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Real Estate and Property Investments in Turkey

By: Mark Burns

Turkey is a country with many proud traditions, rich culture and a long history; yet the country is modern enough to draw sophisticated tourists and property investors. With an interesting fusion of European and Eastern, Turkey’s climate and beaches outshine many typical European holiday destinations. Turkey is a good choice for investors as property prices are low, the country’s economy is stable and the country is expected to be an EU member in the near future. Recent improvements and changes made to the rights of overseas buyers are further reasons why Turkey is viewed as one of the best property investment areas in Europe.

Some of the key factors to be aware of if interested in property investment in Turkey are mentioned below.

Turkey has many qualities to attract visitors, longer summers than other destinations, a stunning coast, fantastic cuisine and varied entertainment. The country offers a modern infrastructure the cost of living is affordable. If it succeeds in its application to become a member of the EU, the growth potential on property investment and real estate in Turkey is predicted to be considerable. Investors have been impressed by Turkey’s hard work to achieve EU membership and this has resulted in a new confidence in the country. The government continues to update policies and plans in order to meet the terms with EU guidelines, and they recently formed an alliance with Africa and Asia.

People come to Turkey for a number of reasons, some are looking for a place to spend their retirement, others are seeking a second or holiday home that can make them an extra income, and there are those looking for an investment property. Investors buy in Istanbul where the buy-to-let opportunities are good, most however purchase property in the Aegean and Mediterranean coastal regions. Just for year 2005 alone, GBP 1.5 billion was invested in the Turkish real estate market and over seventy thousand properties in Turkey are owned by foreigners.

Turkey actively promotes foreign investment and opened up its markets by limiting government controls on foreign trade and investment and privatising publicly-owned industries. Due to this, many international businesses have invested in the country and in some areas property investment has experienced a capital growth of up to 30%.

New planning and building guidelines and regulations have been introduced in an attempt to control construction in the country. As the country evolves into a prime destination for property investors, developments in tourist regions will be strictly monitored to ensure the natural beauty of the area is maintained. With over twenty five million tourists visiting the country each year, the tourist industry is of most importance.

Property sales aren’t only targeting on foreign investments. With a population around seventy million there is also a high demand for property coming from the local populace. Nearly 2/3’s of the inhabitants are aged 30 or less and the property demand is likely to increase if the EU application goes through.

Turkey has invested much money on a worldwide marketing campaign promoting Turkey as an all year round holiday destination. With infrastructure in the coastal areas is improved tourism levels are predicted to rise. With plans to introduce a higher frequency of flights and budget airlines opening up new routes, Turkey will become more accessible creating a higher demand for quality accommodation.

Seen as a unique, flexible and welcoming nation, predictions are that Turkey’s tourism market will grow significantly in the coming years. This will in turn generate a strong GDP growth, higher employment and higher foreign direct investment. Turkey is in the best position to grow into one of the most significant countries in the world. At this exciting time of economic growth and universal recognition, property investment in Turkey can offer low prices, potential long-term capital appreciation and soaring rental yields.

Article Source: Main Articles

Mark Burns has extensive experience in the overseas investment property market, specializing in property in Turkey, and through the www.offplanworld.tv website provides extensive coverage on the world’s major property investment markets including real estate in Turkey.

This article may be reproduced wholly or in part without written permission provided the byline, resource area, and any hyperlinks remain in order to give proper credit to the author.

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