Buying a place overseas in the sun has always held great appeal for Europeans, with Spain, France and Italy at the top of the list as natural destinations. However, the increased demand for property in these countries means they are now very expensive, and buyers looking for a lifestyle change are seeking more reasonable alternatives.
In addition, the coastline in these countries is now over-commercialised with high build density and very few get-aways that we all aspire to in our hectic lives. Add to this the recent crises in the Euro zone and these formerly attractive destinations have given way to new stars such as Turkey in the overseas property market.
If you’ve always dreamed of buying property at a reasonable price in an area with a long summer, beautiful beaches and a wealth of historical, cultural and sporting attractions, buying property Turkey is an ideal solution. With the number of tourists visiting Turkey rising every year, those who buy a holiday home in Turkey can expect steady rental income, and anyone seeking an investment property in Turkey will see healthy capital gains in the medium term. Turkey has been reporting almost double digit annual GDP growth since 2008 and future outlook for Turkish economy is more than encouraging. Turkey is currently ranked 15th in the world economy index and rising very fast year on year.
More than 23 million tourists visited Turkey in 2007. In 2008 this number jumped to 27 million, and in 2012 numbers exceeded 32 million. This figure is expected to double within the next 5 years as more and more tourists discover this fascinating country and bed capacity is increasing.
Tourists are also flocking to experience the wealth of new developments. Golf courses, marinas, health facilities, international universities and museums are constantly being built on and improved. Turkey is also looking like a strong contender for entry to the European Union. These factors will have a positive impact on Turkey’s property market.
To summarise, the following main factors are expected to have a positive impact on the value of property in Turkey:
- New mortgage laws mean property buyers can take out long-term loans with favourable interest rates
- New developments are underway in several tourist hot spots with quality standards generally well ahead of Spain
- New regulations mean houses are more secure and durable than ever before
- The number of properties in Turkey lags behind demand, hence steep capital growth projected
- Steady growth of Turkish economy, with year on year GDP growth in excess of 8%pa, means your investment in Turkish real estate will continue to deliver strong returns year after year.
If you are considering purchasing property in Turkey and you are not from an EU country, please refer to Who Can Buy Property in Turkey to review the full list of countries who can purchase in Turkey.