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Why Buy Property in
Turkey
 High
returns on investment for property in Turkey.
Great rental potential. Turkey was named in the top ten countries where
holiday homes are most in demand. The survey by holidaylettings.co.uk
placed Turkey seventh in a list of 112 countries (Feb 08).
Relatively
low cost of living compared to other European countries.
Fantastic
weather – an average of 300 days of sunshine a year in the Med & Aegean
region.
Great hospitality, stunning beaches, fascinating historic sites and
championship golf courses to name but a few reasons to invest in
property in Turkey!
Property
prices are still lower than equivalent European hot spots
The process for incorporation of Turkey into the EU has started.
Excellent property investment growth is predicted with holiday operators
and airlines increasing capacity.
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Turkey property is a ‘Prime Destination’ for
Investment
Turkey has been described as a "prime" destination for property
investment. Turkey's infrastructure has evolved to provide foreign
buyers with the support and access necessary for development
opportunities to become attractive. The Turkish government is focusing
on developing the country's tourist industry to reach 15% of its Gross
Domestic Product by the year 2020.
Turkey’s infrastructure has made this destination more accessible, with
new roads and enlarged airports being built and existing road and air
routes being expanded and has made property in Turkey more popular. This
popularity is now evident in Istanbul where Turkey property prices have
been increasing steadily for a number of months.
These rises have been underpinned by high tourist numbers and a stable
economy, as well as efforts to keep inflation in check.
Turkey’s foreign minister has recommended his top choices for Turkey
property investment hotspots in accordance with Turkey’s Tourist
Development Regions, these areas include Cesme, Dalaman, Didim, Antalya,
Manavgat and Oymapinar.
With Turkey experiencing unparalleled publicity for its rapidly growing
tourism industry, this has helped and continues to fuel the massive
demand in Turkey property sales. This is set to continue with Turkey
rapidly becoming a dominant competitor in the international tourism
market.
The area around Dalaman is particularly popular amongst Turkey property
investors as the Turkish government is improving the tourism
infrastructure in an attempt to make this area one of Turkey’s top
tourist attractions. This investment includes the expansion of Dalaman
airport, the building of three marinas and the area’s first golf course.
As this investment programme is only in its early stages, property
prices have not yet reacted. This is certainly an area of great
potential to Turkey property investors.
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Turkish Property values to double:
Turkey property values are set to double in the next three years as the
government continues to make improvements to encourage investment, a
property sector expert has predicted.
In the last two years, property values in Turkey have increased by 40
per cent, but according to New Turkish Properties, the figure will
double before the end of the decade.
The Turkish government have and continue to support the growth by
building new roads and motorways and increasing the number of chartered
flights in to and away from the country.
The Turkish Government are also offering fantastic interest rates to
people buying property in Turkey and with the advent of off-plan
mortgages also being encouraged for the later part of 2007, the Turkey
property market is set to expand and continue.
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Turkey Property Mortgages Available
Turkey has been tipped to become the next property hotspot thanks to the
introduction of mortgages in October 2006. Mortgages were only
introduced in Turkey a quarter of a year ago, but insiders are already
stating that the effect this is having on property in Turkey is
extraordinary.
Property expert Assetz have stated that capital growth on homes and
dwellings in the Middle Eastern nation is strong, as is demand. With
mortgages introduced at completive rates of 5.9% per cent which will
only encourage demand for holiday homes and investment property in
Turkey
Now the country has been tipped by several experts as the next big
emerging property destination for Britons and other overseas property
buyers and with the introducing of 80 per cent loan-to-value mortgages,
investors and holiday home purchasers will now find it much easier to be
able to get themselves a property in the sunny climes of Turkey.
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Turkey is joining the European Union
On October 3rd 2005, Turkey started the long road to joining the
European Union.
Predicted by the end of 2015, according to the European commission’s
agriculture report that deals with farming, Turkey is assumed to be an
EU member state in eight years time, adding that its agricultural
produce equates to that of the last ten nations that entered the union
before Romania and Bulgaria.
Because the road to EU membership is going to take time, means there are
still another 5-10 years before Turkey property prices raise
substantially. Prior to EU membership, there are many factors yet to be
discussed and many of Turkey’s issues that need to be corrected before
incorporation will be seriously considered. However Turkey has some
strong backers for its entry and when it does get accepted into the EU,
it is reasonable to expect the price of property in Turkey to rise
greatly in line with a huge surge in tourism.
Serious Investors look for key indicators when investing in property
worldwide and just one of those indicators is the European Union. They
are looking for indicators that will increase steady growth. Joining the
EU in the future is a major step to financial security in the countries
property market.
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Is the Property Boom in Turkey?
With the indicators shown on this page, it’s very likely to predict that
Turkey is at the beginning of a "property boom". Growth in Turkey
property prices can be triggered in two ways, under value of property or
demand outstripping supply. Both these factors are presently the
situation in Turkey especially in the major investment areas such as
Antalya, Istanbul and Dalaman.
