Villa Sandyma: Contemporary Villa for Sale in Turkey, in Ancient Halicarnassus, by Property Turkey

Perched like a sentry above the popular marina town of Yalikavak, Bodrum in Turkey, this contemporary villa for sale in Turkey, with its arresting sea views, represents a link between Turkey’s old and new eras. Located in a large rustic garden full of trees and hidden corners under the Aegean sun, Sandyma Villa looks silently over the marina and the far away islands, a permanent landmark in a rapidly evolving world.

This part of Bodrum, Turkey was once known as Sandyma, and was known worldwide as a lively centre of trade and commerce. The turquoise sea was filled with traditional timber-built gullets, large and small, docking at the harbour to offload their goods or leaving Sandyma for faraway shores with bellies full of valuable metals and quality fabrics.

Today’s Yalikavak’s is almost unrecognisable. While there are still a great number of sailing boats (this part of Bodrum is a favourite stop off for sailors), and people still spot the odd gullet, people are more likely to see mega-yachts instead of trading ships; millionaires instead of rough-and-ready traders. A multi-million euro cash injection into Yalikavak’s Marina has seen the emergence of Palmarina Bodrum, one of the best marinas anywhere in the Mediterranean. This development has had an unprecedented effect on tourism, with wealthy yachtsmen and women travelling from all over the northern hemisphere to experience Palmarina’s world-class facilities. (Obviously it does help that this part of the world has some of the most beautiful sailing routes anyone will see anywhere.) The marina’s opening has had a buoyant effect on local real estate, with property prices rising steadily.

Sandyma Villa: contemporary design, unquestionable comfort

Sandyma Villa is a unique design for Bodrum and the wider Mediterranean. Every square inch has been crafted with comfort and aesthetic enjoyment in mind. The villa for sale in Turkey was designed by Property Turkey’s own architects, people who not only know and appreciate good architecture, but also the peninsula and what it means to love Bodrum.

Built as three connecting cubic living spaces, Sandyma Villa has been crafted in a way that combines Yalikavak’s light and space, and this incredible sea-facing spot to its best advantage. In every single nook and cranny of the villa for sale in Turkey people will enjoy soft sunlight and panoramic sea views.

Sandyma’s most remarkable feature was inspired by the villa’s striking location. The living area, constructed in a two-storey, 7.5 metre atrium, has soaring floor-to-ceiling windows and is ideally positioned to take advantage of Yalikavak’s most spectacular feature: the lazy, golden sunlight that strikes the town each afternoon, and the jaw-dropping sunsets. While this all looks straightforward: sunlight, sea and sky; the fact of the matter is far more scientific. The designers measured the sun’s rays at each point during the day and calculated the angle at which the sunlight reached the living space most favourably, and designed the position of the house around this point. But there’s no need to concern yourself with this - just sit back and take in the view.

To complete the atmosphere of indoor-outdoor harmony, Property Turkey has incorporated in another unique feature into this villa for sale in Turkey: a sliding panel transforms this interior space into an outside terrace – seamlessly connecting the living area to the pool deck. An incredibly contemporary design feature from their extremely talented architects.

The living area’s generous 50m2 space is perfect for relaxation. A central sunken living area provides a cosy enclave for lying on the sofa staring into space, catching up on some TV or just enjoying the view. The lucky owner’s mind will be soothed by the gentle forward and back movements of tropical fish in the large aquarium, set into the wall at the edge of the living area. This deceptively simple touch belies yet more science, as studies have shown that gentle peripheral movements have the ability to quiet the mind and calm the senses.

