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Last year's real estate sales to foreigners up by 40 pct to $2.5 bln

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Real Estate sales to foreigners up by 40 %   (16.05.2011)

Real estate sales in Turkey to foreigners increased by 40 percent, reaching $2.5 billion, in 2010, Real Estate Investing Partners Association (GYODER) President Işık Gökkaya said on Tuesday.

Gökkaya spoke during a press conference on a GYODER report called “The Real Estate Sector of Turkey and The World, Fourth Quarter, 2010” and said that the first quarter of the past year was a period of normalization while after the second quarter the Turkish real estate sector started to grow again. He noted that real estate sales to foreigners approached $3 billion between the years 2006 and 2008 but fell to $1.8 billion in 2009. “However, real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey. It [real estate sales] rose by 40 percent in 2010 compared to the previous year, reaching $2.5 billion,” Gökkaya said.