Real estate and money management experts at Jones Lang LaSalle have
claim that Turkey is among the leaders in €26 billion (£17 billion)
worth of investment in property. Jeremy Eddy of Jones Lang LaSalle told
the London Stock Exchange (LSE) that "investor interest is moving
further east" leading to "the first major transactions taking place in
Turkey" and other parts of Eastern Europe.
Investment in Turkey during 2006 rose 77 per cent on 2005's figures and
during the last quarter of 2006 some €10 billion (£6.6 billion) was
pumped in, 40 per cent of the annual total.
These figures are strong indication of increasing popularity and demand
for European commercial properties, attracting a growing number of
investors year-on-year.
The current attraction for investing in property in Turkey is the
current value for money. The Turkish property market still offers
excellent quality properties at prices that most other locations of a
similar calibre could not offer 10 years ago. These prices, combined
with the outstanding expected growth and powered by strong market
drivers, offer property investors a unique opportunity.
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Turkish Tourism Market
During 2005, the rate of tourism saw a 29 per cent growth in the number
of arrivals to Turkey shores. Incoming tourist receipts also amounted to
US$11.9 billion (£6 billion) in 2005.
With over 25 million tourists to visit Turkey during 2007, this in turn
will boast the Turkey property market. A major indication of the current
state of any property market is the tourist trade. In Turkey the tourist
market has been there with the Germans, British and Russians for many
years and now is seeking unprecedented growth as the country gains more
exposure in the international press. The possibility of Turkey becoming
an EU member country will reinforce this exposure in the world property
market place.
Current investment demand for Turkey’s property markets is also
reflected in the 25 million tourists predicted for 2007. This translates
into solid rental yields by buy-to-let investors who purchase in the
best tourist locations.
The golf region of Turkey is located within the Turkish Riviera, on the
Mediterranean coast in Antalya, with over 11 championship golf courses,
including the Colin Montgomery and Nick Faldo course, with Bernard
Langer set to follow. The Antalya region is set to become the hottest
place in Turkey for golf property investments and buy to let rental
opportunities. No other region has seen massive increases in Tourist
numbers and property growth than the Turkish Riviera.
Championship Golf has been an effective market driver in many successful
property markets around the world for many years. Spain has used golf to
generate a very strong secondary season with thousands of golfers
flocking to its shores to play golf during a time when they can’t play
their sport at home. With golf being so popular around the world many
developments are now being constructed around or near golfing
facilities. Turkey and namely Antalya is no different.
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Avoid Capital Gains Tax
Turkey also offers some tax incentives that are of high interest to
property investors, such as its regulations regarding capital gains tax.
If you sell your Turkey property after four years, there is no capital
gains tax. Property that is sold before the period is over will be
charged at the standard rate of income tax (between 15% and 35%),
calculated on the difference between the buying and selling price.
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Turkey Economic Overview
The Turkish economy continues to strive towards more robust economic
stability, which was unprecedented for at least three decades. Macro
economic indicators show that economic stability and structural reforms
implemented since the 2001, gaining ground and paying off in terms of
–among others - five year uninterrupted growth, huge FDI inflow, price
stability and increased trade volume.
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Price Stability
The inflation rate which was 63.5 per cent in 2001, has been reduced to
9.65 per cent in 2006.
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Sustainable growth
The Turkish economy which had a minus 9.5 per cent growth rate in 2001,
had growth rates of 7.9 per cent in 2002, 5.9 per cent in 2003, 9.9 per
cent in 2004 and 7.6 per cent in 2005. In the first nine months of 2006,
a growth rate of 5.7 per cent has been realized. Turkey has been
continuously growing over the past 19 quarters.
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Health and Healthcare
Often when visiting a foreign country, health problems can seem
daunting. Turkey however has a lot more to offer, state system and
private health care are at a level much higher than that of other up and
coming countries, a great benefit for Turkey property owners.
In fact Turkey has some of the most well-known and respected doctors and
staff, particularly at the university hospitals. There are continuing
plans to improve the level of standards and services in state hospitals
to meet that of other popular European countries.
Private Healthcare has increased considerably in Turkey in the last
decade owing to the limited amount of state run hospitals. Care
standards in private hospitals are usually on a par with international
standards in terms of expertise and equipment. Most private hospitals
have contracts with various insurance companies so it is important to
make sure you have good health insurance.
The main tourist areas are well served with hospitals some of which have
direct agreements with BUPA and other similar international heath
insurance companies. There are a considerable number of private clinics
in the tourist areas of Bodrum, Antalya and Marmaris. In fact the
Antalya area of Turkey has no less than 50 private medical centres
employing in excess of 2500 doctors and medical staff, ideal for those
visiting property in Turkey in these tourist locations.
Pharmacies are open from 9.00 to 19.00hrs from Monday to Saturday and
there is usually an emergency pharmacy in each area.
The social security system in Turkey is composed of three different
major organizations;
Social Insurance Institution (SSK)
Pension Fund for Civil Servants (Emekli Sandigi)
Social Security Institution for the Self-employed (Bag-Kur)
There are Government plans to unify all these institutions under one
roof in the future. Employers pay insurance premiums to cover
work-related injuries, professional job diseases, or maternity leave.
