Property market in Turkey is growing up with each month.The most popular cities among the investors are Istanbul and Antalya. Maximos Real Estate provides an overview of residential real estate market in Turkey. The turning point in the property market in Turkey has occurred in 2012 when the Turkish authorities took a landmark decision and abolished the so-called "principle of reciprocity", since then almost all countries in the world got the permission to purchase property in Turkey. As a result of unrestricted access to the local real estate market residents of 129 countries and the procedure for residents of 52 countries have expanded significantly. The number of transactions with foreigners increased annually by more than 50%. Strong demand, in turn, stimulated the developers to build new projects and pushing prices up. By the end of 2014 square meter of property in Turkey has risen in price by an average of 12-14%, and in popular tourist regions and Istanbul price growth has reached 20% per year.
In 2014, foreigners have purchased in Turkey almost 19 000 properties, which is 55.6% higher than a year before.
The most popular regions among foreign property buyers are Antalya and Istanbul.
The vast majority of buyers choose apartments on the Mediterranean coast. Apartments on the Aegean Sea (Marmaris, Fethiye, Bodrum, Kusadasi) have less demand - prices are traditionally higher and the holiday season is shorter.
Turkish developers put up for sale objects in the initial stages of construction. At the construction stage the apartments price is usually 20-30% lower than key ready apartments. Some management companies offer property owners a guaranteed rental income, usually up to 5% per annum.
In 2015 the forecast for the Turkish real estate sector promises to rise dramatically. Despite the increase in the price for real estate in Turkey, prices remain relatively low that increases the number of potential buyers.
Over the past two years, Turkey has made a giant leap and rose from 11th to 5th place in the ranking of the most popular destinations for real estate purchase.
The International Monetary Fund predicts Turkey's GDP growth of 3% in 2014, in 2015 - 3.3%, and in 2016 - 3.7%. Thus, the economy in Turkey will support the real estate market.