Posted on 09 September 2009
Turkey was the 4th most popular country with those searching to buy overseas property in August, according to a chart released yesterday by overseas property portal Property Abroad.com. This was above Portugal, Italy, Cyprus and Greece.
In an article on Turkey‘s rising popularity, the portal has put its position in August down to the fact that the Lira is not regaining its strength against Sterling as analysts had forecast, the report said:
“It took 4th place in April, when Sterling began to strengthen. Over the months of May and June, as Turkey property became almost 11% cheaper to British buyers because of Sterling’s strength against the Lira, Turkey fluctuated between 4th and 5th place. In July, when the Lira began to regain some ground, Turkey fell back to 8th on the chart.
“Analysts predicted that the Lira would strengthen significantly against Sterling, but this has failed to materialise. It has stayed at 1.00GBP/2.44TYR, with Turkish property just under 10% cheaper to British buyers than it was in April, and that likely explains Turkey’s regained position, at least in part.”
As the report rightly pointed out, the exchange rate is not the only thing that is making Turkey property more popular. It mentioned a revelation that we brought to bear from the Association of British Travel Agents, that tourism from Britain to Turkey would grow by 25% this year, following growth averaging 20%+ in the last few years.
As we have seen with Spain, the holiday-makers of today are the holiday home buyers of tomorrow.
It is a self-perpetuating cycle, the more popular Turkey becomes as a tourism destination and the more tourism grows, the more word-of-mouth creates further growth. Of course another reason for growth in tourism to Turkey is the government’s efforts to develop the tourism infrastructure, and also the array of new budget flights to the country from the UK.
Despite the government’s efforts, tourism is still growing far faster than accommodating spaces are, and this means there is a massive and growing market for private holiday rentals in the country. This makes Turkey a growingly popular destination with property investors, as well as lifestyle buyers.
Find out about buying a property in Turkey today, or how to get the best deals on holidays to Turkey