Sandyma Contemporary Villa in Yalikavak Bodrum

Sandyma’s kitchen is also a contemporary design delight, with cutting-edge fittings and cool, chic marble worktops. An island in the centre allows for some extra workspace (or an ideal place to lounge with a glass of red) and an American bar is perfect for on-the-spot meals. The American bar also provides separation between the kitchen and the dining terrace, a larger dining area ideal for large dinner parties.
All of Sandyma’s bedrooms have incredible Aegean views as well as available outdoor space - big sea-facing balconies or access to the front terrace. Two master bedrooms feature Jacuzzi bathrooms and walk-in dressing areas. There are three bedrooms upstairs and one on the ground floor.

Outside, a pool deck made from high-quality teak surrounds a 12x8 metre pool. The pool features a sunset infinity wing where there are stools set up to allow the owner to enjoy cocktails at dusk. Where the decking ends, the travertine paving begins. The whole area is aesthetically pleasing as well as practical. A pergola style shade covers a BBQ area at the right hand side of the pool.

Underneath the pool is an extra living space of 60m2. This can be used as a caretaker’s home, or perhaps a space for guests who’d like a little more seclusion. Or even a group of teens who like to do their own thing – it’s completely up to the owner. Thanks to the property’s overall elevation, this self-contained space also enjoys amazing sea views. Sandyma Village, and other villas for sale in Turkey, will leave travellers breathless.

Amazing sea view Bodrum from Villa Sandyma

Discovering Bodrum Peninsula, home of ancient Halicarnassus
The small but perfectly formed Bodrum peninsula is scattered with traditional fishing villages, secluded coves, striking landscapes, old windmills and rocky harbours. A quick drive or dolmus ride from Yalikavak will show anyone just how much this part of Turkey has to offer: explore Bodrum’s ancient castle and then do a little window-shopping on the promenade; stroll around a windy shore and treat yourself to a seafood dinner in Gumusluk, where once the Myndos Gate stood; keep an eye out for Turkish celebrities at one of Turkbuku’s trendy beach bars before hitting one of Bodrum’s nightclubs, or simply spend the afternoon lazing on the beach. If anyone fancies a bit of history, visit the Mausoleum of Halicarnassus.

While the peninsula certainly has its charms, those who love Yalikavak couldn’t fathom a life lived anywhere else. This lovely town, framed by hills and hugged by the Aegean, has been a favourite of Turks and travellers alike since it was a tiny fishing village.

Strolling through today’s Yalikavak, it’s difficult to picture the long-ago town which once stood here. The state-of-the-art Palmarina centre, the expensive boutique stores, the superb restaurants and the rich visitors.

Bodrum has entered the 21stcentury with style. However, the Yalikavak of yesteryear is still found in the town’s cobbled streets and the traditional coffee houses; the vegetable markets and the handmade crafts. And the town’s most striking feature, the sunsets that bring visitors from all over the coast, are just as bright now as they were a thousand years ago. Some things stay the same, while others change for the better. Yalikavak combines old and new world Aegean in a way that will never leave you.

Marmaray and High-Speed Train to Increasing Investment Appeal of Istanbul Property Market

The Marmaray Project, described as one of Turkey’s greatest railway engineering projects ever, is a much needed solution to the effects of Istanbul’s traffic congestion and expanding suburbs, caused by the city’s rapidly growing population. It is expected to open at the end of October 2013, four years after the initial completion date.

The four main components of the Marmaray Project include an underwater railway tunnel beneath the Istanbul Strait - the deepest immersed structure in the world, improvement of the Gebze-Haydarpasa and Sirkeci-Halkali suburban railway lines, electrical and mechanical upgrades, including rebuilding 37 stations and three new ones, and the procurement of new rolling stock.

“The Marmaray Project will be a real shot in the arm for Istanbul as a whole, but a number of districts will really benefit,” said Julian Walker, Director at Spot Blue. “It will not only provide an east to west transport corridor between the European and Asian sides of the city, but there will also be a connection at Yenkapi to the north-south metro line, completing a very effective and convenient transport system. Turks will find it much easier to commute from the city’s suburban areas and developments close to stations should be very appealing to foreign buyers, including buy-to-let investors. Only recently we sold a $150,000 apartment in Istanbul’s Bahcesehir district to someone from the Middle East.”

