Great Reasons to Buy in Turkey
Turkey offers a best of both worlds scenario combining the very low prices of a market in its early stages of development with already established rental prospects for those who want it. With some buyers being priced out of the more established Mediterranean property markets, Turkey's relatively low prices and the potential for major increases in the future are seeing thousands from around the world take the plunge. With its outstanding natural beauty, fabulous climate, renowned hospitality, huge popularity with tourists and property prices offering exceptional value for money, Turkey is becoming increasingly popular for British home buyers in the Mediterranean.
Turkey is fast becoming one of the most popular countries for UK buyers of overseas property, giving the more traditional hotspots – France and Spain – a serious run for their money...
According to A Place In The Sun magazine’s annual top 20 buying destinations, Turkey has risen to the bronze position, knocking last year’s 3rd placed Bulgaria well into left field at only 8th in the popularity ranking. The country may be located further a field than 5th place Italy and 13th place Morocco, but this only goes to prove that the old adage - the lesser the distance, the more popular the overseas property investment – is well and truly a message of the past. The facts substantiate the premise that one can never underestimate value for money, a cosmopolitan, secure lifestyle and a general feeling of well-being.
Irrespective of the low cost / high standard of living offered by this Mediterranean country, there are other major factors that have enabled Turkey to ‘leap-frog’ other countries to its currently desirous position. Pound for pound, Euro for Euro, price per square foot/metre remains significantly lower than many European countries. How long this will last is anyone’s guess with indeterminable variables such as a growing ‘grey population’ with a greater disposable income yet a current international credit crunch affecting the rational balance of the overseas property buying equation.
March of the Brits
Turkey would appear to be a division of two halves – those areas already established with investors and holiday home buyers, such as Bodrum and Istanbul and those areas currently picking up momentum on the international property radar. Alanya and Belek both fall into the latter – with good reason. Both lie on the Southern Riviera, the former being a heady mix of ancient culture and beach paradise, with a reputation for a secure, ‘family’ oriented environment. The recent announcement that Alanya’s much-anticipated international airport is to open later this year, has already seen investors flocking to the 3,000 year old city.
The British already register as the third highest number of foreign owners of property in Turkey, behind the Germans and Greeks. (Source: Sabah January 2008). Accounting for more than 20% of approximately 70,000 properties owned by foreigners, the figures may well look different in a few years with Turkey’s economic and cultural attractions becoming more visible.
In Alanya alone, 130 million euros have been invested over the last 8 years in roads, public services and public facilities, whilst the nearby hydroelectric dam – to be completed in 2009 – will confirm the city’s ‘green’ promise.
Add to the mix the fact that Turkey has one of the fastest growing economies in the world; it is now possible for foreigners to obtain a local mortgage and the famed Turkish hospitality and it is not hard to see why Turkey’s popularity is gathering pace. The ‘now’ is rosy and the future is looking equally promising.’
For any doubters out there, consider the 2007 FORBES Misery Index, which measures personal income vs tax burden in a range of countries. France is listed as the most miserable place, Spain comes in 12th, whilst Turkey ranks a mere 26th – even lower than the UK !
