As the world gets smaller and the palette of destinations on offer for the purchase of a holiday home gets bigger, Turkey is consistently emerging as ‘the’ place to buy. One of the most hotly tipped investment hotspots, property prices in Turkey are still low and the tourism market expanding rapidly. The Turkish government equalized property buying rules for foreign nationals in July 2003 and gave the last shape in October 2005. By January 2006, the number of foreigners owning property in Turkey reached 70,000; 20% of them were British. This figure is expected to rise by more than 10,000 each year for the next 5 years. It is estimated that foreign nationals will spend more than £1 billion in buying property in Turkey in 2006.

Turkey’s natural resources include a stunning coastline, beautiful countryside, warm springs and hot summers; it is also heavily laden with historic sites and a fascinating culture. There are incredible 174 beaches displaying the coveted Blue Flag. Fans of all things nautical will fall in love with the many stylish marinas and secluded bays best viewed from the deck of a traditional wooden Gulet, while snorkelling over sunken ancient sites is a rare treat. The half a dozen golf courses already in existence along the Riviera are soon to be joined by many more; over 100 are planned for the whole of Turkey over the next four years. The biggest Golf project has started in Bodrum Peninsula and it will be the first golf development in the South West of Turkey and on completion will actually be the only golf course within a 200km radius.

The course is planned to include an 18 and 9 hole course, with an additional 3 hole golf academy. The materials and designs used will be to the top standards. The courses will be to PGA standard within three years.

Alper Apaydin, managing director of London based Turkish property agency Vantage Turkey says; “Turkish Coast continues to be where most foreign homebuying takes place. Infact, considering the great length of Turkey’s coastline there are a relatively small number of hotspots, and while the on-going boom is leading to the development of other locations some main buying areas still lead the way. There have been lots of growth in the areas around Bodrum, Antalya, Alanya, Marmaris, Kusadasi and Fethiye but prices are still way cheaper than in Spain and Greece. Relatively unexplored options include the so-called Olive Riviera around the Bay of Edremit in the north Aegean, Datca Peninsula and the Black Sea coast”

EU factor and The Economy

Turkey joined the UN in 1945 and became a NATO member in 1952. Modern Turkey’s society is one of the youngest in Europe (over a quarter of the population is aged under 15) and is increasingly dynamic in nature. The economy has seen significant growth in the last couple of decades, interrupted by periodic but short-lived declines. The traditional core textiles and clothing industry remains Turkey’s biggest earner, although service-sector businesses have been growing rapidly.

While 99 per cent of the population is Muslim, the secular state guarantees freedom of religion to all its citizens.

In December 1999, Turkey achieved a symbolic victory in its long march towards Europeanisation when it was accepted as a candidate for membership of EU. In October 2005, Turkey started negotiations with the EU, with the view to become a full member. There is no doubt that along the way to full membership, the property prices will be increasing and eventually catching up the prices of EU countries possibly in the next 5 to 10 years.

Since the economy has been doing well and negotiations started with EU, the number of the foreign investments in the country has boomed. One of the latest related investments has been done by famous no-grill airline company Easy Jet. Easy Jet has started to fly to Istanbul from August 2006 and there is no doubt that next destinations will be Bodrum and Dalaman airports.

Since the economy has been doing well and negotiations started with EU, the number of the foreign investments in the country has boomed. One of the latest related investments has been done by famous no-grill airline company Easy Jet. Easy Jet announced that they will start to fly to Istanbul from June 2006 and there is no doubt that next destinations will be Bodrum and Dalaman airports.

Alper Apaydin, from the company Vantage Turkey believes that The Turkish property market will continune to flourish. “All these factors will affect this year very positive”. He says; “we are trying to give the best service to our customers. We are working with the best and reputable developers in Turkey. Most of our customers are British and Irish, but also we are having a lot of interest from northern Europeans. As the market develops, rising prices in the main coastal hotspots will lead to the creation of new buying zones and the country’s dramatic levels of affordability will probably remain extremely attractive for a while to come. Assuming no major catastrophe takes place and that the path into Europe remains smooth , Turkey is likely to occupy its place at the head of the European emerging markets for a long time”.

Turkish Property Market
Fact & Figures

-Turkey was voted the 3rd best destination in the world to buy property. (A Place in the Sun - Channel 4 television)
-Turkey was voted the best destination in the world for affordable, high earning growth. (A Place in the Sun - Channel 4 television)
-Turkey was voted the number one place to invest by International Property. (Inside Track Magazine)
-Turkey welcomed 20 million visitors in 2005. It is the 3rd most popular holiday destination in Europe
-In 2006 Turkish tourism is set to grow by 25%, making Turkey a great place for rental income.
-Land prices have doubled in the most popular areas during 2005 and property prices have risen by 30% to 40% in the last year alone
-Current prices of properties with comparative build quality, are similar to what they were in Spain in 1996
-Property prices along the Turkish west and south coast are increasing at 2% per month.

Vantage Turkey
501 International House,
223 Regent Street, London,
WIB 2QD, United Kingdom
Ph. +44 207 544 1099,
Fax +44 207 544 1090,
Email: info@vantageturkey.com

Alper Apaydin
Vantage Turkey
Managing Director
www.vantageturkey.com