Turkish Real Estate News
Property Market Trends and Reviews

Labels: Antalya, Infrastructure, Investment-property

The Independent, a British newspaper has reported that Investors who are looking to buy a property at an affordable price have been pointed towards Turkey. Experts consider Turkey as an emerging market and house prices are rising at a considerable rate, therefore creating strong capital growth potential.

The property market in UK is beginning to hold up; the outlook for the British market is getting gloomier by the day as property prices are dropping due to global sense of credit crunch. Property purchasers are increasingly looking overseas to collect returns from their investment.

Despite the fact that the House prices increased by 20 per cent in Turkey last year its property values are relatively cheap when compared with the UK. The increase in property prices due to huge demand for Turkish property and subsequent growth looks likely to continue over the next decade. Many analysts state that this could be the best time to buy properties in turkey due to a lack of risk associated with Turkish market, continuing affordability and the realistic potential for substantial capital appreciation.

Benedek, of Solaris Villas has said that Turkey can be compared to a Spanish property market few years ago and Turkey is a safer bet for overseas property investors. He also said that there is in any case another ten years of good returns can be obtained from the Turkish market.

Turkey offers the holidaymakers requirements of great scenery, climate, over 300 days of sunshine per annum, fine sand beaches, and fabulous countryside including its good-quality infrastructure and amenities. These factors combined with its relatively low cost of living and easy accessibility are said to make it ideal for overseas property purchasers.

Labels: Investment-property, Market-Trends

Humberside Airport Travel figures reveal that many people from Humberside last-minute holiday bookings in order to escape from last year's wet summer. Their reports confirm that nearly 92 per cent of its bookings were made at the last minute.

The travel agency further said that Turkey was the most popular destination for followed by Cyprus. Turkish Airlines reported that a total of eight million people flew with the carrier till September of 2007 which is 19.4 per cent higher than the figures recorded 12 months earlier.

Rob Goldsmith, managing director of Humberside Airport, said that the last year summer saw increase in the number of visitors and he expected that the trend will continue. Property experts pointed out a link between the wet summer and an increased number of people purchasing property abroad. Currency specialist HiFX explained the surge of interest in buying abroad is mainly due to people wanting to live in a better climate.

Turkey is increasingly becoming popular because it offers overseas property investors the ideal place to buy a home in the sun as it has good weather all round the year. Michael Harrop, MD of New Turkish Properties has commented that glorious weather is pulling in crowds of takers when it comes to property in Turkey.

Labels: British, Property-buyers, Travel

The ongoing global credit crunch could prove to be advantageous to owners of rental accommodation in Turkey. Official figures from post offices states that there has been 15 per cent increase in sales for Turkish currency among Brits. This is due to the reason that the pound has hit a record low against the euro and has fallen drastically in value over the last couple of months. Experts have said that People are likely to visit countries which are not part of the single European currency.

The fall in the value of the pound against the euro will mainly have an impact on holidaymakers. Travel weekly has reported that UK vacationers are preparing to make their annual trips abroad despite the fears about the people's finances being constrained by the slowdown in the worldwide economy. Countries along the Mediterranean coast like turkey are found to be most popular locations with more bookings. Turkey statistical institute has reported that 23.5 million tourists visited Turkey last year and is expected to increase to 27 million in 2008.The tourist trade was up a massive 43.9% in the last 3 months in 2007 when compared with the same period in 2006.

Murat Dedeman, the head of The Turkish Tourism Investors Association (TYD) also predicts the increase in the number of foreign tourists visiting Turkey in 2008, resulting in profits of up to $21 billion. Dedeman's optimism is supported by the Turkish Travel Agencies' Association (TURSAB), which expects a 15 percent rise in tourist numbers this year to 27 million.

The dynamic infrastructural and economic transformation process that the Turkey has been experiencing in the last decade has a powerful impact on Turkish tourism and strengthened Turkey's place in the world.

This comes after the predictions from Cushman & Wakefield, global property agents and they say that real estate in emerging markets like turkey will evade the current slowdown relatively unharmed and Goldman Sachs investment bank has said turkey is having promising outlooks for investment and future growth.

Labels: Market-Trends, Rentals

Allan Williams from London Metropolitan University has said that Turkey is on the threshold of becoming a major hotspot for retirees who want to live abroad. Expatriates always long for a place which offers culture, good lifestyle and a favourable climate. He also predicted that Antalya will be the main hotspot for older expatriates within the next couple of years.