Halkali is a district on the western edge of the European side of Istanbul and the furthest terminal on the new suburban rail line. It will be linked by a high-capacity line with Gebze on the Asian side of the city. The journey time between these two terminals will drop to an estimated 104 minutes with the new rail service, from the current 185 minutes. Halkali also has rail connections to other cities, in and beyond Turkey.

Marmaray

Walker continued: “Halkali is already a busy hub, thanks to its excellent connections, and the Marmaray Project will enhance this. We have opportunities to invest in a selection of new developments there, with prices starting at around £36,000 for a studio apartment, rising to around £104,000 for a three-bedroom apartment. The other bonus about Halkali is that is it very close to the city’s Ataturk Airport.” Other areas on the European side where Spot Blue has investment opportunities include Beylikduzu and Bahcesehir.
“Otherwise, on the city’s eastern side we have opportunities in Erenkoy, which is on the new Halkali-Gebze line, so with great transport links. There we have smart four-bedroom apartments from around £450,000,” added Walker.

Meanwhile, Turkey’s first high speed inter-city rail service running between Ankara and Istanbul, is due for completion next year. There are plans to connect this with the new Marmaray suburban line, thus effectively completing a high speed train line between Asia and Europe.

Property in Turkey Still Hot for Overseas Buyers Despite Riots

Property in Turkey continues to prove an attractive prospect to foreigners despite the city riots seen in recent months, according to Oceanwide Properties highlighting latest housing sale figures. Based on Turkish Ministry of Environment and Urban Planning figures, the number of homes and land plots purchased by non-Turkish residents have doubled within the first six months of 2013.

Oceanwide Properties additionally highlight that the Gezi Park protests in Istanbul and follow-on demonstrations in some of Turkey’s larger cities have contributed to a 'perfect storm' of preferable exchange rates for property investors to seize upon.

Suleyman Akbay, Managing Director of the firm who exclusively specialise in property in Turkey, comments: “Despite the demonstrations that for a short time shook Turkey’s rising star image, latest buying figures coupled with the feedback from our own sales applicants suggest investor sentiment remains positive.

"The Turkish Lira recently dropped to 2.95TL to the GBP, meaning homebuyers are in fact currently set to make better investments, saving thousands of pounds and stretching budgets further.

"Furthermore, anticipated interest rate hikes to bridge the Lira’s drop is expected to add yet more value to bricks and mortar in Turkey, which is already being credited with providing the third highest property growth in the world [source: Knight Frank Global House Price Index].”

The firm, who have been marketing Turkish properties since 2005, attribute ongoing confidence to three factors:

Turkey’s political situation is more stable than surrounding countries. Like many neighbouring nations, Turkey too has experienced political unrest but this has not been motivated by economic woes and their duration and intensity were much shorter, with its main popular tourist regions along the coast untouched.

Bodrum Turkey

Turkey’s location is ideal - and not just for its sunkissed beaches and temperate climes. No, in terms of world travel Turkey is also well-placed to the extent that it was the sixth highest on international tourism arrivals chart last year. There’s no sign of its popularity abating either which has prompted the government to build a new major airport in Istanbul and for local regeneration initiatives to keep resorts like Fethiye top for tourism. And tourism places demand on rental housing stocks.

New laws are making buying property in Turkey easier. Citizens of countries who in the past were prevented from owning property are making the most of a new law which opened up the housing market to them (previously Turkey only allowed residents from countries which allowed Turkish citizens to settle in their own land to invest).

Other incentives include automatic one year residency permits for foreign property owners and the rights of Turkish citizenship after five years. There are also suggestions that the unpopular military clearance requirement on property purchases is also to be scrapped, speeding up the sales process.

