The country’s property market is booming, with prices expected to continue rising over the next five years. New government laws enabling investors from overseas to buy land have contributed partly to the growing interest in the market and, more recently, the strength of the euro means that thrifty holiday makers are looking for destinations where they’ll get more for their pound.
With Mediterranean countries becoming increasingly expensive, it seems as though even the big Spanish developers have a growing interest in what they can achieve in this exciting land of opportunity, which benefits enormously from being outside of the euro zone. It’s not just property investors that expect great things from Turkey either; supermarkets, banks and car manufacturers are all looking for a piece of the action!
Turkish overseas property investment is largely intended for the rental market, which remains strong. Prices in Kalkan – home to a large expatriate community – have accelerated over recent times, with resorts on both the Mediterranean and Aegean coasts, such as: Antalya, Alanya, Fethiye, Dalyan, Marmaris, Bodrum, Kusadasi, and Kas, all proving incredibly popular with overseas buyers. Villas, apartments, flats and houses are available to suit a wide range of investment budgets.
Property investors in Turkey will encounter few problems when it comes to attracting tourists either – the country has a thriving tourism industry and no end of activities and interests for visitors who return year after year to take part in anything from paragliding and skydiving, to visiting museums and learning calligraphy…and that’s before they have sampled the Turkish cuisine!
The country’s capital, Ankara is more likely to accommodate business travellers or those with a keen interest in ancient history than holiday makers, who can be found in Istanbul, where they’re able to experience an overlap between European and Asian cultures – market haggling and mystical rugs, followed by designer shops and clubbing.
So, with a flourishing tourism industry, booming property market and effortless access to the country via numerous budget airlines – as well as the appeal to holiday makers of a destination outside of the euro zone – Turkey as an investment opportunity is an increasingly appealing prospect. Indeed, with prices looking likely to continue rising, many reports question whether there has ever been a better time to invest.
Prices are currently cheaper than anywhere else in the region and, with the strength of the euro likely to deter UK holiday makers from visiting EU countries, the Turkish property market isn’t showing any signs of slowing. So, if you’re seeking new ways to make your money work for you during a challenging economic climate, perhaps now is the time to consider this market for your next venture?
