Germans beat British in Turkish property ownership

 

According to the Turkish Daily News the Germans have beaten the British in ownership of property in Turkey. Whilst this may be good news for Germans living in Turkey the Turkish government are now examining the effects that overseas buyers are having on the country.

 

 

Turkish government representatives are re-examining the Turkish law that restricts foreign ownership. Foreign ownership of properties in Turkey is governed  by law making it illegal for overseas property ownership to  exceed the legal maximum of 0.05 percent by area.

 

Turkey has been a good place to buy for foreign property owners in recent years, and it looks as if that trend will continue for the next few years at least. Turkey’s real estate has been traditionally undervalued and this has led to increased foreign purchases. Property values have appreciated significantly in the 21^st Century, often in the double digits year over year. While this trend seems to be slowing somewhat, there should still be a considerable amount of appreciation in values in the years to come.

 

Turkish  property remains a good investment for a number of reasons. Over the past few years the country has enacted a number of laws that make it easier for foreign purchasers to acquire land in Turkey. Foreign mortgages have also been easier to obtain, and a comprehensive mortgage bill that looks to be passed in parliament soon should help even more.

 

Turkey currently has an overall housing shortage and over half the population is under the age of 25. Both of these facts indicate that housing will be in strong demand for many years to come. The government has also committed to improving infrastructure throughout the country, which will, in addition to helping the citizens, increase tourism.

 

Currently, there are approximately 63,500 properties in Turkey that are owned by foreigners. A majority of these properties are either in resort areas along the coast or the major cities. The number one place for foreigners to purchase property is the resort town of Antalya along the Mediterranean Coast with 14,610 pieces of property owned by foreigners. Istanbul, the country’s largest city and a major business center, is second with 10,695. The Aegean resorts of Mugla, 8,251, Aydin, 5,839, and Izmir, with 4,572, round out the areas that have the largest number of foreign property investors and/or owners.

 

Turkish Daily News reports

 

Top 10 foreign property owners in Turkey by nationality:

 

 Germany   15,278

 

 Britain   12,749

 

 Greece   12,183 (x)

 

 The Netherlands 2,739

 

 Ireland   2,541

 

 Denmark 1,905

 

 Austria    1,524

 

 Norway   1,213

 

 United States 1,148

 

 Italy 1,091

 

 

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