One of Turkey’s busiest beach resorts, Antalya will host a glitzy ‘A’ list party this weekend with a guest list that includes Richard Gere, Sharon Stone, Paris Hilton and Monica Bellucci. Tom Jones and Mariah Carey will be guest performers. The attraction is the opening of Azerbaijani billionaire Telman Ismailov’s 560-room Mardan Palace Hotel.
The Madran Palace was built in Antalya at a cost of GBP 1 billion and the grounds also house Ismailov’s 40-room mansion - a GBP 50 million palace adorned with marble and golden domes surrounded by five guest villas.
The construction by the chairman of Russia's biggest property developers AST, has lead to a mini property boom in the town, making it one of the few major tourist destinations to experience a growth in property prices. Prices in Antalya have increased by 10 – 20% this year making it an extremely robust market by today’s standards. Property as low as GBP 35,000 can still be found at the lower end of the market and for those with budgets of over GBP 200,000 there are some fantastic private villas with luxurious facilities and impressive views.
Turkish real estate offers a safe haven for property investors who want to ride out the economic storm according to the Bank of America. Turkey has seen real estate boom over the last five years thanks to an annual GDP growth of 7% and a fast-growing population.