Both employers and employees contribute specified proportions to cover
premiums for illness, disability, retirement, and death benefits. A new
law will provide health care also to unemployed people if they match
certain criteria.
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Health care for travellers
Turkey, including Canada, United States and Mexico, most Caribbean
islands, South America, the Middle East, Africa, most of Asia (including
India, Thailand, Japan and Hong Kong) and the whole Pacific region
(except Australia and New Zealand).does not have a healthcare agreement
with the UK so you are advised to take out comprehensive medical
insurance before you travel. Your travel agent or insurance broker can
help make sure you've got the right level of cover for wherever you're
going.
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Health Risks
According to the World Health Organisation, Turkey is at a current level
of no exception risk to travellers and travelling to the country with a
modest level of caution there would be no unusual level of risk. The
risk from Avian Influenza is believed to be very low, provided you avoid
visiting live animal markets, poultry farms and other places where you
may come into close contact with domestic, caged or wild birds; ensure
poultry and egg dishes are thoroughly cooked.
Mosquitoes can still be an irritation in summer.
If you are travelling to Turkey, you should consult your usual
healthcare provider for travel medical advice before departure.
For all medical emergencies Dial 122
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Formula
1 in Turkey
It was obvious from the excitement generated by
the construction of the Istanbul Park circuit that Formula One was going
to enjoy the Turkish Grand Prix.
In the run up to the first F1 race on Turkish soil, which was held on
August 21st, 2005, some of the comments made had put almost too much
pressure on the architects, builders and organisers to deliver.
"An excellent track. [I] can't wait for the Turkish Grand Prix," was the
assessment of experienced British driver David Coulthard.
Similarly, BMW Williams' Australian Mark Webber, who was one of the
drivers chosen to pilot the circuit, proclaimed: "It will be a very nice
track. The amount of work that has been done in such a short period of
time is very impressive."
The grandest prophecy was provided by Mr Formula One himself, Bernie
Ecclestone, who suggested that "this is absolutely going to be the best
track".
Thankfully, the race itself lived up to expectations, with 100,000
spectators turning out on a balmy Sunday afternoon in August treated to
an enthralling contest, as drivers attempted to get to grips with one of
the most challenging tracks on the Formula One map.
McLaren Mercedes' Kimi Raikonnen secured the win, with Spaniard Fernando
Alonso - the Renault driver who would go on to take the F1 title that
season - grabbing second, ahead of then teammate Giancarlo Fisichella.
It was felt by some that the design of the Istanbul circuit is such that
a thrilling spectacle would have ensued no matter who the podium places
went to. Hermann Tike, the German architect, has to take his fair share
of the plaudits for the design of the 3.34 mile long track. He was also
chosen by the sport to plan new raceways in Bahrain, Malaysia and China.
The outstanding feature of a lap around Istanbul Park is the quadruple
apex corner on turn eight, curiously enjoyed by many of the drivers. A
spin involving McLaren's Juan Pablo Montoya and Tiago Monteiro's Jordan
occurred at this bend, leaving Alonso to snatch second.
The yearly staging of the F1 event is welcomed by Turkey, a country
whose tourism industry is already experiencing a remarkable ascendancy,
with World Tourism Organisation figures recording a European-best growth
of 18 per cent in the past year. Race fans from far and wide were
attracted by the low-cost air services running to and from the Turkish
capital, from which the Istanbul Park circuit is just matter of 50 miles
away. Turkey property owners and visitors can experience the thrill of
watching F1 when visiting Turkey.
After visiting the track in the run up to the inaugural race, prime
minister Tayyip Recep Erdogan talked about the hoped-for knock on effect
from its staging.
"With such an event you don't count the money you paid, you count the
benefits to Turkey's promotion," he said.
Since 2005's successful opening two more events have been held, both won
by the Brazilian Phillipe Massa, a man who certainly has a place in his
heart for the southern European track.
Commenting on his notable success rate at the new circuit, Massa said:
"This is becoming a special place for me. I love the track. This is
where my career made a switch and I started winning races."
So it seems that administrators, drivers and fans alike already feel
affection towards the newest addition to Formula One's calendar. Here's
to many more scintillating showpieces at Istanbul Park.
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Turkey's Marinas
Turkeys marinas holds thousands of boats across the country creating the
most breathtaking views one could only ever imagine, the biggest marina
holding over one thousand boats in itself. These marinas are a must see
for everyone.
Turkey has been recently (July 2007) awarded ‘Blue Flag.’ Blue Flag is
an impressive international award which is a guarantee to the public
that a beach or marina they are visiting is one of the best in the
world. Beaches and marinas are awarded this when they have achieved the
best quality in different areas of their marina e.g. quality of safety,
water and facilities to name a few.
Turkeys marinas have obviously been recognized for the quality they are
and every day more tourist are choosing Turkey and one of the many
reasons being these fantastic marinas. Don’t miss out!
There are 15 stunning marina's available in Turkey !
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Weather in Turkey
Weather in Antalya Region
Weather in Istanbul Region
Weather in Fethiye
Weather in Kusadasi
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