{"id":23457,"date":"2016-08-20T20:51:51","date_gmt":"2016-08-20T13:51:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23457"},"modified":"2016-08-20T19:29:57","modified_gmt":"2016-08-20T12:29:57","slug":"gulf-investors-maintain-interest-in-turkish-property-despite-turmoil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-maintain-interest-in-turkish-property-despite-turmoil\/","title":{"rendered":"Gulf investors maintain interest in Turkish property despite turmoil"},"content":{"rendered":"


\nGulf property investors are likely to remain unfazed by the security concerns in Turkey, thanks to their tolerance for risk and the country’s eco\u00adnomic pot\u00adential.Despite fears of a second coup attempt coupled with a recent intensifying of violent attacks from Kurdish PKK militants, property brokers say that interest from Gulf investors remains strong.”GCC countries currently account for more than 50 per cent of all foreign sales and are expected to increase demand in the short to mid-term,” said Diana Dogan, head of research at broker CBRE Istanbul.Earlier this month Kuwaiti real estate firm Mazaya announced it had acquired a further 50 per cent stake in Ritim Istanbul, a development of six tower blocks comprising more than 1,000 homes, 150 shops and nearly 100 offices.Mazaya, which signed the deal after the botched coup, is keen to pursue other opportunities in Turkey.”Any political disturbance internally or externally always has an impact on the market’s economic and financial situation following the external appetite for supply and demand, but this is a short-term effect,” said a Mazaya spokeswoman. “The Turkish market has all the strong parameters to promote itself in the GCC.”Brokers in Turkey say that GCC investors are likely to have a higher appetite for risk than their European counterparts. CBRE figures show that the number of property sales to UK investors – some of the biggest buyers in Turkey’s popular resort centres on its Mediterranean and Aegean coasts – have fallen 16 per cent so far this year, with 408 sales made between January and June compared to 486 sales over the same period last year.”Arguably, Gulf investors are accustomed to a certain amount of change, so we believe the events in Turkey will not deter them,” said Julian Walker, a director at Spot Blue, a property broker which specialises in selling Turkish property to overseas buyers. “The combination of Turkey’s pivotal position bridging East and West, its bullish economy and its predominantly Islamic nation are still an attraction to investors from the Middle East.”According to Knight Frank, Istanbul had the third fastest house price increases in the world in the year to the end of March 2016, with an average property price growth of 19.6 per cent. At the same time, Turkey’s third largest city, Izmir, experienced the ninth fastest global house price growth, with prices rising 16.7 per cent.Foreign investors also make up only a tiny fraction (1.78 per cent) of housing sales in Turkey, according to CBRE”We don’t currently feel that the recent coup will have much of an impact on sales volumes, velocity or achieved price,” Ms Dogan said. “The government is well aware that residential construction is a key sector in Turkey’s growth and will push banks to reduce interest rates to help maintain sales growth.”Despite the coup attempt and a series of recent bombings in both Istanbul and Ankara, CBRE predicts that Turkish house prices will continue to rise between 10 and 15 per cent over the next year. The increase will be driven by the country’s rising population, a recent interest rate cut and a stream of refugees coming to Turkey from Syria who are pushing up housing rents.The broker says that this sort of increase would be in line with house price growth over the past three years that was also a period of currency depreciation, sociopolitical unrest and conflict.But Turkish companies are scaling back their marketing of property to overseas investors.The number of Turkish companies taking stands at the Cityscape property exhibition in Dubai next month has fallen this year to 20 from more than 50 last year following the attempted coup and a recent increase in political unrest.”One of the main reasons we are seeing a reduced Turkish presence at Cityscape is that \u00adlocal developers have refocused their attention on their core consumer demographic instead of trying to achieve block or single unit sales from the Middle Eastern market,” said Ms Dogan.Mr Walker said there was a drop in inquiries from overseas investors after the attempted coup, but pointed out that this an opportunity to buy.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Gulf investors maintain interest in Turkish property despite turmoil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gulf property investors are likely to remain unfazed by the security concerns in Turkey, thanks...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23457","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-66l","jetpack-related-posts":[{"id":21975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-pound-creates-bargain-london-property-deals-for-gulf-buyers\/","url_meta":{"origin":23457,"position":0},"title":"Weak pound creates bargain London property deals for Gulf buyers","date":"August 4, 2016","format":false,"excerpt":"\r Arabian Gulf property investors have begun bargain hunting among London's most exclusive addresses as prices tumble.House prices in some of the parts of London most popular with GCC investors have suffered their biggest annual falls in nearly seven years.Average prices in the London district of Knightsbridge fell 7.3 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24437,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-market-in-the-minds-of-gulfs-high-net-worth-investors\/","url_meta":{"origin":23457,"position":1},"title":"Dubai property market 'in the minds' of Gulf's high net worth investors","date":"August 30, 2016","format":false,"excerpt":"\r High net worth investors from the Gulf are most likely to invest their money in Dubai next year, as opposed to London or other international markets, according to Cluttons.Speaking at the launch of the third part of its Middle East Private Capital survey, the firm's head of research, Faisal\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17164,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/quarter-of-gulf-investors-wont-use-properties-abroad\/","url_meta":{"origin":23457,"position":2},"title":"Quarter of Gulf investors won't use properties abroad","date":"June 21, 2016","format":false,"excerpt":"\r A quarter of all Gulf investors buying property overseas are targeting \"buy-to-leave\" homes that they don't intend to live in or let out, brokers have said.According to data compiled by property brokers Cluttons and polling company YouGov, 26 per cent of 127 high-net-worth investors from the Middle East looking\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25085,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-developers-at-cityscape-hope-lower-pound-will-restore-interest-after-brexit-vote\/","url_meta":{"origin":23457,"position":3},"title":"UK developers at Cityscape hope lower pound will restore interest after Brexit vote","date":"September 5, 2016","format":false,"excerpt":"\r British property developers will be hoping the weak pound will attract investment into the sector as the Cityscape Global exhibition gets under way.More than a dozen property brokers and developers from the UK have taken space at the Dubai property show this year, including new entrants Stanhope, which is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31330,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-know-london-is-fashionable-in-every-season\/","url_meta":{"origin":23457,"position":4},"title":"Gulf investors know London is fashionable in every season","date":"October 23, 2016","format":false,"excerpt":"\r LONDON \/\/ It is fitting that the Dubai developer Damac Properties chose Knightsbridge in which to build its London show apartment. The display unit, just opposite Harrods department store, is a replica of a Versace-furnished flat at the planned Aykon London One development, Damac's first outside the Middle East.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-know-london-property-is-fashionable-in-every-season\/","url_meta":{"origin":23457,"position":5},"title":"Gulf investors know London property is fashionable in every season","date":"October 23, 2016","format":false,"excerpt":"\r LONDON \/\/ It is fitting that the Dubai developer Damac Properties chose Knightsbridge in which to build its London show apartment. The display unit, just opposite Harrods department store, is a replica of a Versace-furnished flat at the planned Aykon London One development, Damac's first outside the Middle East.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23457"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=23457"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23457\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}