The temperature of Turkey's property market was turned up this week as the Turkish government passed a draft bill that allows more foreigners to invest in the country's real estate. The law, which also increases the amount of real estate a foreigner can own, is expected to prompt a gold rush of buyers from the Middle East and EU, with some agents predicting that investment will double to $5 billion each year.
Kuwaiti investors are entering the Gulf and "surging" into Turkey's property market, announced a Turkish government official this week.
The year is likely to see Istanbul undergo stronger capital and rental growth than London, according to a property investment company.
The Turkish property market currently stands on the edge of the biggest change since the Turkish government allowed foreign buyers, with some restrictions, to enter the market in 2002.
While investor appetite rose dramatically towards the end of 2011, the level of distressed properties* coming to the market is set to keep on rising globally, according to RICS.
Recent findings have shown that around 1 in 6 Turkish properties sold to foreign buyers were bought by Brits in the last two months.
A total of 123,000 foreigners own 113,687 immovable properties in Turkey, the Anatolia news agency reported on Wednesday.
Amongst a list of 10 destinations compiled by Frommers, Turkey was announced as the reader's top destination to visit in 2012, despite being up against strong contenders such as Paris, Italy and Hawaii.
The world is watching Brussels today, where EU leaders are meeting to discuss the eurozone debt crisis. Disagreements between countries have fuelled fears that the crisis will only continue, but as property prices, taxes and demand fluctuate, careful buyers can still make a sound investment. It's crunch time for the EU, so where are your real estate escape routes?
Over $1.3 billion were stuffed into Turkey's property market last year. The figures, released by the Turkish government, have shown that foreign investors are still keen to own a share of the country's booming real estate industry, as Turkey becomes one of the biggest success stories of recent years.
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