19 June 2012, 09:49
Rich Kazakhstanis add to Istanbul real estate boom
ASTANA. June 19. KAZINFORM Wealthy Kazakhstanis are investing into Istanbul real estate market, 'Express K' newspaper reads.
Thanks to recent amendments to the Turkish legislation, it is way easier for foreign nationals to buy property on the Bosphorus coast now.
The real estate market in Istanbul is booming. Deep-pocketed citizens of Kazakhstan, Azerbaijan and Arab countries are highly interested in purchasing luxurious villas with a view of Bosphorus Strait.
Approximately 10 000 real estate units, half of them in Istanbul, will be sold to international clients in the nearest future. The real estate agencies concentrate on work with these clients and that means the sales will grow. The Turkish real estate market is predicted to go from USD 2 billion up to USD 10 billion in the short run.
It is worth mentioning that property prices in Turkey bite and range from EUR 3 to 16 million. But obviously that does not put off well-to-do clients that have invaded Istanbul in search for the 'perfect pad'.
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