Luxury property in Turkey means a hell of a lot more now than it did in 2002, a hell of a lot more than it did before the boom, during the boom and after the boom as well for that matter.
Turkey is a place where you can go on a cheap holiday and where you can buy cheap property, but until recently that was all it was. In the last couple of years a growing luxury segment has emerged within Turkey, luxury hotels and luxury resorts to take luxury holidays to, luxury marinas to sail into on luxurious ships and yachts and luxury property for sale in Istanbul and across the country.
The reasons for this are not difficult to put one's finger on. For a start, the government has made a determined effort to bring about this very end; to reduce the dominance of low-cost all inclusive tourists by increasing the number of more affluent tourists on things like cruises and yachting holidays. This is why we have seen so many new marinas and work on old ones.
But at the same time demand for luxury in Turkey increased; as it became one of the fastest growing economies in the world, it began to attract the attention of international businesses, and at the same time also became known as a stable safe-haven against the financial volatility of Europe and elsewhere.
And it is the latter reason that has propelled a new arm to the Turkish luxury property market. Even in the last few years, luxury property in Turkey was plush spacious 4-8 bedroom villas with private pools and costing 300-700k Euros. But since Turkey became known as one of the world's financial safe havens, many large scale investors and super-rich individuals have been putting their cash into prime and super-prime properties in Turkey, in fact it is really just Istanbul. Sotheby's recently released a report into this growing segment in Istanbul, revealing a flurry of purchases of well over a million Euros in the city.
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