More and more foreign buyers are waking up to the fact that Turkey really does have everything to offer – a fantastic climate, hospitable people, good food, a low cost of living and extremely cheap property. In October 2005, Turkey commenced negotiations with the EU and is likely in future years to become a member of the Union, this is bound to have a positive bearing on future property prices particularly when membership becomes a reality. Increases in Tourism
With a summer season lasting from March through to November, a host of well developed beach resorts and cosmopolitan cities with good infrastructures and massive investment in up-market facilities like marinas, congress centres, golf courses and spa centres, Turkey really has got it all. With an already established tourist market of over 25 million tourists a year, the potential for sound investment returns and excellent rental income are limitless, particularly when you consider the low entry costs for property and the fact that tourist numbers are also expected to double from the present numbers over the next 10 years. Turkey has already held many prestigious international sporting events like Formula 1 motor racing, the International University Olympics, and the UEFA Champions League Cup Final, all of which set the stage for future events, which attract more visitors to the country.A Stable Property Market
New mortgage laws making property purchase much easier came into force in 2007, yet despite the economic slowdown, the demand for housing in Turkey still outstrips its supply. New housing is most in demand even particularly in cities like Izmir where there is strict legislation dictates that all new buildings are built to earthquake-proof standards. Property analysts like Knight Frank’s Liam Bailey and Nicolas Barnes are still continuing to tip Turkey as one of the few international markets where property investment makes sense. Additionally the number of high end developers continues to build here and according to the Knight Frank analysts are worthy investment in 2009 particularly as many developers are offering attractive incentives to buy. On top of this the Turkish market is has still not reached its full potential with foreign buyers because those foreigners from countries that do not have a reciprocal arrangement for property purchases are excluded from the Turkish marketplace and this was highlighted recently when The simple short-sightedness of this limitation became glaringly obvious when Saudi Arabia’s King Abdullah bin Abdülaziz tried to purchase a large plot of land with views over the Bosphorus. Saudi Arabia does not have a reciprocal property arrangement, which would allow Turks to purchase land and property there and consequently the law as it stood made it impossible for the Saudi King to buy in Turkey. The government did in the end make special provisions to allow the sale to go through and they confessed that it had made them acutely aware of the fact that many would be international property buyers are being excluded from the market and this is something that is likely to change in the near future and when the market is opened up to the buyers from the Middle East, who simply adore Turkey and its culture, property prices are set to soar.Hot Spots
Increased tourism has lead to demand outstripping supply in some parts of Istanbul and because the country is not an EU member and therefore not subject to the highs and lows of the Euro it is liable to experience further increases in tourism this year, which will further increase the demand for holiday rentals. Property in coastal towns like Bodrum and Belek is also a good bet. Both towns have received enormous amounts of investment to improve and extend the infrastructure and facilities on offer for tourists. The general trend of making these towns more up market tourist resorts has pushed up real estate prices despite the recession. The demand is obviously slowing down because of the financial crisis, but investors can rest assured that foreign buyers will return and they should not neglect the fact that the domestic market is also strong for second homes in these areas. The best buys in the coastal areas are luxury homes in areas where there is a good established infrastructure and plenty of facilities.
The coastal town of Finike should not be missed and if you do decide to buy in this town there is one must have address and that is Limra designed for Yoo by Jade Jagger. This is an exceptionally attractive, well-constructed and stylishly designed complex set against the Turquoise Coast’s outstanding beaches. The beauty of this town is that it is not as developed as other beach areas. The Yoo development is made up of luxury apartments each with its own outdoor area from a simple balcony with a panoramic view to a private garden. Jade Jagger’s use of geometric tiles, colourful mosaics, ornamental screens and fully fitted ice white kitchens with marble work surfaces smacks of luxury, style and an asp rational lifestyle. Other popular and up and coming investment locations include Kusadasi, Dalaman and Side. All three are extremely popular with families and offer plenty of facilities to cater for kids of all ages including water parks, great beaches and plenty of rides and slides. Kusadasi’s close proximity to the city of Izmir and one of Turkey’s most famous historical sites Ephesus is also another plus in its favour making it equally attractive to Turks looking to buy second homes. Dalaman is hopme to Sarigerme Blue Flag beach, one of the few in the country with life guards. There is also a new golf course opening there this year and the fact that it has its own international airport with plenty of flights to and from the UK means it is easily accessible. Side is also full of ancient sites including a delightful old town and is picturesque with its amazing sand dunes.
