Euro-free Turkey a property hotspot

Posted on 14 February 2011

Date: 15/06/2009
Euro-free Turkey a property hotspot

Conti is reporting strong demand for property in Turkey.

The overseas mortgage specialist describes the country as “one of the top investment destinations in 2009?.

The firm saw a 65% increase in mortgage applications for Turkish properties during the first five months of this year, compared to the same period at the end of 2008.

April and May saw a marked surge, with applications up 143% year-on-year.

According to Conti, demand is being fuelled by “great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro”.

As a result, Turkey is now benefitting from a decline in interest in more traditional investment locations, such as Spain.

The country’s tourist industry continues to show strong growth, with just under 30 million visitors expected in 2009.

Quality rental properties in popular tourist areas are therefore in demand and rental yields can be highly lucrative, with some developers offering guaranteed rentals.

Conti’s operations director, Clare Nessling, says: “These factors, combined with low interest rates and the fact that Turkey is out of the eurozone has made it increasingly attractive, as well as more affordable, for UK buyers.”

The company names Bodrum as a particular hotspot where British investors are snapping up small coastal apartments.

For those considering one of the more expensive villas, Fethiye is recommended by Conti.

Looking to the longer-term, Turkish property values could rise sharply once it becomes an EEC member.

However, the country’s application for membership has been under consideration for decades and entry into the EEC could yet be some years off, as the struggle to maintain Turkey’s secular constitution continues.

Home Move 13 June 2009

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