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A property boom is brewing in Turkey and it has been earmarked as one of the property hotspots of the coming years. According to many industry professionals it is one of, if not the most promising emerging real estate market of the moment.
This new trend towards investment has been sparked by several factors. Of course, the opening of full EU negotiations with Turkey last October was a reminder to many investors that the country was nearing entrance into the European club. If the experiences of other Mediterranean countries are to be mirrored in Turkey, prices will certainly rocket after membership has been attained. However, even without the carrot of membership being dangled, the Turkish property market seems to have gained an impetus under its own steam. Several factors have come together to boost the number of foreign purchasers choosing to buy in Turkey.
On the one hand, Turkey has been a top 5 holiday destination for the last decade and holiday makers, who have been returning year after year, often to the same resort, have realised that they can easily afford to buy. Changes to Turkish property laws in July 2003 enabled foreigners to purchase in their own names. After this there was a steady increase of sales to foreigners until April 2005 when the laws were declared unconstitutional and sales to foreigners were put on hold while the Turkish government amended the law. The new law was enacted in January of this year and since then the market has exploded with rapidly increasing levels of interest being shown by those wanting to gain a cheap holiday home, or those wishing to quit the UK altogether and make a permanent home in Turkey’s climate of hospitality.
On the other hand, there are those who have never even stepped onto Turkish soil who are being tempted by the benefits that Turkey offers to buyers. Many are informed by friends who have bought cheaply and decide that they too would like a piece of the action. Others have been priced out of the market in the Iberian countries and have landed on Turkey’s doorstep looking for a cheaper alternative.
Finally, there are serious investors who have become aware of the capital gain potential, who are buying multiple units of both land and property to sell on when the market peaks. Alternatively they are buying to take advantage of the excellent rental potential in resorts on both the Mediterranean and Aegean Coasts, but in particular in Antalya where the season is longer and the region benefits from year around charter flights and some of the world’s best golf facilities.
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