Published: 9th September 2013
The global economic downturn had led to a huge shift in attitude towards overseas property investment, with many choosing to hold off until economies show signs of improvement. However, the Turkish property market seems to have defied this trend, continuing to flourish despite the negative impact felt by other countries. A number of possible reasons for this have been indentified.
Turkey’s economic and political circumstances have undoubtedly contributed to the country’s growing property market. Mediterranean destinations once popular with tourists and property investors have been somewhat shunned as people consider alternative non-eurozone locations, where they’ll get more for their pound. Turkey’s tourism has benefitted significantly from this change, and investors have turned their attention accordingly.
Turkey’s application to the EU has also contributed to increased confidence in stability of the country’s economy. With property investors taking advantage of new government laws surrounding foreign property ownership as they make investment decisions; Turkey is starting to seem like the obvious choice.
Cheap flights lead to repeat visits, so Turkey has also seen the advantages of numerous budget airline routes to and from UK airports. This increased accessibility ensures continued rental income throughout the year – and when tourists arrive in Turkey, the low cost of living means they can eat, drink, shop and visit attractions without breaking the bank!
With such a wide range of destinations – cities like Istanbul and coastal resorts that offer visitors the opportunity to completely relax, as well as a unique blend of European and Asian cultures, there are also plenty of reasons for visitors to return again and again to Turkey, each time sampling the delights of a new part of the country. From Istanbul to Bodrum, Fethiye and Antalya, the Turkish tourism industry has wide appeal and caters to a variety of holiday maker’s requirements.
All this, coupled with an enviable Mediterranean climate – with almost year-round sunshine and scorching temperatures – there’s every reason for tourists to hold such high regard for Turkey…and where the tourists go, the property investors will follow as they cash in on rental opportunities. Flats, apartments, villas and traditional houses available to foreign investors mean that prices suit a range of budgets.
All of the factors described above serve to illustrate the varied reasons that demand for property in Turkey continues to rise despite a troubled global economy. If you’re considering overseas property investment, there’s huge potential across the country – whether you’re looking for a holiday home to make frequent trips to throughout the year, or if you’d like somewhere to provide you with an ongoing additional income.