Purchases of Turkish land and homes by foreigners will probably rise by $20 billion over the next four years after the government eased restrictions, according to the country\u2019s second-biggest real estate investment trust.<\/p>\n
The increase will mainly come from Persian Gulf and Central Asian countries, Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO), said today in a statement. The company hired Sotheby\u2019s (BID) International Realty Inc. to sell properties in its Mall of Istanbul development, it said.<\/p>\n
The government last week abolished a rule that barred Turkish property purchases by citizens of countries where Turks aren\u2019t allowed to buy real estate. Foreigners bought as much as $2.5 billion worth of property annually in Turkey before the law was changed, Torunlar Chairman Aziz Torun said in the statement.<\/p>\n
Torun singled out Azerbaijan, Iran, Kazakhstan, Qatar and Saudi Arabia as countries that will drive the rising demand.<\/p>\n
The Mall of Istanbul complex, which includes 32,000 square meters (344,000 square feet) of office space, 1,114 homes, a 300-room hotel and a shopping mall will be completed in November 2013, the company said in the statement. The project was built with an investment of $370 million.<\/p>\n
Torunlar fell 0.7 percent to 5.4 liras in Istanbul trading as of 3:57 pm.<\/p>\n
via Torunlar Sees $20 Billion Property Sales to Foreigners by 2016 – Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"
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