Turkish Real Estate News
Property Market Trends and Reviews

Today's Zaman has reported that More than $10 billion (£5 billion) was spent by overseas investors buying Turkish real estate till the end of 2007 and the country's economy is growing at an increased rate.

According to Data from the Turkish Statistics Institute, Turkey's economy has continued to experience growth this year during the first quarter of 2008, the country's gross domestic product (GDP) was 6.6 per cent up when compared to 2007.

Property hunters looking for a second home or an investment property may wish to consider buying in Turkey for the low prices available in the country. Sunday mail has reported that Properties start as little as £19,000 for a holiday home, a good deal compared with the costlier areas of the Mediterranean such as Spain and Portugal.

The figures are likely to be of interest to overseas investors considering buying property for sale in Turkey, as the country has already become the "preferred venue" for property investment in the Mediterranean region. With the growing demand, property experts consider, Turkish real estate is as close as investors can get to a safe bet in terms of guaranteed returns.

This comes after the Voices newspaper reported that Turkish properties are becoming increasingly popular with Brits who want to live abroad and predicted that a record number of British buyers will snap up a Turkish residence this year.

Labels: Economy, Investment-property

Overseas property investors thinking of investing in property in Turkey may find it an even more appealing option after the recent research by NatWest International Personal Banking (IPB) has revealed that Turkey will experience huge property demand over the next three years due to cheaper property prices.

According to The NatWest International Personal Banking League of Buying Abroad, the Conditions are right for the value of housing in Turkey to rise during the next few years. The survey revealed the top countries and Turkey is second in the list.

1. Bulgaria - 75%
2. Turkey - 56%
3. France - 46%

Mike Freer, Head of Business Development for NatWest IPB has stated that the research has given a real insight to what brokers feel will be the most successful property markets in the future. Property experts believe that the country's dynamics are strong and that the growth rate is steady despite other nations struggling to cope with the global financial problems.

Turkish Statistics Institute has revealed that during the first quarter of 2008, the country's GDP is 6.6 per cent up on the same point of 2007. Reuters predicted that Turkey's GDP would ascend by 5.2 per cent every year.

The figures are likely to attract foreign investors who are considering buying property in Turkey, as a strong economy could help boost their investment prospects.

Labels: Investment-property, Turkish-property

Overseas property investors have been advised to consider looking at lucrative investment opportunities in emerging markets, experts have advised.

A recent study by Real Capital Analytics (RCA), a research and consulting firm revealed that in the first quarter of the year, the volume of real estate deals in the industrialized world fell 54 percent compared to the previous year. But in the same period, the real estate deals in emerging markets rose to 43 percent.

Les Calvert, director of property-abroad.com has commented that investing in offplan builds in emerging markets are beneficial. "The benefits are always there, you can make a lot of money," Mr. Calvert said.

Financial times have reported that Turkey has caught the eye of investors. The news provider highlighted the affordable property prices as one of the main attractions of Turkey, along with the good infrastructure and high-quality buildings. Morgan Stanley has reported that foreigners have invested nearly $3.5 billion into Turkish property last year which was up from $2.9 billion in 2006. The publication cited Kuwait Investment Authorities investment of $750 million in the Cevahir shopping mall in Istanbul as an example for the upward trend.

According to the Times, a residence along Turkey's south coast could be snapped up relatively cheaply for £35,000. The publication also added that property prices in Turkey are currently well below the EU average.

Recently the Turkish Statistics Institute revealed that, the country's gross domestic product was 6.6 per cent up during the first quarter of 2008 when compared to last year.

Labels: Market-Trends, Overseas-property

According to The Dogan News Agency reports, overseas property buyers are increasingly choosing to snap up properties in the Turkish city of Sinop as the government anticipates an increase in visitor numbers in the region following the reopening of its airport.

Today's Zaman has stated that the reopening defunct airports as a result of growing demand for air travel and the work to reopen the airport in Sinop has already commenced.

