posted @ 12:00am, Monday 20 May 2013.
Dubai: Priding itself as the gateway between Asia and Europe, Turkey is successfully attracting Gulf nationals to its real estate sector.
Last year, the country changed the law to facilitate property investments by Gulf nationals, allowing them to buy properties by passports only and offering a one-year residency permit to foreign investors and their families.
The last eight months saw some 2,000 units being sold to investors from the Gulf region.
“Foreign investments are important to any country, one, for the diversification of the investors base, and two, you are opening up [your economy],” said Ahmet Kayhan, chief executive officer of Reidin.com, an international real estate information company focusing on emerging markets.
Opening up, in the case of Turkey, which has at present a balance deficit, will bring in foreign money that is required to further grow the Turkish economy, he noted in an interview with Gulf News.
The Turkish real estate sector, meanwhile, is already a vibrant one due to the “big local demand and strong local interest in it and the [high] percentage of young population of under 35 years old in the nearly 75 million population country”, Kayhan said.
On the other hand, Gulf states, which are rich in oil and gas, also have a high percentage of people under the age of 25.
Turkey has a strong interest in the Gulf region because “we see a great potential” to invest in the Turkish property sector, said Idris Demirhan, regional manager of Agaoglu in Dubai, a leading Turkish real-estate developer. Agaoglu opened an office in Dubai in March last year.
Turkey is interested in the Gulf region for many reasons, including religious and cultural bonds, coupled with a deep and long economic relationship, Demirhan explained in an interview with Gulf News.
“Politically, we are in the same region, and we are affected by each other... We are sharing same things and feelings, [there] are many things are in common,” he said.
Turkey’s geographical location, between Europe and Asia, green environment, moderate weather conditions and shopping malls are among the main factors behind choosing to invest in property. However, the number of Gulf nationals buying properties in Turkey is described as ‘minimal’ compared to the overall investors in the Turkish properties sector, experts said.
According to Kayhan, of the $558 million foreign investment in the Turkish property sector last year, less than $100 million was invested by Gulf nationals.
Westerners, mainly Europeans, constitute the highest foreigners buying properties in Turkey, with Germans and Britons topping the list. Westerners prefer coastal cities and towns to buy properties in and to use them as their summer [vacation] homes.
For the Gulf nationals, Turkish cities are expected to replace Paris and London in terms of property investments, said Demirhan.
“Because you can find in Istanbul whatever you can find in Europe and Asia, and it is very close [to the Gulf region],” he said. Also, Turkey is like a melting pot for different people coming from different cultures and backgrounds, he added.
According to Ozlem Gokse, vice chairman of the Turkish Association of Real Estate Investment Companies (Gyoder), Turkey attracted $2.5 billion (Dh9.2 billion) in foreign direct investment into real estate.
“We expect this to grow to $5 billion in the short term, eventually rising to $10 billion per annum in the long term,” he said.
Turkey’s economy grew at the second-fastest rate in the world in 2011 at 8.5 per cent, while Organisation for Economic Co-operation and Development (OECD) data shows that the Turkish economy will be the bloc’s fastest-growing member in 2011-17, with average annual growth of 5.7 per cent.
According to some press reports, GDP (gross domestic product) per capita is set to rise from less than $11,000 at present to more tha $14,500 by 2016.
Turkey is one of the eight growth markets in the world along with Brazil, China, India, Russia, Mexico, Indonesia and Korea, said Kayhan.
“These eight countries are estimated to produce nearly 46 per cent of the world economy by 2050,” he said.
The real estate sector is also expected to grow fast in the next few years, while “the value of the property will be growing much higher than the rest of the world”, according to Kayhan.
Worldwide, Turkey, said Demirhan, is the second largest country witnessing construction work after China.
posted @ 12:00am, Wednesday 15 May 2013.
REIDIN.com Turkey Residential Property Price Indices: April 2013 Results
The residential sales prices for existing homes increased 0.66% in Turkey overall, 0.10% in Adana, 0.28% in Ankara, 0.10% in Antalya, 0.10% in Bursa, 0.87% in Istanbul, 0.74% in Izmir and 0.21% in Kocaeli during April 2013.
The residential rental prices for existing homes increased 0.30% in Turkey overall, 0.52% in Adana, 0.20% in Ankara, 0.40% in Bursa and 0.47% in Istanbul. Prices decreased 0.20% in Antalya and 1.05% in Kocaeli. Prices were constant in Izmir during April 2013.
REIDIN-GYODER New Home Price Index: April 2013 Results
According to April 2013 results, REIDIN-GYODER New Home Price Index shows the increase of 0.23% in 1+1 flat type; increase of 0.68% in 2+1 flat type; increase of 0.16% in 3+1 flat type and increase of 0.08% in 4+1 flat type with respect to the previous month.
According to April 2013 results, REIDIN-GYODER New Home Price Index reveals that there is 0.55% increase in 51-75sqm size; 1.05% increase in 76-100sqm; 0.23% increase in 101-125sqm size; 0.24% increase in 126-150sqm and 0.08% increase in 151sqm and bigger sized properties with respect to the previous month.
According to the results of REIDIN-GYODER New Home Price Index, in April 2013 there is 0.31% increase with respect to the previous month and in compliance with April 2012 there is 7.99% increase.
According to April 2013 results of REIDIN-GYODER New Home Price Index, "Trademarked Projects" in Istanbul European side shows 0.37% increase and 0.28% increase in Asian side.
View the full report in PDF
posted @ 12:00am, Sunday 5 May 2013.
- greater global financial stability
- more accurate and consistent financial reporting
- stronger investor confidence
- greater transparency of data
- reduced risk of fraud.
- Appraisal Foundation – North America
- Appraisal Institute – North America
- Asia Pacific Real Estate Association (APREA) – Asia
- Associação Brasileira de Normas Técnicas (ABNT) – Brazil
- Australian Property Institute – Australia
- Building Owners and Managers Association International (BOMA) – Global
- China Institute of Real Estate Appraisers and Agents (CIREA) – China
- CLGE – Europe
- CREDI – India
- Commonwealth Association of Surveying and Land Economy – Commonwealth nations
- CoreNet – Global
- Counsellors of Real Estate (CRE) – North America
- FIABCI – Global
- Global FM – Global
- International Consortium of Real Estate Associations (ICREA) – Global
- International Facility Managers Association (IFMA) – Global
- International Federation of Surveyors (FIG) – Global
- International Monetary Fund (IMF) – Global
- International Valuation Standards Council (IVSC) – Global
- Royal Institution of Chartered Surveyors (RICS) – Global
- May 2013
- April 2013
- >> Presentation @ the LBS - London Business School Breakfast
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- >> Dubai house prices climb 18% in Q1, says JLL
- >> REIDIN.com Turkey Real Estate Indices: March 2013 Results
- >> Emerging Markets are dead - Long Live Growth Markets
- >> 5th annual Arab Youth Survey released yesterday
- >> REIDIN CEO'su Ahmet Kayhan ArkiParc 2013'e konusmaci olarak katiliyor/REIDIN CEO Ahmet Kayhan to speak at ArkiParc 2013