Recently a poll carried out by Dokuz Eylul University (DEU) of expatriates living in Antalya to check what made them to live there full-time revealed that they are most attracted by the warm climate of the country.

Christer Asp, the Swedish ambassador in Ankara has said that a rising number of people from Sweden desire to have property in Turkey. Retirees from the Scandinavian country are choosing to spend their retirement years overseas and recent migration traffic to Turkey shows its popularity among Swedes who were hoping to relocate permanently.

Mr. Asp commented that Swedish retirees used to relocate in Spain earlier and now the trend is changing as more people are now choosing Turkey. He predicted that about 400,000 Swedes would visit Turkey before next summer and there will be busy relocation traffic of the retirees to turkey in 2008.

Recently the Turkish Press reports have highlighted the popularity of Turkish property with Russian holidaymakers. According to Russia today, more than two million Russian holidaymakers visited Turkey last year.

Labels: Antalya, Turkish-property

Turkish Hotels Federation Official figures have revealed that there is massive rise in rental accommodation in a Turkish tourist destination this year. TurkishPress.com has reported that Occupancy rates in Antalya rose by 20 per cent over the Easter holiday.

Ahmet Barut, president of Turkish Hotels Federation has predicted further growth rest of the year. He said that during the Easter tide, Antalya attracted people from European countries like Spain, Switzerland and central Europe. He also stated that Turkish appeal will get extended to Eastern Europe in 2008.

Turkey is on the threshold of becoming most popular destinations for eastern Europeans due to the low entry costs they provide for investors in terms of getting on to the property ladder.TurkishPress.com cited Turkish Statistical Institute statistics showing that in last 2 months turkey has attracted over 280,000 people from Eastern Europe.

The rental returns in turkey are getting better every year. They are sufficient to cover mortgage repayments. Rental Yields for apartments and single-family homes in Istanbul and Ankara are currently around ten per cent, and it is anticipated that in the next few years will see a very profitable buy-to-let boom in Turkey's major cities.

This comes after the Turkish Daily News quoted Alaaddin Yuksel, governor of Antalya, as saying that he hopes Antalya province itself will attract ten million visitors this year which was eight million in 2007. Figures from the Turkish Board of Statistics revealed that the country is attracting tourists from a number of countries. This means that Turkey boasts higher occupancy rates and healthy rental yields.

Labels: Antalya, Latest-news, Rentals

Turkey is becoming the most popular destinations for eastern Europeans due to the low entry costs they provide for investors in terms of getting on to the property ladder.

TurkishPress.com cited Turkish Statistical Institute statistics showing that in last 2 months turkey has attracted over 280,000 people from Eastern Europe which is more than 2 percent when comparing the same period last year.

The aesthetic beauty of the costal areas blended with a rich history and a hospitable atmosphere makes Turkey appeal to Europeans and particularly eastern Europeans recently. The official figures states that nearly 140,000 Bulgarian nationals chose to take a holiday in turkey during winter months and they were only fractionally behind German tourists to visit Turkey in 2008

The Turkish government initial target is to boost tourism from 20 million to 25 million in 2008 and also aims to double the annual number of foreign tourists from 23 million to 50 million in the next 15 years.

The government's initiatives to boost tourism are anticipated to increase interest from foreign property buyers. The BuyAssociation states that Turkey's growing holidaymaking appeal is making it very attractive to but -to-let investors.

Labels: Latest-news, Travel

Overseas investor who wants to buy property in Turkey has different needs and requirements, and Turkey fulfills their requirements and ensures excellent investment potential. Now golf properties are gaining momentum in turkey due to large influx of golf fans and investment in golf properties.

NuBricks.com states that an 18-hole course is being built in Bodrum as part of a complex which includes hotel and about 4,000 villas. The website believes that the development which features shopping facilities and all other amenities will not only attract golfers but also new investors.

NuBricks.com revealed that Turkey golf tourism has extended its appeal beyond the golfers and the increase in the number of tourists visiting turkey made this as an investment zone with very high potentials for holiday makers and investors alike.

The website added that investment interest in the Bodrum is likely to shoot up as the new infrastructure facilities will boost the appeal of Bodrum. The rental market is already booming with increase in number of tourists. The anticipated increase in prices has created the potential for investors to enjoy a high capital growth

John Howell of the International Law Partnership admired Turkey for proving its credibility as excellent atmosphere for second home buyers.

