A new surge in Istanbul property interest has emerged from restricted nations across the Middle East, despite the fact that legal barriers remain in place.
While press reports suggested last year that Turkey property investment rules for buyers from countries including Syria, Iran and Saudi Arabia were to be relaxed considerably, there is still no change to the law.
Interestingly however, this legal barrier does not appear to be dampening the spirits of citizens in this part of the world, as one Turkey property expert has reported a recent flurry of interest in making an Istanbul investment in particular. Graham Flaherty, Turkey and Istanbul property expert explains:
“There has been a tremendous and significant amount of interest in Istanbul apartments from investors based in the Middle East, but unfortunately, people based in Syria, Iran, Israel and Saudi Arabia cannot buy property in Turkey because of the reciprocity agreements between them.”
Whether citizens from Syria, Iran and Saudi Arabia are planning to get around the ruling somehow is unclear, but the interest and excitement around an Istanbul property investment remains strong, adds Flaherty.
What is driving up this interest level is not entirely clear, and potentially is a combination of reports on airports in Istanbul seeing huge rises in visitor numbers, the city being acknowledged as one of the main conference locations in the world, and also the fact that Turkey has risen from the downturn with one of the strongest economies in the world.
Where European investors are concerned however, interest is also riding a wave at the moment, and there are no such barriers for investors, as they are free to act on the many positives indications emerging from Istanbul today.
“Interest of course is coming from Europe as well, and they have no restrictions, but Istanbul clearly holds investment potential for the Middle East and it seems a shame that they can’t make progress on this and invest,” Flaherty notes.
Whatever the reason, or combination of reasons, interest has surged from both the restrictive nations with the Middle East and other less constrained areas of the world. The question now, is how whether Middle East investors will eventually get the chance to take advantage of what is clearly a sustainable investment in a developing and prosperous city.