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EU overtures help Turkey's property market prosper

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Turkey's overseas-owned property is continuing to flourish, according to new data released this week by the Turkish Land Registry General Directorate.

The first quarter of this year has seen British interest explode, with buyers flocking to the southern coastline's residential market.

Developers are attracted to the popularity of holiday homes and retirement nest eggs in the region, with the number of so-called "fly to let" properties – long distance rental homes – also growing.

Istanbul has traditionally been a popular location for developers and property prices in the region are tipped to grow by 120 per cent this year – with the addition of new coastal cities broadening the country's appeal.

A host of leading corporate investors are now set to claim a stake in the lucrative market, with Morgan Stanley, UBS, Deutsche Bank and Credit Suisse among those to have completed reports on the domestic property market.

Turkey's bid to join the European Union is only likely to accelerate the rising demand, as the country becomes even more attractive to European investors.

This week the country's claims for a place in the EU were backed by US secretary of state Condoleeza Rice during a visit.

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