You don’t have to read a lot about overseas property to know that property in Turkey is currently one of the hottest choices on the international market. It has gone from being a fringe market, with people buying holiday homes in Turkey after discovering the country through the emerging tourist trade, to being one of the strongest overseas property investment prospects in Europe.
Property in Istanbul
Property in Istanbul is a prime example of the new Turkey. Istanbul has always been a top choice with foreign buyers, but again previously the main market was holiday home investors who bought to rent out to the growing tourism market. Right now Turkey has one of the fastest growing economies in the world, there are significant migrations of people from rural areas to take up jobs in emerging industries in the cities like Istanbul.
The combination of its rapidly growing population (estimated to go from the current 12.7 million to 15 million by 2015) and the growing affluence of the population is causing incredible demand for property to buy and rent. And this is on top of it still being one of the top tourist attractions in Turkey. This gives Istanbul property investment the best of both worlds, with some investors choosing to build a buy to let portfolio in the city, which they let on a residential basis, and others following the tried and tested holiday home investment approach.
Other Hotspots – Alanya, Fethiye, Dalaman, Bodrum and more
While Istanbul maybe the jewel in the Turkish property crown and is currently increasing growing residential investment, the tourism fuelled holiday home investment potential is still huge across Turkey. Tourism to Turkey continued to grow throughout the financial crisis, and has since seen its growth accelerate. In fact, last year saw Turkey cross the 30 million threshold, a target set for 2010 during the boom years. This was up from 28.63 million tourists in 2010.
Bodrum is the third fastest growing destination in Turkey going by airport figures, with passenger numbers up 23.6% in 2011. Dalaman is not far behind at 20.8% and this is as a result of growing tourism demand for Dalaman, Fethiye and places like Olu Deniz. Alanya’s closest airport is Antalya, but that is slowly changing as Gazipasa airport, which officially opened last year takes on more and more international flights.
All in all it couldn’t be a better time to buy a holiday home or investment property in Turkey.Turkish property Prices are still comparatively low compared to other destinations, and with tourism growth so strong this gives way to continually strong rental yields, year in year out.
Want to learn more about Turkish property or begin browsing for your dream property in Turkey? Use the links to the right to get started!