Turkey’s Coastal Property Market Gains from Rise in Blue Flag Beaches

House-hunters looking for an overseas property near a clean, safe beach are spoilt for choice in Turkey, says Turkish property specialist Spot Blue, thanks to 383 beaches there being awarded Blue Flag status this year, the most the country has ever achieved and 59 more than in 2012.

Turkey now has the third highest number of Blue Flag beaches out of all 48 countries that participate in the Blue Flag scheme, which is recognised globally and organised by the Foundation for Environmental Education (FEE). This puts it ahead of France, which this year drops to fourth from third. Turkey also has 21 Blue Flag marinas, currently the seventh highest number.

“While some countries are falling down the rankings, Turkey is raising its game and improving the quality of its beaches and marinas,” said Julian Walker, director at Spot Blue. “The knock-on effect is positive for the property market – being near a Blue Flag beach can only help a property hold value. Unsurprisingly, Antalya on Turkey’s Mediterranean coast now has a staggering 179 Blue Flag beaches, more than double that of any other Turkish region – Mugla has the second highest number with 76.” Three beaches in Istanbul on the Sea of Marmara are also on the list.

To be awarded a Blue Flag, a beach is assessed on water quality, environmental management, safety and services, and availability of information about the environment. Out of Turkey’s 21 Blue Flag marinas, seven are in the Mugla region, six in the Antalya region, two in Istanbul, two in Aydin, two in Izmir, and one in both Balikesir and Yalova.

Turkey now has the third highest number of Blue Flag beaches out of all 48 countries that participate
 in the Blue Flag scheme.

“The latest Blue Flag list highlights just how untapped much of Turkey’s coastline is,” continued Julian Walker. “Away from the main resorts, there are dozens of stunning beaches and bays that many foreigners never encounter, real gems each with a selection of properties to choose from. The Bodrum Peninsula in Mugla is a good example, where the smaller resorts of Gündoğan, Turgutreis, Gümüslük and Yalıkavak all have Blue Flag beaches combined with stunning property to buy. In Antalya, again the popular resorts of Alanya and Side have Blue Flag beaches, but so do less well trodden but very picturesque areas, such as Çamyuva or Göynük, both near Kemer.”

In Gündoğan, Spot Blue is selling new three-bedroom, two-bathroom duplex villas on a smart development just a 10-minute walk from the Blue Flag beach, with prices starting from €142,296. Communal leisure facilities include swimming pools, tennis, play areas and 24-hour security, and there are sea and mountain views. Bodrum Airport is 30 minutes away.

One of Bodrum’s most exclusive developments can be found in Yalıkavak, where Spot Blue has a luxury four-bedroom, two-bathroom detached villa, a short walk from the beach and also close to the Blue Flag marina, available for €425,000. Transfer from Bodrum Airport is only 45 minutes.

Meanwhile, Spot Blue is selling a furnished two-bedroom apartment on a small complex in Çamyuva. It comes with access to a shared pool and mountain views, and is only a 15-minute walk from the village centre and its Blue Flag beach. An hour from Antalya airport, it’s on the market for €86,000.

7 Tips for Safe Property Investment in Istanbul

Investing in property abroad can be a minefield for the unwary particularly in emerging markets such as Turkey say analysts at property investment firm Colordarcy.com.

Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.

Loxley McKenzie, Managing Director of Colordarcy comments, “The best place to invest for capital growth in Turkey is Istanbul. The city offers a more reliable rental market and is recognised as the hub of economic growth.

Unfortunately there are good and bad areas to invest in Istanbul as there are on some areas of the Turkish coast.”

Colordarcy offers the following seven tips should help investors avoid some of the potential pitfalls of investing in property according to

1. Carry out due diligence
Doing due diligence is the equivalent of doing homework on an investment. “Many people will enjoy a holiday in Turkey, then quickly decide to invest”, McKenzie adds, yet it is important to take a whole variety of factors into consideration before signing on the dotted line.

