Despite political uncertainty coupled with a recent intensifying of violent attacks from Kurdish PKK militants, property brokers say that interest from Gulf investors remains strong.
"GCC countries currently account for more than 50 per cent of all foreign sales and are expected to increase demand in the short to mid-term," said Diana Dogan, the head of research at the broker CBRE Istanbul.
Earlier this month the Kuwaiti real estate firm Mazaya announced it had raised to 90 per cent its stake in Istanbul, a development of six tower blocks comprising more than 1,000 homes, 150 shops and nearly 100 offices.
Mazaya, which signed the deal after the botched coup on July 15, is keen to pursue other opportunities in Turkey.
"Any political disturbance internally or externally always has an impact on the market’s economic and financial situation following the external appetite for supply and demand, but this is a short-term effect," said a Mazaya spokeswoman. "The Turkish market has all the strong parameters to promote itself in the GCC."
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