Posted on 12 November 2008
Popular with holidaymakers, Turkey is becoming a destination to watch on the global property investment map. Interest in Turkey’s property market has picked up considerably. “It was kind of a chicken and egg thing. Turkey was a country that had property with exceptional value. People started to discover this, so it received a lot of coverage. With the increased coverage and interest came increased prices. Now the market has started slowing down and has matured slightly and there are a lot better products around. More and more developers are building for European buyers,” writes Dominic Whiting , author of Buying in Turkey.
Ongoing investments in infrastructure, new mortgage laws and low interest rates have placed Turkey in a prominent position in the buyers and investors market again. Alex Andjel, director of Bridgehouse International, a property investment and development company, says, “It’s very easy to purchase property in Turkey and there are no restrictions on foreigners owning properties in the agreed areas.” Fishing towns have been transformed into large resorts with modern leisure facilities, restaurants and a pumping nightlife. The opening of international hotels has attracted a large number of holiday makers to its shores. Turkey’s recent award of ‘Best Golf Destination of the Year’ in 2008 by the International Association of Golf Tour Operators has also brought in the golf lovers with their families in tow.
This influx of tourists has not only boosted the economy, but the property market in creating a strong buy-to-let possibility. Housing prices are the main attraction in Turkey. The country offers prices that are a good 20-25% below housing prices in other established European markets. For the price you’d pay for a small villa in Spain, you can expect a luxurious villa equipped with five-star facilities. Accessibility is also a factor. There are 19 flights from Dubai to Turkey everyday, and more from Sharjah and Abu Dhabi. Istanbul and Ankara are also linked to most major destinations.