Turkey is becoming the most attractive place in the overseas property market by taking advantage of being popular tourism destination, straightforward buying process, low tax rates with low real estate prices, buy-to-let and a strong re-sale market.
Dynamic Economy
Turkey's Economy is now the 16th largest in the world and has been identified by the US department of commerceand the World Bank as one of the ten most promising emerging economies. This is good news for the investors since Turkey is undergoing huge changes to allow for full membership of the European Union, which is anticipated in 2015
Low Property Prices
Property prices in Turkey are currently on a par with those of Spain during the mid 80s and has been dubbed as the "new Spain". Since 1997, Spanish property prices have seen a growth of 300%(source:financial times); the currently low property prices of Turkey look set to follow this model and appreciate rapidly over the coming years.
Growing Tourist Market
The Turkish government recently announced that during 2007 23.3 million people visited the country and estimate that by 2023 annual tourist figures should reach 50 million, guaranteeing investors a steady rental market.
Young And Growing Market
Property in Turkey also has an additional appeal to investors as the country has a population of over 70 million people. Given that 70% of this massive population is below 30 in age, and the population is growing by around 2% annually, the country has a very strong local property market for residential real estate.
Why Turkey
- Astonishing climate with long summers short mild winters
- Very low crime level.
- A stable secular parliamentary republic.
- Booming property market, experiencing an average of 32% annual growth since 2002.
- Annual housing deficit of over 200,000 properties per year.
- Passing of a new mortgage law in February 2007.
- Low cost of living- between a fifth and a third of UK prices.
- Turkey is expected to become a full member of the EU by 2015, meaning that a major increase in property values is anticipated.
