Property in Turkey
The popularity of property in Turkey with overseas property buyers has led it to be referred to as the ‘new Spain’.
Turkey’s rich culture, weather, exotic lifestyle and great shopping facilities have made it a very popular with lifestyle buyers. Figures released by the Turkish Government showed that the number of Turkish properties owned by UK citizens tripled to almost 8,000 between 2003-2005.
Turkey benefits from magnificent long sandy beaches, which has made Turkish beach property a popular choice with overseas property buyers. An increasing amount of golf courses are now being built in Turkey adding to the choice of golf property. Both Turkish property lifestyle and investment property buyers have been attracted the array of such lifestyle properties and by the very good value for money that property in Turkey represents
Investment property in Turkey
Investment property buyers have invested heavily in Turkish property due to the high capital appreciation and rental income (referred to as yield). Property in Turkey has experienced substantial capital appreciation, in some cases capital appreciation has risen by as much as 100% in the past two years. Such growth is exceptional and capital appreciation of approximately 20% per year is a more realistic rate of growth. The key criteria that has helped drive Turkish property capital appreciation is that demand has, and continues too, outstrip supply. Turkish property analysts estimate that the housing shortage will be 370,000 by 2010.
The high and growing amount of tourists has also helped drive capital appreciation and yield. Over the past few years tourism numbers have steadily risen by 20% per year to 21.2 million tourists in 2005. The Turkish rental market is still to mature and investors should base their investment criteria on capital appreciation rather than rental returns.
Turkish property
The increasing amount of low-cost airlines will help increase access to Turkey and help increase tourism numbers. Whilst Turkey’s EU application was successful, many predict that it may be 2019 before full accession will be granted. Full accession to the EU will add to the substantial appeal Turkey already has.
New build property in Turkey is generally built to a high standard. The attractive lifestyle aspects, value for money and high capital appreciation potential makes property investment in Turkey appealing to both lifestyle and investors alike.
Population : 70,413,958 (July 2006 est.)
Capital : Ankara
Language : Turkish, Arabic, Armenian, Greek, Kurdish
Currency : Turkish Lira
Dialing Code : +90
International Airports : Esenboga (Ankara), Ataturk (Istanbul), Adnan Menderes (Izmir), Sabiha Gokcen
