Posted on 07 May 2010
I just read a great article in the Daily Mail, by Zoe Dare Hall, on why the Antalya region of Turkey will become the next Algarve. Such praise did Antalya receive, that I was forced to check the date on the article, to make sure it hadn’t been written in 2006 or 2007.
In 2006 and 2007, journalists were falling over themselves to cover the next overseas property hotspot, practically everywhere in the world got some national press coverage, practically everywhere had investment potential, and so many places were to be “the next big thing” that the real question became “is anywhere going to be small anymore?
We all know what happened next: the US housing and mortgage markets burst, causing a catastrophic collapse of the US economy, and in the months following the UK economy, and then the global economy. Property markets around the world fell like dominos, and by the final quarter of 2008 overseas property was as dead as a doornail.
Needless to say, national journalists stopped covering overseas property, a: because no one wanted to read about it, and b: because they wanted to forget and for everyone else to forget how wrong they had been about so many of the markets they covered.
Now that things are recovering, and overseas property is coming back onto the menu, so national press coverage of overseas property is also increasing, but with one massive difference: journalists are being much more selective about what markets they recommend.
The Zoe Dare Hall article from last month, contains more hyperbolism than any article I read in 2007, except those written by estate agents. The fact that the research was sound enough to pass the editor’s test, and that it comes after at least 3 other national press pieces on Turkish property, is a true testament to the massive growth of Turkey into one of the world’s leading overseas property destinations.