Why Turkey?
The cultural mixing pot between East and West
Turkey sits as the gateway between Europe and Asia. Combining many influences from east and west, Turkey is a vibrant cosmopolitan country that attracts more and more visitors every year.
Understandably so with...
- One of the longest tourist seasons in the world
- Stunning varied landscape
- Beautiful coast lines and golden beaches
- Crisp clean water - Ideal for snorkeling, diving or simply paddling
- Friendly, pro tourist populace and government
- Rich history and culture
- Great food
- Booming economy
Oh, and did I mention prices are a fraction of those in the UK and most other Mediterranean destinations? So increasing visitors equal higher rental yields and solid capital growth for investors.
History
Turkey has one of the richest cultural histories of any country in the world, let alone Europe. Having been an integral part of the ancient Persian, Greek, Roman and Byzantium empires, then later the seat of power for the Moors, Turkey is alive with history.
The influence of these civilizations is evident all over the country. This means there is plenty to see and explore.
Surprisingly given this plethora of cultural heritage Turkey is buzzing with a forward thinking up to date atmosphere. Turkey is anything but living in the past!
Economy
The Turkish economy as a whole is attracting not only vast amounts capital for property investment but has also become a huge draw for investment from some of the world's largest corporations. Responding to the sweeping economic reforms, firms like Hilton, Toyota, Ikea, Harvey Nichols and Renault (to name a few) have opened offices/operations in the country. Five of Turkey's major banks have been bought by high street names like Citibank and HSBC. Why do you think they're buying in Turkey?
Turkey is now the 16th largest economy in the world [World Bank] and had the 6th highest level of GDP growth in the world in 2005. Turkey has also implemented a wide range of reforms. Both economic and social polices have been aligned to those of the EU in preparation for membership. This is expected by many in 2015. We all know what this will do to property prices. Just look at the eastern European states.
The graph below illustrates the change in levels of Foreign Direct investment in Turkey since 2004.
Tourism
Turkey has a very long tourist season, spanning eleven months of the year in some areas. This of course has led to huge numbers of visitors. Numbers have risen dramatically from 12.8million in 2002 to 21.2 million in 2005. This has placed Turkey at eighth position in the World Tourisms Organisation's (WTO) global ranking of the most popular destinations.
However turkey is not happy with being eighth and has recently increased their government funded publicity budget for 2007 to $120million to attract even more tourists to sample the delights of this amazing country. This has been kick started with a world wide advertising campaign.
If you have never been to Turkey we strongly recommend you take trip out there with us and not only view our stunning property offers but also make sure you stay a few extra days simply to unwind and experience this truly unique country.
Property
Turkish property has been through a renaissance period of growth ever since changes were made to ownership laws for foreign buyers in 2002. Prices are currently comparable to Spain 20 years ago. Again the private investor is not alone, with many of Europe's largest developers and investors pouring huge amounts of capital in to the Turkish market.
Unlike many other property hotspots the local population are also a major factor in Turkey, with many middle class Turks buying second homes and country retreats. This has increased the solidity of the growth and further improves the strength of the all important resale market.
Like the UK, the Turkish market is underpinned by a housing shortage, with demand needing 400K new homes per annum. Current construction rates are running at about 200K per annum! So the situation is getting progressively worse every year- but better for the property investor. In any business or market if demand is greater than supply prices will rise. Look at oil prices!
Turkey is not an if, when, maybe, property play. Prices are already moving and have established a strong trend in the last five years that shows no signs of abating. Last year prices increased by 20.3%, with some areas far exceeding this. With changes in February this year to competition laws on mortgages, resulting in lower interest rates and high LTV's, property ownership has been opened up to many more middle class Turkish nationals. This should only serve to accelerate the growth.
There has never been a better time to stake your claim on this exiting and lucrative market. So don't delay contact us today.