Property sales to foreign nationals in Turkey have exceeded expectations, according to Turkey’s Association of Real Estate Investment Companies (GYODER).

In a statement recently, GYODER chairman Işık Gökkaya said “In 2009, property sales to foreign nationals totalled $1.2 billion. Last year, sales more than doubled to $2.5 billion.”

Turkish laws have now been amended so that foreigners are able to purchase more and so that it is easier for them to do so. Restrictions on companies and individuals buying property in Turkey have now been relaxed and mortgages will now be more readily available for foreigners. This is expected to cause a surge in demand from foreign investors.

Turkish billionaire and property developer Sabri Yiğit says: “The Turkish government have outlined a target that from 2015, $10 billion worth of Turkish property will be sold to international investors over the next ten years annually.”

Yiğit is just one of many developers who are launching large-scale residential developments across the country. He has put aside around $1.5 billion to spend on five luxury property developments which will be built between now and 2015. The first will be in Istanbul.

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