Turkey Real Estate & Bodrum real Estate
Turkey real-estate has grown in popularity since it became available to non Turkey nationals back in 2003. Opening up to foreign investors has considerably aided the Turkish real estate market, leading to impressive growth and increasing demand.
The first reason that so many foreign property investors have moved into the market is because of Turkey’s strong banking sector. The Turkish economy has experienced strong performance, even witnessing growth that doubled the best performing EU economy in periods during the recession. Many other emerging markets suffered and proved unstable with price corrections occurring on a massive scale. With Turkey’s economy showing strength and stability, investors have been quick to buy up real estate in Turkey, avoiding less secure assets.
Secondly, the strength of Turkish Lira means that Turkey’s real-estate offers fantastic value for money compared to European equivalents. Frontline beach real-estate in Turkey can be bought for a fraction of the cost of a similar property in France or Italy. Furthermore, Turkey real-estate meets the highest standards when evaluating build quality and property size meaning investors are able to get much more real estate for their money in Turkey.
Finally Turkey is currently experiencing a tourism phenomenon with impressive year on year growth:
2008: The 8th most visited country in the world with 25 million tourists
2009: Climbed to 7th place and the only nation in the top ten to experience positive tourism growth
2010: Turkey surpassed its 2009 visitor numbers in the first 3 quarters of the year
Supported by huge public investment, Turkey is quickly becoming one of the world’s leading holiday destinations. The country enjoys beautiful scenery, a low cost of living, a rich heritage and a central location from which to attract world-wide tourism.
Higher tourism levels have had three positive effects on Turkey’s real estate market. Firstly landlords have been able to charge higher rents, capitalising on the premium prices associated with holiday accommodation. Secondly, with more people going to Turkey each year, property gains higher occupancy rates and as a result, Turkey’s real estate is earning rental income for more of the year. Finally, growing demand for holiday homes has caused strong capital appreciation which in combination with the other factors makes real estate in Turkey an excellent choice.
One area that has seen some of the most interest from property investors is Bodrum. With plans in place to make Bodrum the country’s premier ‘tourism hub’ and described by many as the ‘St Tropez’ of Turkey, the future of Bodrum real estate is highly anticipated.
