The property market in Turkey is faring much better than the UK property market in the face of the global economic downturn. Bodrum in particular has gained in popularity with UK investors.
As an emerging property market, prices are much lower than the average within the EU. This means that buying a property in Turkey offers the potential for significant capital gains, as well as owning your dream holiday home. Tourism in Turkey has risen steadily over recent years. The volume of tourists means that rental income on property in Turkey is 5-10%. Rental income is particularly good coastal areas. Visitors are drawn by the number of hours of sunshine and low cost of living. The Aegean coast specifically is very popular with tourists from the UK.
The possibility of EU accession is an interesting factor to consider with respect to property in Turkey. The expectation that EU accession would benefit Turkey’s economy is a reason for optimism. Turkey’s economy has enjoyed sustained growth since the crash of 2001. Furthermore, the government is working to standardise Turkish laws and bring them in line with those of other European countries. This is likely to make living in Turkey easier and more familiar for Brits, which will have a knock on effect on consumer confidence and international property investment. Housing developments are also being built in line with European regulations. It seems that Turkey is at a favourable point in the transition towards becoming a Member State for property investors. property for sale in turkey
Turkey’s position outside the Eurozone is favourable to prospective property buyers. The current exchange rate between the pound and the euro has made European countries much less affordable for Brits abroad. Such currency considerations obviously don’t only affect the price of the property itself – there are much wider implications. The price of everything from food, transport and entertainment to legal fees is affected.
The UK has a reciprocal arrangement with Turkey so the buying process is straightforward. Turkey allows foreigners to purchase property provided Turks can purchase property in the buyer’s country.
So if you are looking for a sound property investment or a simply place to go and forget about the recession – buying a property in Turkey might provide a welcome ray of sunshine in these gloomy times.