Foreign investment in the Turkish property market is expected to grow this year, due to a strong economy, weak currency, and a revitalizing tourism industry.
The level of foreign investment in Turkish property grew by 25.7 per cent in January compared to the same month last year, according to the Turkish Institute of Statistics (TUIK).
A total of 97,000 properties were sold in Turkey during January, showing a slight annual increase, with overseas property investors responsible for 1,742 of the property purchases.
The capital of Istanbul remained the most popular destination for foreign investment, with overseas property investors snapping up 545 properties during the month.
Tourism is recovering well in Turkey, with the number of foreign visitors in the country growing by 38.48 per cent compared to January 2017.
In addition, the economy is growing faster than any other G20 country, registering Gross Domestic Product (GDP) growth of 11.1 per cent according to the TUIK.
European tour operators such as Thompson and Thomas Cook are now increasing holiday offerings for Turkish resorts this year, following a lull during political instability, and this trend is expected to continue.
The Turkish government has committed to reaching a target of 50 million tourists per year by 2023, and in order to do that they are prepared to offer incentives to charter airlines that encourage tourists to visit the country.
The number of passengers crossing the country’s leading airports increased by 29 per cent on an annual basis to 14.74 million in January, compared to 11.47 million a year earlier.
The imminent opening of a new airport in Istanbul this year is expected to increase the tourism numbers even further.
It seems that the British tourist’s love affair with Turkey is returning, and overseas property investors may want to look at helping to supply the holiday accommodation required.