Its official property in Turkey is increasingly becoming more and more popular but why is this and who is buying property in Turkey. I give an insight into the Turkish property market from the perspective of overseas property buyers
Overseas buyers heading for the cultural shores of Turkey are on the increase. Buyers from the UK are increasing and so are German buyers all attracted to low priced real estate, a lower cost of living and a great climate.
It’s official – Turkish Tourism is on the up as international visitors are attracted to the Turkish climate, lifestyle and quality holiday resorts. Overseas property professionals have also seen a rise in Turkish Property buyers seeking to secure a home of their own in Turkey. The Turkish Statistical Board recently announced that 9.6 million tourists visited Turkey in the first half of 2007, bringing in $5.9 billion. That compares to 8.27 million visitors and $5.7 billion in the first half of 2006. In July of 2007 there were an additional 3.6 million foreign visitors. That is over a 16% increase from July, 2006 when there were 3.1 million visitors. It is also the 8th straight month of tourism increases in Turkey, showing the increased strength and viability of the market. Overseas property professional are also reporting an increase in activity from buyers searching for a Turkish property. So what can you get for your money? Two bed freehold apartments start from GBP27, 000.
The combination of low property prices, low cost of living and increasing demand is forcing property prices up and increases of 20 – 25% pa are not unusual.
Property hotspots for growth are the area of Antalya, this is a favourite spot for foreigners looking to buy or rent property in Turkey. Last year over six million tourists from 160 countries visited this city on Turkey’s southern coast. It has an ideal location overlooking the Mediterranean Sea, a modern, international airport that makes it easy to get to, and a climate with over 300 days of sun each year.
Turkey has recently introduced mortgages for non resident, and this, together with the increasing number of low cost direct flights, continuing EU entry negotiations are all adding to the upward property price pressure. As in previous EU applications, this increase in demand is set to continue. Germans are now the largest numbers of foreign visitors to Turkey, followed by Russia and then the UK. The Netherlands, France, Belgium, Austria, Iran, Bulgaria and Ukraine round out the top ten countries with tourists to Turkey, totalling 65% of all the visitors to the country. Ahmet Barut, Chairman of the Turkish Hotels Federation, noted that the “number of tourists who came to Istanbul since the beginning of 2007, increased 30 percent over the same period of last year. Many Japanese, South Korean, Asian, Far Eastern and American tourists prefer Istanbul this year.”
By Nicholas Marr