International real estate for sale in Turkey is being gobbled up by British buyers, according to recent reports.
The latest statistics from the Land Registry Directorate General show that 1 in 6 of TurkeyÃ¢â¬â¢s homes are owned by Brits, as the countryÃ¢â¬â¢s booming economy and strong housing market attract overseas investors.
113,687 properties in Turkey are now owned by foreigners, adds the report, which represents an increase of 2,400 homes compared to September this year.
On the up
British demand is also increasing, with 25,177 houses owned by buyers from the UK Ã¢â¬â another rise from September 2011, with 329 more properties purchased last month.
Other figures are on the up too. House prices on average jumped by 0.81 per cent in September, according to REIDINÃ¢â¬â¢s monthly index, with TurkeyÃ¢â¬â¢s capital Istanbul recording an above-average increase of 0.88 per cent.
Istanbul remains a popular spot for investment, with demand for accommodation and rented property in the city increasing. Indeed, buy to let investors are reaping the rewards of the sectorÃ¢â¬â¢s growth, as rents rise by 1.26 per cent in October compared to the month before Ã¢â¬â another performance above the national average of 1.07 per cent.
Turkey is "a lucrative hub"
Ray Withers, Director of Turkish property investment experts, Property Frontiers, comments,
"Turkey has become an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023,and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population... Turkey is a lucrative property investment hub.
"Indeed, Istanbul, the pulse of the nation, has experienced an increase in rental values therefore creating one of the best areas for rental opportunities. The western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only a great opportunity for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors wanting to take advantage of the increase in rental prices highlighted by the data."