The value of foreign investment into Turkish housing will be as much as $5 billion annually for the coming years, with major GCC investors a key source market, the head of a Turkish based property consultant said Sunday.

Tolga Han, international vice president of Projebeyaz International, stated that following the introduction of Turkey’s law of reciprocity last year that eases foreign investment restrictions in Turkish real estate, investor confidence in the market has grown significantly and in particular from the Gulf.

“With the majority of mainland Europe facing difficulties, Gulf investors are actively redirecting sovereign wealth funds, investment funds and private equity funds into Turkish real estate, which offers a great investment proposition and high capital growth,” said Han.

“This is further boosted by the close proximity to many Middle Eastern countries such as Saudi Arabia, Kuwait, Qatar and the UAE, offering an opportunity for purchases of second homes outside of the MENA region.

“Recent reports estimate that following the regulation of reciprocity that passed in 2012, between 10,000 and 12,000 housing units will be sold to foreigners valued at $2.5-3 billion during the initial years and $4-5 billion annually for later years.”

Looking to showcase Turkish real estate investment opportunities for Middle East investors, Projebeyaz International will be one of 30 Turkish exhibitors participating at Cityscape Global, taking place from Oct. 8-10 at the Dubai World Trade Centre.

The fully integrated property consultancy will highlight some of the premier real estate currently available in the southeast European nation, including the Kempinski Residences Astoria in Sisli; the Helis Metro Ofis in Kartal; Esas Aeropark in Kurtköy; and the Trump Towers, Macka Residences Interior Design by Armani Casa, and Istinye Park Mall in Istanbul.