Property investment in Turkey has witnessed exponential growth over the past decade. The opening up of its huge Mediterranean and Aegean coastlines to tourism has caused a boom which many have compared to the tourist boom which hit the Spanish Costas in the 1970s. Yet in the greater scheme of things Turkey is still an attractive proposition to the would-be investor as it represents that much sought after factor; it is an emerging market. With it already becoming a mainstream international holiday destination and possible inclusion into the EU in the not too distant future, Turkey represents strong investment potential, in particular for buy-to-let strategies.
But has Turkey got the sense to keep it in hand and not become a victim of its own success, like Benidorm and Torremolinos? The current view is yes. Despite some ugly high rise resorts, most Turkish holiday destinations have managed to retain some of their local charm and character. From an investment point of view this hopefully means that tourists will continue to flock here for many years to come.
So Why Invest in Turkey?
Turkey has a large population of over 70 million people. The strong internal property market that this creates means that investors are not completely reliant on foreign investors for resales. The coastal resorts are just as popular with the Turks as they are with overseas visitors. Around 70% of the Turkish population are younger than 30 years of age, and this too creates a strong local market. If you add in the low cost of living, fantastic climate, outstanding natural beauty and relaxed lifestyle, you get a destination that is a favourite amongst Europeans, and is likely to remain so.
There are two main strategies for investing in Turkish holiday properties: you can either buy in well established developments and be guaranteed the crowds, or a more risky, but better rewarded strategy is to keep a watchful eye on upcoming development areas and buy before the development project begins. This type of off-plan buying does contain a great deal of risk however. The Turkish coast is littered with unfinished or behind schedule developments and the current global economic downturn has done nothing to help matters. Do your research into the development company and make sure that the development has enough financial backing to be finished and marketed as planned. You wouldn’t want to be the only investor.
Have a good look around at different areas and within those areas there are plenty of bargains to be had if you look hard enough. Whether you are interested in a purely financial investment, a second holiday home that pays its way or a future retirement home, Turkey can definitely deliver. It’s just a question of finding it. To discover more Turkey property investment information please click on any of the areas listed below.