According to Colordarcy, the property agents, ‘Arab investors will become bigger players in Turkey’s property market.’ With Turkey having opened up the property market to these investors, they call it correctly. Investors from the UAE, Saudi Arabia, Kuwait and Yemen are going to drive prices upwards.
Loxley McKenzie, managing director of Colordarcy takes up the commentary, ‘In my experience, European investors are not the main target for Turkish developers at the moment, it is the growing influx of investors they are welcoming from the Gulf. People have been calling Istanbul the new London for most of the past 12 months and it is likely that many Middle Eastern investors will find Istanbul a more attractive proposition. Turkey is much closer to home and so is the culture.’ We have a report coming soon.