MORE than 200 UAE investors are preparing to capitalize on the growing real estate opportunities in Turkey when they descend upon Istanbul for the first Cityscape exhibition in the country later this month.
The Hosted Buyer Program launched by Informa Exhibitions, the organizers of Cityscape Turkey, will connect investors with at least 50 high profile exhibitors taking part in the inaugural exhibition running on March 24-26 at the Istanbul Congress Center.
Current investment hotspots for UAE residents are Turkey’s capital, Istanbul, as well as Trabzon on the Black Sea coastline, and Yalova and Bursa in the northwest of the country.
Wouter Molman, Director of Cityscape Group at Informa Exhibitions, the organizers of Cityscape Turkey, said: “Turkey is becoming an increasingly more attractive place for foreign investors and the turning point was the amendment in reciprocity law in 2012. More than 54,000 properties have been sold to foreigners in the past three years; with two out of every 100 properties have been purchased by foreigners. The interest of foreign investors will increase with the launch of Cityscape Turkey.”
The 2012 amendment to Turkey’s reciprocity law, which made it easier for foreigners to invest in the market, and purchase a maximum of 60 hectares – increased from the original 2.5 hectares – has boosted demand from UAE investors.
In 2015, more than 500,000 GCC residents visited Turkey with investments from the Gulf accounting for almost 30% of total transactions. According to the Turkish Land Registry, 332 UAE citizens purchased property in 2015 and the country ranked among the top nations in terms of square meterage at more than 433 square meters per person. — SG
