The sale real estate in Turkey to foreign investors increased 22% in the first half of 2015.
Dominated by holiday and second home sales, the figures have been boosted by the rise in Arab tourists to the country, with Gulf invesdtors spending $4.3bn on Turkish real estate in 2014, and $16.29bn since 2009.
According to data released by Istanbul’s Culture and Tourism Directorate, almost 20% of the seven million-plus visitors to Istanbul are Arab tourists, nearly doubling their market share from 10 percent of the total in 2010.
Diana Doğan, Head of Research, CBRE Turkey said: “In the second home holiday market, there has been a significant increase in private investors in the residential sector from the Middle East with activity firmly focused in the country’s northwest, particularly the Marmara Sea and Black Sea regions, as well as Istanbul, Bursa and Yalova.
“At the corporate investment level, this demand has in turn created a yet untapped potential opportunity to develop homes specifically tailored to the Arab market. The Turkish banking sector has seen the most active interest with Arab financial institutions looking to gain a foothold or expand their presence within Turkey’s lucrative banking industry.”
Prominent developers, including Agaoglu, Dumankaya, Is Gyo, NEF, Garanti Koza, Kuzu Toplu, Piyalepasa, Vadistanbul, Ofton, DKY Insaat, Eroglu, Torunlar and many more will be hoping to capitalise on the influx of visitors from around at the world at the 14th edition of Cityscape Global.
Covering 4,200 square meters of exhibition space, Turkey represents the largest international pavilion at Cityscape, which takes place from the 8-10 September at Dubai World Trade Centre. Cityscape Turkey will launch next year, taking place from 24-26 March 2016 at the Istanbul Congress Centre, near Taksim Square
