Jul 28 2018

85,000 Turks have purchased homes in London in five years - study

Turks have shown an increased interest in London with 85,000 Turks purchasing homes in London over the past five years, according to research shared by real estate director Neşe Jenkins.

Turkish investors are taking advantage of a temporary drop in housing prices in London with an 297 percent increase in interest on property in the city, Jenkins, head of Allytta Real Estate Consultancy said while speaking to Asharq al-Awsat

Jenkins noted that 17,000 Turks have migrated to London, where housing prices have dropped since the announcement of Brexit, over the past five years.

‘’This drop has been recorded as the greatest since the 2009 financial crisis,’’ Asharq al-Awsat reported Jenkins as saying.

London follows Dubai, Singapore, Russia and the Gulf countries in attracting international customers looking to purchase property.

‘’The amount of money Turkey allot for buying a home in London is, on average, 1 million pounds,’’ Jenkins said.