The £170K question: where would you invest in property, Turkey or the UK?

Posted on 27 September 2013

One is an exciting emerging economy that bridges the gap between East and West, and the other is an established Western market, ut one thing both Turkey and the UK share right now are bullish property markets.

Turkey ranked sixth in the latest Knight Frank Global House Price Index, recording a rise in mainstream residential property values between the second quarters of 2012 and 2013 of 12.2 per cent rise – compared to 1.4 per cent in the UK. Meanwhile, in the UK the average price of a house is being driven up in 2013 at record rates, mainly by demand in London and the South East.

Julian Walker, Director at Turkey property specialist Spot Blue International Property, said: “There are different forces at work driving growth in each country’s market, but the bottom line is that demand remains high in both and they remain attractive to international buyers, both for investment and lifestyle purposes. This contrasts with much of southern Europe, where there is still uncertainty over when property values will start to appreciate again.”

The typical UK home is now worth £170,514, according to August statistics from the country’s second biggest lender. In the UK, this will typically buy a studio or one-bedroom flat in a more affordable London borough, such as Lambeth or Lewisham, or a three-bedroom semi-detached home in the Midlands. If you were searching for a second home in a popular British holiday resort, £170,514 typically will buy you a two-bedroom flat in Newquay or a three-bedroom terraced house in Torquay or Weymouth – or a flat if you want a waterside location.

“By comparison, we decided to highlight some of the most impressive properties that £170,514 could buy you in Turkey today,” continued Julian Walker. “Bear in mind, many properties in Turkey’s tourist resorts are sold in euros as well as Turkish lira, while in the international market of Istanbul, real estate is also frequently traded in dollars.”

Near Belek, Turkey’s golfing centre 30 minutes east of Antalya’s international airport and with a selection of championship golf courses, Spot Blue is selling a four-bedroom, three-bathroom resale villa for £168,950. The property is on a small development in a rural setting and comes with a fitted kitchen, double glazing and air conditioning. Outside are a garden, garage and parking, while communal facilities include swimming pools, a gym and bar.

Further east in Kalkan, a chic resort known for its picturesque bay setting and old town with acclaimed roof terrace restaurants, £158,995 will buy a three-bedroom resale villa with spectacular sea views and a five-minute walk to the beach. The property, which has its own pool, also has a self-contained studio apartment.

Meanwhile, in one of the booming Istanbul suburbs, for well under the price of a one-bedroom flat in any London borough, Spot Blue is selling two-bedroom apartments on a brand new development in the Beylikduzu district, with excellent access to the centre of the city. The development includes shops, a spa and fitness centre and facilities for children.

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