Country: Turkey
According to official government figures, there has been a 20 per cent rise in tourism numbers in the past year, and this has increased British demand for Turkey property.
Sandwiched between Asia and Europe, Turkey is growing in popularity as a holiday destination, among Brits seeking to avoid the more expensive eurozone, where property prices are generally more expensive.
Around two per cent of all overseas property purchases made by Britons in 2007 was in Turkey, and this figure is rising. The letting market is reaping the benefits, with an average annual average yield of 6.47 per cent currently achievable, according to research conducted by the Property Global Guide. Greater foreign demand combined with domestic demand for property in Turkey is also driving capital growth. Property and investment company Aston Lloyd report that average Turkey property prices have been appreciating at an annual rate of 7.3 per cent. This rate of growth should continue in 2009, on the back of a strong economy, a general housing shortage, and a fast maturing mortgage market.
Following a series of structural reforms, implemented by the Turkish government, the economy is now in a far healthier state than it was in 2001, when the exchange rate system collapsed while banks and financial institutions went bust. Consequently, Turkey’s economy, although not immune, has not so far been severely affected by the global credit crisis, and appears to have enough cash reserves to deal with the country’s liquidity concerns, although high interest rates remain a concern. Popular investments include property in Istanbul, property in Dalaman, property in Altinkum, property in Fethiye, property in Bodrum, property in Belek, and property in Antalya.
Although Turkey has hopes of joining the European Union over the next few years, there is currently no entry date in sight, partly because it remains a market characterised by low transparency, this is illustrated by Turkey 's low ranking in Jones Lang LaSalle’s Real Estate Transparency Index. There have been a number of reports about Turkey property developments not being completed and developers running off with investors’ cash. Ensure that you conduct all appropriate due diligence, certify that the developer is credible, check all planning documents, use an independent solicitor and make sure that the property for sale is accompanied by title deeds. Homebuyers should also bear in mind that it’s only possible to buy a property within a designated municipality zone.
First published in February 2009.Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
See Also: Turkey
Price: £15,000
Type: Land
Full Description: 354m2 land on hill in Akbuk, Aydin.354m2 land in Akbuk, suitable for residential use.Permission to build on 15% of land.Fantastic views over Akbuk.
View details | Enquire further
Full Description: Plots of land in Akbuk 275m2 close to Akbuk sea front with planning permission for semi-detached 2 and half storey villa - 700m from sea front.Permission granted to build on 15% of land.Prices start from GBP 15,000
Type: House
Price:15,000 £ Ref.No:ziyaretci Type :1 Bedroom Apartment Status :SALE
Price: £17,000
Type: Apartment
Bedrooms: 1
Anatolian Residence is being sold off-plan – an opportunity to spread payments and buy in to a luxury holiday complex at incredibly low prices.
Price: £18,000
Full Description: 1 bed apartment near Didim town centre, 20 minutes from Altinkum main beach.Centrally located for town centre and local facilities.
Price: £18,500
Full Description: 1 bedroom first floor fully furnished apartment in Didim.
Price: £19,750
Full Description: 4 * 310m2 plots of land Aretma, near Isik Sitesi, Apollo temple, Didim.4 plots of land 310m2 each in Apollo temple area, near Isik Sitesi, Didim, with planning permission to build semi detached villa on each plot.220
Price: £19,950
Full Description: 200m2 land Yesilkent Way, Altinkum – 15 minutes from Altinkum main beach.Planning permission granted to build on 20% land – 2 and half storey semi detached villa.GBP 19,950
Price: £19,995
Type: Studio
Prestige Complex:* Prestige Complex is located in the prime location of the town where especially Biritish people buy properties in.
Price: £20,000
Full Description: 250m2 land suitable for commercial or residential use, 40% planning permission, 3 and half floors.Sea views.GBP 20,000.
Price: £22,741
Bedrooms: 1 - ground floor
0% Finance36% deposit: £8,186£360 pm x 36: £12,960Balance at end of term: £1,595.
Price: £79,000
Bedrooms: 3
One of 9 detached villas with communal pool and fantastic garden. 300m to town centre, 1km to the beach.
Price: £48,000
Bedrooms: 2
On complex with swimming pool, close to market & shops. Overlooks green park area. 3 mins from seafront.
Price: £47,208
0% Finance36% deposit: £16,994£360 pm x 36: £12,960Balance at end of term: £17,254.
Price: £80,000
Bedrooms: 4
Triplex villas in luxury Coral Gardens. Tranquil setting over-looking green land and with sea views.
Price: £95,000
Bedrooms: 5, 1 ensuite
On 700sqm plot. Lovely brick fireplace in living room. Large sun terrace, panoramic views, private pool, BBQ.
