Turkey's attraction to foreign property buyers has gained momentum during the first half of 2014 with a promising second half ahead, according to real estate agency Spot Blue International Property.
Sales to foreigners in Turkey rose 60% year on year during the first six months of 2014, totalling 8,507 property purchases, according to figures from the Turkish Statistical Institute.
For the same period, Istanbul alone recorded a 150% increase in foreign buyers, putting it ahead of the tourist province of Antalya, home to the popular resorts of Alanya, Belek and Kalkan.
Meanwhile, the average price of a new Turkish home was 12.05% higher in June compared to June 2013. It was one of the strongest months for the Turkish property market with 600 foreign purchases in Istanbul, followed by Antalya at 586 and Aydin at 108.
The Turkish Ministry of Economy confirmed that foreigners bought $1.26 billion worth of Turkish real estate in the first four months of the year, which was $893million more than in the same period in 2013.
‘Istanbul has certainly been a winner for us this year. Interest has been strong from Middle Eastern buyers in particular, with most buying one or more buy to lets in the mushrooming suburbs of the city, such as Beylikduzu and Bahcesehir,’ said Julian Walker, director at Spot Blue International Property.
Foreign visitors to Turkey increased by 3.24% year on year in the first three months of 2014, reaching 4.35 million, according to data from the Ministry of Tourism and Culture. The second quarter recorded even greater growth, up 6.8% year on year, peaking at 10.9 million. In terms of revenue, tourism generated a record high of $8.9 billion in the second quarter of 2014, a 7.9% increase over the same period last year.
Turkey welcomed more than 35 million foreign visitors in 2013, becoming the sixth most popular travel destination in the world, but is forecast to receive 43 million tourists in 2014, with the sector generating revenue of $36 billion.
‘Increased tourists not only stimulate the property market in terms of sales but they also are encouraging for foreign owners who let their property to holidaymakers,’ explained Walker.
This year has seen Turkey's global air links and air traffic continue to grow, with interest in the Middle East driving much of this. In June, a record 16 million passengers passed Turkish airports, while in May, Istanbul's Ataturk Airport broke a European record for the highest number of landings with 1,267, in any one day.
At Istanbul's second airport, Sabiha Gökçen, Turkey's Pegasus Airlines has make progress in 2014 to becoming the fourth largest low cost carrier in Europe. Results from the first quarter of this year showed the airline carried over four million annual passengers, growth of over 25%.
Meanwhile, in June, Turkey's flagship national carrier, Turkish Airlines, launched its 257th destination, cementing its position as one of the world's leading carriers.
