The Turkish government has set a goal of $5 billion in foreign real estate investments in 2012. This potential for Turkish real estate sector's growth has attracted the attention of foreign investors to buy a property in Turkey.
Recent legislative reforms have made investing in the real estate in Turkeyeasier and more profitable. Amendments to the Land Registry Law, the Mortgage Law, and the redrafting of tax laws are designed to improve the competitiveness of the Turkish real estate sector.
Different surveys and publications such as the "Emerging Trends in Real Estate Europe", prepared jointly by PricewaterhouseCoopers (PWC) and the Urban Land Institute, show how global and local interest in the Turkish real estate sector has increased. According to the 2011 publication of the report, Istanbul properties are ranked as the most attractive investment market in Europe for both new acquisitions and development, and the second most attractive market for existing investments, following Munich. Meanwhile, Turkish real estate ranks as the 3rd most attractive real estate investment destination among the emerging countries in 2012, according to a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE).