Arab buyers boost Turkish real estate market
Turkey’s real estate market is growing, fueled in part by interest from Arab and other foreign investment.
On the night of March 30, as the results of the Turkish local elections became clear, the discussions took a new direction: what to expect from Prime Minister Recep Tayyip Erdogan in the upcoming presidential elections in August.
On morning after, the Turkish stock market responded positively to the Justice and Development Party (AKP) win with a 1.95% gain at Turkey’s main stock exchange and a two-month high for the Turkish lira against the dollar at 2.163. At the moment, it seems that these results offered the best scenario for stabilizing the markets, though the elections might not mark the end of Turkey’s political crisis.
Despite all the ups and downs in the Turkish political scene, foreign investors continue to ambitiously pursue their projects in various sectors. The Wall Street Journal shed light recently on Turkey’s booming hotel development market, citing global hospitality companies claiming to be “undeterred by recent events.” The tourism industry seems to be resistant to internal tremors as well. The number of foreign visitors in February 2014 rose 6.6% in comparison to same month in 2013.
Among visitors from all corners of the world, Arab tourists in particular flock to Turkey in staggering numbers. In 2013, the number of tourists from fifteen Arab countries increased to 3,265,190, 9% higher than the previous year. The ever-increasing popularity of Turkish soap operas and Turkey's more affordable prices as compared to rival Dubai contribute to a large influx of Arab tourists. The visitors also claim to feel more at ease in Turkey, a majority Muslim country, than at some Western tourist destinations.