The first things to consider are the build quality and the location of the property and its price relative to other similar properties in the area. If it is a buy-to-let investment then you will need to look closely at the likely rental yield. Will it cover your costs and generate a profit?

2. Use a reputable overseas property company
Unless investors have good first-hand knowledge of where they want to invest, a lot of money and heartache can potentially be saved by using a reputable agent who specialises in that particular country.

There are many horror stories about investors who have sent large deposits only to find that all that money is lost when developers go bankrupt or have problems with building permits.

A good overseas property agent can give piece of mind.

3. Beware of buying off-plan
A lot of people will advise against investing in off-plan property in any country, particularly an emerging one like Turkey.

However in a growing property market like Istanbul, it can be tempting for investors to try to achieve potentially high earn returns by buying off-plan and reselling the property at a higher capital gain.

This is a high risk strategy which may not always pay off. It is far better to either buy key ready property in Istanbul and have the option to walk around the development before investing or ask an agent to source property from a developer with a strong track record.

The best place to invest for capital growth in Turkey is Istanbul. The city offers a more reliable rental market and is recognised as the hub of economic growth. Unfortunately there are good and bad areas to invest in Istanbul...

4. Make sure you obtain a TAPU (title deed) for your property
In some cases investors have had their overseas property dream turn into a nightmare when they realise that they didn’t legally own a property they invested in. This is usually because they have failed to obtain a TAPU which is the most important document an investor can own to prove ownership to the authorities.

There have been cases where property developments in Turkey have been sold to a third party leaving property ‘owners’ powerless when they try to prove that they own a particular apartment or house.

5. Take out earthquake insurance (Dask insurance)
The risk of a 7.6-magnitude earthquake striking Istanbul by 2030 is greater than 60% (Source: Guardian: A disaster waiting to happen - why a huge earthquake near Istanbul seems inevitable, 2006). With this in mind it is worth investors taking out insurance on their property to protect against such natural disasters.

Dask insurance is a special insurance introduced by the Turkish government to provide protection against the devastation earthquakes can cause. Incidentally DASK insurance is only available for property owners who can produce a TAPU.

6. Use an independent Turkish lawyer
Investors would usually employ the services of a qualified lawyer when investing in their own country and the should do the same when investing in Turkey.

A good Turkish lawyer will know property laws inside out and will be a native speaker. This will come in handy when checking paperwork.

7. Research the city
Istanbul is a large city and there are many districts within its boundaries. This can make it difficult for investors to decide on the best areas to invest. Generally it is better to invest in areas close to the city centre or Taksim such as Beyoglu.

Huge development projects including a new airport and a proposed centre for technology are set to increase the already strong appeal of Istanbul city centre among investors.

In general Colordarcy analysts advise against investing in outlying areas far from the centre unless some kind of rental guarantee can be offered.

The KDV Tax On Turkish Property

Analysts at Colordarcy say that the hike in Turkish property tax for smaller apartments means that prices could well increase by more than 18% this year. Those already owning property in Turkey or who are purchasing key ready might well benefit from the resulting uplift in 2013.

This is the good news.

The bad news is, this latest change means that KDV tax, which once amounted to just 1% on property with a closed living area of less than 150 square metres and 18% for properties over 150sqm, will now be 18% for most properties – even those less than 150 square metres.

Will this make a big difference to overseas property investors?
“Not if investors are thinking of investing in a property above 150 square metres or in many cases if a property is already built.

What may happen is, tax rises could have an impact on property values as it may push up the price of smaller apartments and, in turn, place upward pressure on apartments that are a larger size.

This makes buying off-plan apartments in Turkey a little more tricky for anyone looking for a good deal. It will depend on three things: are developers prepared to absorb the cost? The value of the land the property is built on and when they built it.” says Loxley McKenzie, Managing Director of Colordarcy.

Colordarcy are keen to point out that if investors are looking at investing in a key-ready apartment in Istanbul, then you may well escape the increase in KDV. The new law only applies to building plans submitted in 2013.

