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’s second-biggest real estate investment trust.
The increase will mainly come from Persian Gulf and Central Asian countries, Torunlar Gayrimenkul Yatirim Ortakligi AS, said today in a statement. The company hired Sotheby’s International Realty Inc. to sell properties in its Mall of Istanbul development, it said.
The government last week abolished a rule that barred Turkish property purchases by citizens of countries where Turks aren’t 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.
Torun singled out Azerbaijan, Iran, Kazakhstan, Qatar and Saudi Arabia as countries that will drive the rising demand.
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.
Torunlar fell 0.7 percent to 5.4 liras in Istanbul trading as of 3:57 pm.