Istanbul luring cash rich investors from all over the world

Lured by relaxed laws, a thriving economy and good prices, investors are turning to Istanbul.

Overseas investors have traditionally headed for Turkey’s south coast, snapping up holiday homes in Fethiye, Bodrum and Antalya. But an influx of buyers from Russia and the Middle East are increasingly turning to property in Istanbul – attracted by the recently relaxed reciprocity law, which allows them to buy Turkish property easily, good prices and a strong economy.

Developments are getting snapped up months before they’re completed, with one developer claiming that Istanbul is becoming a ‘second London for the Arab world.’

The law change saw the reciprocity law – which meant only buyers from countries where Turkish nationals could buy real estate could purchase in Turkey – abandoned completely, which meant a flood of investment for Turkey. The law change also allows purchase of up to 60 hectares by foreign nationals – doubling the previous limit.

Turkish property prices are the third fastest growing this year, jumping by 10 per cent and only outranked by Brazil and Austria.

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