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Investing In Turkey Property Now Easier Than Ever

Jan 26, 2008
Over development is often the curse of Europe's most attractive destinations but Turkey has remained an exceptionally appealing option, according to one expert.

Turkey Andrea Kelleher, speaking on behalf of Anatolian Sky, said that building work in Turkey is generally undertaken in a sensible manner. With demand for Turkish properties soaring, haphazard construction could perhaps be expected, but Ms Kelleher suggests that investors can still find charming and traditional housing in Turkey's beautiful villages.

"There are many villages that retain their charm throughout Turkey. Akyaka and Kalkan have experienced some development recently and [will experience] more in the future but they certainly do retain their charm," she said.

Figures from Investors Provident suggest that there are now 12,000 British-owned properties in Turkey, largely because of the potential returns available to investors.

"The Turkish property market [has] learnt a valuable lesson from mass development in Marmaris," Ms Kelleher continued.

"As with any country it is balancing tourism, investment and growth. Investors want a return, ultimately. Off-plan projects offer a good return on an investment and this return can be in a relatively short period of time."

According to a separate report from Homesgofast, Turkey's appeal in the property market is largely driven by the country's success as a holiday destination. The firm's chief executive, Nicholas Marr, suggested that Altinkum, Bodrum, Fethiye and Dalaman are the current hotspots.

People are increasingly looking at buying property in Turkey, as it provides a very viable alternative to the already-saturated Spanish market, one expert has said.

Turkish market to boom as Spain saturates Natalie Nixon, a spokesperson for developer Nirvana International, says that favourable year-round temperatures and tourist-friendly government policies make Turkey the "perfect place to buy a property in the sun".

And homes on the Anatolian peninsula also offer very attractive value for money and a strong chance of capital appreciation, according to Ms Nixon.

"With the Spanish market becoming increasingly saturated, opportunities for a good investment are declining," Ms Nixon said.

In Istanbul, rents went up by 22.7 per cent over the last year, while residents in the regions including Kocaeli, Sakarya Düzce and Bolu saw their rents go up by 32.6 per cent.

"The Turkish government are investing heavily into their tourism market and coupled with good temperatures 12 months of the year, Turkey is becoming the perfect place to purchase a property in the sun, with the potential for a rental yield all year round."

She went on to say that Turkish properties still offer "superb value for money" - particularly when compared to "like for like properties in Spain and the Algarve".

"Our expectation is that properties in this area will appreciate by 75 - 100 per cent over the next five years," she added.

Significant restrictions are placed on developers looking to build on Turkey's coastlines, an expert has said.

Restrictions in place in Turkey Andrea Kelleher, overseas representative at Anatolian Sky, says that the development process in Turkey is subject to similar protocols as in the UK - meaning the property in Turkey's coastal towns should not be subject to the over-development seen in some other seaside locations.

"The local municipal place restrictions and there are building regulations on their areas such as height and distance between each development and type of developments," Ms Kelleher commented.

She went on to say that planning process for people considering building new properties in such locations is similar to as in Britain.

"In essence it is similar to the UK - you hire an architect, submit the plans and then the discussions take place as to regulations/restrictions. It [needs] to be complicated but of course as with any dealings with planning authorities there can be delays and costs involved."
About the Author
Turkey Property Select offers a comprehensive selection of overseas property in Turkey, Bodrum, Fethiye, Istanbul and Izmir. Other features include Turkey property news, members club and reviews of the latest Turkey property developments.
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