investor and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market.
"Nurol Life, Nurol Park and Nurol Tower will be Raine & Horne's first foray into Europe, so this is a historic partnership for us," he added.
Nurol Life are luxury residences in the heart of the city while mixed use community Nurol Park comprises 11 buildings, two commercial, eight residential and one hotel, with affordable prices for the first time investor. Nurol Tower homes and offices are located next to Istanbul Court in the Maslak area.
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