Labels: Golf-property, Turkish-property

Daily Hürriyet reported about the summer holiday trends research done by Turizm Haber, publisher in the tourism sector. The active holiday's market assessment suggests that number of luxury vacations in Far East has increased to cater for the property investors and purchase of private islands is the new trend in Turkey and Bahamas. Recently four islands were announced for sale in Turkey.

Ayvalık Islands are the group of islands around Ayvalık district of Turkey and four years ago, Cicek Island in Ayvalik, roughly 400,000 square meters in size, originally priced YTL 7.8 million which is approx. £2.5m and due to lack of interest the price was lowered to YTL 6.8 million. Recently the owner of the island declared that this island is for sale, this time for $11 million. The rising prices Turkish property market means buyers are seeing an excellent return on their investment.

Three more Turkish Aegean islands were announced for sale.

Garip Island in Izmir Bademli Bay is for $25 million.
Kstas Island near Gokova of 56,000 square meters costs $ 5.5 million.
Tavsan Island near Bozcaada, which is 980,000 square meters, costs $10 million

Labels: Investment-property, Island, Latest-news

A report in Today's Zaman stated that Turkey has grown in popularity and has become one of the main destinations for overseas property purchasers looking for an affordable second home in the sun and according to official figures more than 73,000 foreign nationals now own a property in Turkey

Turkey’s popularity is being attributed to an ever improving economy, magnificent climate, and extremely cheap property prices. Majority of overseas investors were found to have invested in Antalya, whereas Mugla and Istanbul are highlighted as other popular locations. Turkish daily news reported that Antalya graph could be set to increase after the new airport in Gazipasa is opened. This has triggered the investment boom and Government also plans to develop Antalya into a year-round holiday destination.

Figures from the Turkish Board of Statistics revealed that the country had attracted visitors from a number of countries. The country is also becoming popular destination for people in Eastern Europe. Today's Zaman commented that the highest demand comes from Germans and Brits. This means that Turkey should also benefit from higher occupancy rates and healthy rental yields.

Labels: Latest-news

Construction of different and entertaining social facilities in housing projects has become inevitable as there is stiff Competition among real estate firms in turkey.

The customary facilities like well maintained swimming pools, tennis courts and social clubs as standard for their customers are available in all developments. Real estate firms have begun to introduce new alternatives like golf courts, landing runways for helicopters, spectacular observatories, botanic gardens and orchards been designed to fit in their properties naturally to outshine their rivals.

Popularity of television ice skating shows has made Ice skating rinks as latest favorite of real estate firms. Five projects with ice rinks are already constructed in Istanbul so far, and the number is anticipated to catapult this year. These projects include Meritlife Kent in Istanbul's Sarıgazi by A-Z Yapı, Flora Residence in Kozyatağı by Abka Yapı and Eltes Gold Residence by Ağaoğlu,Tulip Turkuaz in Bahçeşehir by Tulip Gayrimenkul and Olimpiakent in Halkalı by Soyak.

Ankara Ice Rink and Kocaeli Municipality Olympic Ice Rink are the two main ice rinks of turkey besides 15 smaller ones, and they are expected to increase this year. The popularity of television skating shows had a domino effect as it increased ice rink customers by 30 % and this had positive impact on the developers to build ice rinks in their new projects. The ice skating rinks is popular among youngsters and properties with ice skating rinks attracts families with children.

Labels: Latest-news

Turkish Finance Ministry and Housing Development Administration of Turkey (TOKI) has launched a new project for the construction of vacation properties to foreigners.

Finance Minister Kemal Unakıtan said that this project is patterned after the Spanish model and this is signed between the Finance Ministry and TOKİ. Treasury's real estates were allocated to TOKI free of charge and they will construct villas and holiday villages.

The protocol foresees construction of vacation properties for foreigners in various coastal areas. The sites will feature recreation facilities, health centers, gardens and pools, tennis courts and golf courses.

Officials said that they were aiming to build high quality properties of limited height decorated to high specification with large gardens and green spaces similar to the construction in Malaga region of Spain.

Already 3 to 4 Private constructions companies from Spain were offered to build the Spanish model in Turkey .TOKİ will directly monitor the construction process.

Sources revealed that project which is primarily constructed for foreigners will be available for Turkish citizens as well.

Labels: New-developments