INVESTMENT IN TURKEY
The Turkish property market has gathered pace in recent years and constitutes a good property investment. Buying a property in Turkey is currently one of the soundest investments that someone who is looking to buy abroad can make.
If you’re considering buying investment property in Turkey or would like to know more about why buying in Turkey right now could offer you strong long term investment potential, here are our top reasons for buying Turkish real estate:
It is a great holiday destination as it is continuing to attract large quantities of European people. Turkey has a wonderful coastline with a great Mediterranean culture. The Turkish Riviera enjoys up to 300 days of unadulterated sunshine every year which makes the properties in turkey area an international tourist destination hit. Tour operators have increased their exposure to Turkey and in return Turkey has responded by developing some world class resorts offering stunning holiday opportunities that are proving particularly popular with European travellers. As a direct result the demand for short term rental accommodation in summer holiday hotspots is on the increase and rental yields are also on the increase meaning a well positioned investment property will offer great buy to let potential.
ECONOMY IN TURKEY
There is continuing talk of the country potentially joining the European Union at some point. Turkey’s long-standing campaign to join the EU will almost certainly soon be successful. EU membership would also mean a rapid price hike. Turkey is positioning itself for acceptance for EU accession. It is a long and slow process but it does mean that the Turkish government is working hard to bring their laws, standards and ‘ways’ in line with those of other European countries.
This standardization makes for a comfortable transition into Turkey for businesses, expatriates and investors and increases the potential for inward foreign direct investment which is positive for Turkey’s long term economic success.
QUALITY OF THE PROPERTIES IN TURKEY
The modernisation of the country continues and the property market is set to grow for the foreseeable future. The majority of the new developments being built specifically for property investors and second home buyers in Turkey are being built to meet European building standards and regulations. This gives the investor confidence in his purchase. The Turkish national and local governments are well aware of the wealth of history and cultural that their country has and are keen to preserve the country’s natural assets from over development and ruin therefore they have very strict planning and density rules when it comes to property development which help to maintain the country’s beauty and its unique qualities and attributes. This means that investment properties will be built sympathetically and that they will never be surrounded by mass density housing blocks at some point in the future.
WHO IS BUYING PROPERTY IN TURKEY ?
Turkey is popular with foreign property buyers and second home owners. It has some of the world’s oldest settlements together with important classical remains – Ancient Greek, Roman, Persian, Arabic and Byzantine. The Turkish coast has a delightful climate, mild in winter and hot in summer, dramatic scenery and turquoise waters. The Turkish people are very warm and helpful to foreign visitors and the cost of living in Turkey is low.
PROPERTY PRICES IN TURKEY
It is likely that real estate prices in coastal areas will continue their present upward trend.
With its long rental season and property prices 10 years behind those in Spain, Turkey makes a sound economic choice for property investment. Villas with pools and luxury apartments with shared facilities are popular. As stated, Turkish property prices are rising consistently – however, as a direct result of the recession in the housing market earlier this century house prices in Turkey remain intrinsically low and have a lot of ground to make up. By buying now you will be buying into that projected period of inflation, you will also be benefiting from the future predicted buoyancy and interest in the market sparked by Turkey’s growing appeal and attraction for global investors and visitors. These facts point to a long term sustained period of capital appreciation and also to the fact that you can likely benefit from strong rental demand and increasing rental prices making a buy to let investment in Turkey also highly attractive.
The changes made have translated into significant price increases which are starting to proliferate countrywide but which started in the most popular areas for investment properties in Turkey, namely along Turkey’s southern coastline. Here prices increased between 28 and 50 during 2004 alone.
Buying investment properties in Turkey couldn’t be simpler. If you’re resident in a country in which Turkish residents are free to purchase freehold property then you’re free to buy in Turkey. The buying process follows very traditional rules with a preliminary contract signed upon price agreement, a non-refundable deposit made upon condition that all surveys and searches are satisfactory, and a final contract signed before title deeds are transferred. The simplicity of the buying process is a pleasant surprise for many buyers and increases the attraction of the country for investment purposes.
There are direct flights to a number of coastal Turkish airports: Antalya, Bodrum, Dalaman, Izmir. The number of airports and a good road network in southern Turkey means that the entire areas is very easily accessible internationally which means that tourists can come and go easily increasing the demand for short term accommodation. It also means it’s easy for investors to have access to their investment properties.