If the land is assessed as being low in value, then the KDV rate may be 8% or less, so it is best to check before making a purchase.

When asked how investors might be able to avoid the impact of the change to KDV tax on Turkish property, Colordarcy’s legal expert in Istanbul said, “Since this is now law, there is no possibility to avoid it, however, before making an investment, we do advise our clients to obtain official information from the seller which shows the KDV amount of the real estate.

For example, if the seller obtained building permission and completed other legal requirements for construction in 2012, new KDV rules will not apply to this project.

If an investor is in any doubt, it is always possible to request documents from sellers which will show if the new KDV rate has been added to the value.”

Interestingly the new KDV tax law will only apply to new build properties sold by developers and not to those properties exchanged privately or those that are considered used.

Investors should not be too worried by this development according to Colordarcy, as the tax will be a direct cost to developers, though there is a strong chance they will pass it on to the buyer at some point.

Large developers may well delay passing on this cost to gain an advantage over smaller competitors. Even so, 75% of all properties purchased by overseas property investors in Turkey is under 150 square metres.
Colordarcy strongly advise choosing a large reputable developer, or a trustworthy property agent to ensure they get the best deal in 2013.

Turkey Property Purchasers to be Granted One Year Residence Permits

Extended residence permits for owners of property in Turkey are being introduced by the Turkish government in a move to attract further foreign direct investment.

“This is a welcome and logical move by the Turkish government,” says Suleyman Akbay, MD of the property firm who exclusively specialise in property sales along its popular Aegean and Mediterranean coastline and now Istanbul.

“Spurred by the encouraging effects of the reciprocity law removal which has since seen foreigners purchase some 11,000 properties in Turkey (Source: Turkish Environment and Planning Ministry), and which produced an astounding fourfold increase in acquisitions in the immediate month following enactment, the government is rightly acknowledging that the laws and procedures concerning residency in Turkey are a significant hurdle for foreigners considering investing here”, adds Akbay.

Turkish Law already permits citizens of many countries to obtain a residence permit, but the new ruling recognises ‘property ownership’ as a means for qualifying for longer periods of stay. Formerly, property buyers were subject to tourist visa limitations where they could only stay for three months out of every 180 days before having to apply separately for residency.

The latest ruling adds to a string of favourable law changes being introduced to ease barriers to investment in the country. Last year’s relaxation of restrictions on the amount of land a foreigner could buy and the removal of reciprocity conditions, which had stipulated only citizens or firms of countries in which Turkish nationals could buy property could do likewise in Turkey, has proved the most significant for Turkey's property industry.

“Noting the increasingly prominent march of the Turkish economy which is already conspiring to attract significant foreign investment, we’re confident that this latest announcement will add yet more spring to our overseas investors’ steps – and that’s before we note the fantastic climate, favourable rental opportunities and low cost home ownership options”, concludes Akbay.

The new property residency law is expected to come into force in early 2014.

Oceanwide Properties is currently offering a selection of luxury two, three and four bed frontline sea view villas in Kalkan with an exclusive limited time pre-completion purchase offer and £99 inspection visit, valid until 30 June 2013. The development is located within 90 minutes of Dalaman International Airport and is due to complete in 2014. 

Buy To Let In Istanbul Among World’s Best For Financial Returns Say Colordarcy

The Telegraph included Istanbul in its article 'The world's top 20 cities to buy-to-let property' this month.
Loxley McKenzie, Managing Director of Colordarcy comments, “It comes as no surprise that the Istanbul property market is attracting the attention of the national press. Colordarcy analysts have been highlighting its potential for the past 12 months.

Rents may well be static or growing modestly in the UK, for example, with RICS forecasting just 2% growth this year. In Istanbul, however, it has been a totally different story. We have seen rents rise by more than 15% in Istanbul and prices rise by nearly 20% in the year to January.”
Colordarcy analysts point out that income from rent is likely to be much higher in Turkey as the incomes of the local population rise and demand for property in Istanbul increases. Foreign investors are also arriving in increasing numbers, which only serves to increase competition for available property.