Commenting on the move, Zeki Sanal, Sinop's governor has said that the facility would promote the local economy and improve accessibility to the region. He further stressed about the importance of government’s high priority of Industrialization and economic development in the region.

The reopening of the airport comes after its initial closure in 2002 and this is a measure of how much interest in traveling to Sinop region has gone up in recent years. The renovation of the airport should open up the region to overseas property investors. The investors who enter the market early could be well-placed to take advantage of the low prices in the region.

Property experts believe that Sinop offers fantastic opportunity for many overseas investors, particularly those at the lower end of the market looking to take their first step on the property ladder with a wider range of properties that fall within their budget.

Labels: Overseas-property, Sinop

Labels: Golf-property, Tourism

Labels: Bodrum, New-developments, Property-prices

Investors are increasingly deciding that studio flats will offer the best available returns and they are in high demand in Turkey.

Turkish Daily News has reported that developers are even changing construction plans as the demand is related to the fact that studio flats are considered as popular letting opportunities. Another reasons suggested for rise in demand for studio flats are low deposits and resale can be done quite easily as a result of low selling prices.

Dorcas Pye, a property advisor at the Turkish Property Centre, has predicted a prosperous future for the buy-to-let market in Turkey while the country is long been a favourite choice for both holidays and real estate investment. Figures from the Turkish Land Registry General Directorate suggest that construction of studio flats has been increased. The Turkish daily news further added that nearly 80 per cent of new developments are made up of studio flats.

The Telegraph has reported that Turkey could be a good market to consider because it is highly popular among international holidaymakers and has high capital growth which means buy-to-let in Turkey is worth considering.

Labels: Market-Trends, Turkish-property

Rental investors in Turkey could be set to witness a surge in occupancy rates in the next few months, according to experts.

Vural Oger of Oger Tours on an interview to Hurriyet has stated that the number of European holidaymakers is expected to increase as much as ten per cent this year and there is likely to be a significant increase in the number of German visitors possibly of about six per cent. As a result, demand for rental accommodation will increase and generate higher returns for property owners.

Rumi Dogay of the Pamucak Union of Tourism Investors Speaking to TurkishPress.com said that many holidaymakers in the continent opt to visit Turkey this year as many traditional European destinations are on the brink of an economic recession. As a result, Turkey is benefiting appreciably and is expected to attract a record number of holidaymakers in 2008.

TurkishPress.com reported that Turkey attracted more than 23 million foreign leisure travelers last year and it is likely to increase this year. The tourist sector has generated about £1.4 billion in the first 3 months of 2008. This has made Turkey more attractive to foreign property buyers and house prices are spiraling upwards.

Turkey was singled out by the Guardian as a good destination for British holidaymakers to consider because the pound has slumped to a record low against the euro.

Labels: Investment-property, Rentals, Travel

Turkey's tourist industry looks set to benefit from the poor weather in the Republic of Ireland as number of holiday bookings has increased this year.

Sunway Travel has revealed that increasing number of people from Ireland is looking to take holidays in the country this summer. The amount of bookings for trips to Turkey is about five per cent higher than at the same time last year.

Tanya Airey, managing director of the company, told the Sunday Business Post that this is mainly due to the warm climate of Turkey. The recent poor weather and memories of last summer's downpours has made many people chose to book last-minute holidays in order to escape from this year's poor weather. She further said that the various financial issues such as the rising cost of living are also failing to deter Irish consumers from taking a break overseas.

The weakness of the pound against the euro has made the financially-stretched Britons can still enjoy bargains and affordable prices in Turkey, as prices are much lower than those in places such as Spain and France.

The official figures from Turkish tourism ministry showed that between January and May 2008, the country attracted 7.3 million visitors which are 15 per cent higher than the amount recorded at the same point of 2007. The increase in the number of vacationers is likely to have positive impact on demand for temporary lodgings, allowing property investors to collect higher rental yields.

Labels: Holiday-property, Property-prices, Tourism