A land steeped in history and tradition, Turkey is an intoxicating blend of eastern and western culture. Characterised by its unique position straddling continental Europe and Asia, Turkey is defined by its friendly people, stunning scenery and superb climate. Attracted to the superb weather (Turkey averages around 300 days of sunshine each year) and stunning beaches, many overseas tourists have chosen to holiday in Turkey year after year. Indeed a large number of these visitors have now chosen to make Turkey their permanent home.
As in so many popular tourist destinations, there has been an increasing demand for property in Turkey in recent years, particularly within the popular tourist destinations such as Istanbul and the Mediterranean and Aegean resorts on the southern and western coasts. In fact, the real estate markets in many of these destinations have seen returns averaging 15 – 20% in recent years.
Despite its extensive history, real estate in turkey Turkey is still a developing market for the travel industry, and only in recent years have the low cost airlines started to open up the budget routes which have resulted in the considerable increases in tourist numbers. Such is the increase in tourist demand that a number of new airports, such as the one at Dalaman, have been opened in recent years, solely to cater for the increased levels of overseas visitors to the region.
The fact that the tourist industry is able to rely heavily on a high percentage of returning visitors is undoubtedly one of the key considerations for investors choosing to purchase property in Turkey. Such is the growth in tourism in the region, that today Turkey has become one of the most popular tourist destinations, with increasing numbers of visitors from the major Russian and European travel markets. Given the increasing cost of the traditional Euro zone destinations such as Spain and Italy, it is likely that this trend will continue for the foreseeable future.
At a federal level, the Turkish government has placed considerable emphasis on foreign direct investment, and efforts to limit the level of prohibitive legislation on overseas companies have undoubtedly started to yield benefits. This legislative drawback, coupled with substantial marketing programs overseas, has resulted in an increasing number of companies looking to relocate offices and staff to Turkey.
The fact that Turkey is still a developing market is still acknowledged within the prices in its real estate market, and today property in Turkey represents excellent value for money, both for investors and people looking for a second home. This lower price of real estate, coupled with the low cost of living and lower taxes ensure that investing in property in Turkey is an attractive long term proposition.