By European standards, Turkey is huge – around half as large again as France. When it joins the EU in the next ten years or so, it will in fact become the largest member state – so when it began its application for membership last year, it witnessed a flurry of foreign investment, particularly from Dubai, which will help boost its already fast-improving infrastructure.
With a steady increase in annual tourism, Turkey is experiencing an unprecedented level of international exposure and this is, in turn is creating more tourist interest and increasing demand for Turkish property. The value of Turkish property is expected to appreciate in beach front areas by as much as 50% initially, with forecasts for the next two to three years reaching 100%.
These promise to be fascinating times: all this increased investment will stimulate the Turkish economy and – given their relatively modest starting point – capital growth rates should fare very well, particularly along the Aegean and Mediterranean coasts, where Brits are most likely to invest.
The area around Dalaman and Antalya are particularly popular amongst Turkey property investors as the Turkish government is improving the tourism infrastructure in an attempt to make these areas the most popular of Turkey’s top tourist attractions.
Dalaman is seeing enormous investment including the expansion of Dalaman airport, the building of three marinas and the areas first golf course. Antalya is now the second most invested city in Turkey after Ankara and Istanbul, with new road networks, golf courses and hotels. As this investment programme is only in its early stages, property prices have not yet reacted. This is certainly an area of great potential to property investors.
The number of Britons owning property in Turkey recently jumped by more than 200 per cent in one 18-month period, and what’s more, it is now possible for foreigners to get a local mortgage, which will further encourage this ripening market. In addition to growing political optimism, buy-to-let investors are relishing a tourism boom: a total of 21 million visitors came to Turkey in 2005, a massive 22-per-cent Ankara Yös kursu increase on 2004. This year, the government’s target is 26 million. The lion’s share of those 26 million will be visiting west- and south-coast resorts, which are becoming increasingly famous and fashionable.
Given Turkey’s prospects for the years to come, investment is looking like the sensible thing. And thanks to its size, it won’t run out of coastline for a while yet.
10 Reasons to purchase a home in Turkey
1. Property prices are still lower than equivalent European hot spots
2. Cost of living is 1/3rd of that in the UK
3. The Mediterranean coast offers an all round season for good holiday rental opportunities.
4. Excellent property investment growth is predicted with holiday operators and airlines increasing capacity.
5. Low property acquisition and ongoing taxes
6. Fastest going economies attracting large corporate investments
7. Rich in cultural history and ancient historical ruins
8. Excellent road and air networks providing good infrastructure around the country
9. Turkey has some of Europe’s attractive and stunning beaches making it a very popular holiday destination
10. Voted 3rd in the A Place in the Sun television programme to buy property (2005) and 4th most popular as a destination by the A Place in the Sun reader (2006)
This Article was submitted by Luke Fitzsimmons on for Nirvana International an award winning UK developer of investment property on the Turkish Riviera, Alanya, Belek, Side, and Dalaman.