The case for turning attention away from the UK and other European countries towards Istanbul property has never been stronger according to Colordarcy. McKenzie added, “Finding good rental income is what property investment is all about. Capital growth is just the icing on the cake.”

According to Colordarcy analysts, a property market will have either rising rents or rising prices. Only rarely do both happen together. Yet this happened in Istanbul and several other cities in Turkey in the year to January 2013 according to residential property statistics release by Readin.

Residential rents for existing homes in Istanbul increased by 15.24% while prices for existing homes increased by 19.47% in the same period.

All the indications are that Turkey’s property market has yet to peak and the secret sauce that makes every property market tick is adding more spice to Istanbul’s potential as one of the world’s best buy to let property markets.

The availability of finance and the ability to take on loans to buy property is crucial to the long term stability of any property market. As mortgages have been harder to come by in most European countries, Turkey’s mortgage market has expanded rapidly. This has been helped along by tumbling interest rates that have fallen from more than 20% in 2009 to less than 10%. As a result, borrowing far more affordable for those who aspire to own their own homes in Turkey.

The amount of housing loans has increased by a factor of six, from TRY12.4 billion in 2005 to TRY86 billion in 2012 (Source: Global Property Guide).

What makes all this possible is a well-managed economy according to Colordarcy. All the main economic indicators for Turkey have turned green – GDP is predicted to be hitting 4% this year while unemployment continues to fall (Source: Turkstat).

Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.

New law removes restrictions to foreign purchases of real estate in Turkey

Turkish parliament has just passed a new law which will allow any foreigner to buy property in Turkey. The law removes a restriction called "mutualness" where if a country does not allow Turkish citizens to buy property in that country, this country's citizens could not buy property in Turkey. With the new law, practically will be effective in the next 15 days, this restriction is removed. This will allow Russians, citizens of Gulf States and Central Asia nationals to buy property in Turkey.

This law was supposed to be effective early 2012 but Turkish property developers, who are struggling to sell their mid to high end developments, pressed to release it just before summer, the hottest time for foreign demand for Turkish properties. With this law now, developers will have a very large pool of customers especially from Arab states.

According to Kanal D Property news, Qasim Sultan Al Banna, who has been director general of Dubai Municipality since 1992, has bought 50 flats from a development named My World when the new law is announced.[1] The Developer, Ağaoğlu İnşaat, has already collected deposit from foreigners  for 740 flats in Istanbul even before the law was passed. A company from Saudi Arabia, whose citizens could not buy property in Turkey before, has paid deposit for 400 flats in near Istanbul Olympic Stadium for investment purposes. Agaoglu now expects to earn 250 million dollar when the sales of these reserved units proceed. In fact, the developer targets a whopping 2 billion dollars of real estate sales to foreigners.

My World - Source : My World

Turkey has recently became very popular among its neigbours such as Russia and Arab states. 4 million Russian tourists are expected this year alone, who do not need visa to enter Turkey and stay 1 month. There is also a growing popularity among Muslim countries thanks to popular Turkish TV shows, recent more open and friendly policy of Turkey towards them and cultural similarities. With this rule, money from oil rich Arab states and natural gas rich Russia is expected to flow to Turkey to buy property.

There are mixed forecasts about the effects of this new law on the property prices in Turkey. CEO of Ukra Insaat, Kursad Tuncel, does not see a price rise due to the new demand from foreigners. This is because of the already huge supply in the market. [1] On the other hand, some experts predict 10 per cent rise in property prices when the law becomes effective. But it is pretty much likely that the price fall, which is awaited by many Turkish home buyers, will not happen or will not be as deep as expected.

.[1] - Qasim Sultan My World'den 50 daire aldi