Property investments in Turkey an alternative to Spain and France
Mahindra Acharya
With its stunning beaches and pleasant climate that surpasses any popular European destination, and comparatively low cost of living, Turkey is considered a good alternative to France and Spain. The exceptional natural beauty, wonderful climate, well-known hospitality of the native population, and the good returns for investment offered by property prices, are quite popular among the tourists, particularly for British home buyers in the Mediterranean.
Keeping aside the low/high standard of living offered by this country, several major factors have contributed towards Turkey reaching the current position in property scenario. The Pound for Pound, Euro for Euro, price per square foot or meter, is considerably low in Turkey than in other European destinations.
Turkey offers best of both worlds i.e., very low prices of a market which is in its early stages of development, coupled with established rental prospects for those who are seeking it. The comparatively low prices offered by Turkey, and the potential for major increase in future have been drawing thousands from around the world to plunge into an investment in Turkey realty market.
Unlike most other European countries wherein majority of the land area is privately owned, much of land in Turkey is still held by the state. Such a situation helps in simplification of procedures in case of public works or investments, rather than costly expropriations
Another noteworthy aspect of property market in Turkey is that there is a huge demand for property market from within Turkey itself, due to the massive native population of about 70 million, and hence, the market does not rely on foreign investment. Turkey has been considered to be a highly dynamic country by World Trade Organization. Current property trends in Turkey
The current property trends indicate that Turkey is catching attention of both East and the West, strengthening its reputation as a country that includes both cultures.
Being one of the top ten holiday destinations, Turkey attracted about 24million visitors last year, and the figure is likely to go up year after year, with the government taking initiatives to lure more investors and tourists, offering cheap travel and improved fuel times.
Estatesturkey.info reveals that Turkey attracts holidaymakers all year through, from various destinations due to its good rental returns. This January and February Turkey attracted about 280,000 people from Eastern Europe. It is also popular among Germans, the largest foreign tourist group to have visited Turkey in 2007.
The Turkish government plans to increase the number of tourists from 23 million to 50million during the next 15 years. With the tourism and revenue increasing year after year, plenty of opportunities are open for investment in Turkey, with rental demand being at an all time high.
Beginning January 2008 foreign investors are granted permission to apply for a mortgage within Turkey. This revision of laws is intended to promote foreign investment, replacing the earlier hurdle faced by investors, wherein they had to finance their Turkish property through cash purchases or mortgages within their native country.
Turkey is the latest hot spot for property investors. Apart from low prices, the on-going inclusion in the EU and the strong economy makes it one of the best property investments today. Property prices in Turkey are very competitive, revealing all possible indications that the Turkish property will rapidly appreciate with the introduction of more flights mortgages and more mature EU application.
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