Posted on 14 February 2011
Our property prices may be stagnating but for Britons looking to turn bricks and mortar into profits, there is hope on the horizon – the far horizon. Record numbers of investors are looking at a new raft of property hotspots around the globe – and Turkey is top of the list.
Overseas mortgage broker Conti Financial Services recently reported a 147 per cent increase in enquiries about Turkey year-on-year. For Spain, by contrast, enquiries fell by more than 28 per cent.
Property prices in Turkey rose between 15 and 20 per cent in 2007, reports estate agent Knight Frank, after a change in the country’s mortgage law made finance available to overseas buyers. Yet prices are still cheap by UK standards. Julian Walker, managing director at Spot Blue, a UK agent operating in Turkey, says one-bed flats can go for £25,000, two-beds for £50,000 and villas for £90,000.
Large advances like this are confined to property in certain parts of the country such as the capital Istanbul, or Alanya on the Turkish Riviera. Simon Conn, Conti’s sales and marketing director, says: “While Turkey is being hailed as the ‘new Spain’, it is also undergoing some of the same problems, such as corruption and bad planning – although it is learning a lot quicker.”
The Independent on Sunday 3 March 2009 (Invest.tr)