Property sales to foreigners, which have been consistently picking up speed
since a law was enacted in 2005 to facilitate such sales, grew by 17 percent
this year.
Economist Mustafa Sönmez, speaking to Today’s Zaman, noted
that the revenue earned through foreigners investing in Turkish real estate
exceeded $1.5 billion in the first five months of 2007. Highlighting that sales
hit their peak in January, totaling $362 million for the first month alone,
Sönmez stated that the market had grown by 17 percent compared to figures for
the same period last year.
He also added that sales might increase after
the relief shown in the stock market following the results of the July 22
election. Noting that property sales first increased when legal regulations were
implemented in 2005, Sönmez said 70 percent of all the property sales to
foreigners in 2005 were in July alone, with the annual revenue hitting $1.84
billion that year. The annual revenue for last year was $2.92 billion. He
commented that the market shows no signs of slowing down, saying, “If
performance continues at this pace, revenue will have reached $3.5 to $3.7
billion by the end of this year.”
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