More foreigners buying residential property in Turkey
Doha: An increasing number of foreigners are buying residential properties in Turkey, which has begun negotiations for joining the European Union (EU). Some 53,000 foreigners from 68 countries have bought housing units in the country this year alone and a majority of them are Europeans.
Haluk Sur, chairman of Istanbul-based Association of Real Estate Investment Companies (Gyoder), said in remarks to this newspaper yesterday that the construction industry in Turkey was booming showing a growth rate of 20 per cent this year. Sur was in Qatar as part of a huge delegation of Turkish businessmen that accompanied the country’s prime minister, Recep Tayyip Erdogan. The construction boom in Turkey was despite the fact that the overall economic growth had slowed down from 9.9 per cent in 2004 to 4.5 per cent by the second quarter of 2005.
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