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Turkısh Rıvıera: What Makes It An Attractive Real Estate Investment Opportunity?

Feb 6, 2008
Standing between the Eastern and Western tradition, Turkey is today one of the hotspots of Europe. The Turkish Riviera, also known as "The Turquoise Coast", encompasses thousands of kilometers of shoreline, crystal clear waters, and it is literally strewn with ancient cities, harbors, memorial tombs, beaches, little coves, lush forests and streams.

Purchasing properties located somewhere along the Turkish Riviera is becoming an increasingly profitable business with more and more home owners and real estate investors coming from around the globe. The combination of a favorable climate, warm sea, the hospitality of Turkish People, and abundant natural and archeological points of interest makes this stretch of Turkey's coastline a popular destination.

One of the most important cities of the Turkish Riviera, Marmaris, which is on track to becoming one of the top performing European real estate markets. Marmaris real estate offices are selling all kinds of property, including villas, apartments and houses, in addition to commercial properties and extensive land areas. The sea and sun, nature and history, along with several top level marinas make Marmaris property appealing to jet-to-let investors, tourists, and sailing lovers.

But still, what makes Marmaris real estate market such a potential money spinning investment? The short answer contains several keywords: price and liberal legal framework on top and above the setting, beauty, and climate.

The town of Marmaris is located at the meeting place of the Aegean Sea and the Mediterranean Sea , a harbour surrounded by pine-clad hills. It is Turkey's most sophisticated and multi-faceted holiday resort (see http://www.elpasotravel.net/mar/mares.htm for more information). This makes Marmaris real estate an inviting world of hotels and apartments for leisure and business visitors. Marmaris has its own charm and an exceptional natural beauty, even though its traditional architecture has been less vividly preserved when compared to other coastal towns. In addition, Marmaris is a very popular wintering location for hundreds of cruising boaters and tourists, also providing regular blue cruise tours, yacht charters combined with the Greek islands, diving tours and daily tours to archeological sites.In addition to all travel services there are also ferry services from Marmaris to the Greek island of Rhodes.

Considering the natural beauty of the city location, it goes without saying that yachting and the tourism industry is the main source of income for Marmaris. In short, we can say that Marmaris has become "the Sailing Holiday Center of Turkey".

As is usually the case, tourism goes hand in hand with a flourishing real estate industry, and Marmaris real estate market is no exception. There are all sorts of Marmaris properties available, either for sale or for rent, from gorgeous villas, stone cottages to city central complexes of sunny duplex apartments. Investors are keen to get the opportunity to purchase prime development land overlooking beautiful picturesque areas, such as Orhaniye Bay, where even the famous Roman Abramovic recently decided to invest.

After starting talks with the EU, Turkey experienced economic growth, which particularly kick-started a boom in Marmaris property prices. Even so, the Marmaris real estate market is comparatively much cheaper than housing markets in Spain, France, the US and Italy, all of which were formerly much preferred by jet-to-let investors.

The option to "live and let" is certainly alluring to a lot of people, thanks to the binary possibility offered: use the property for some of the year yourself and let it out for the rest. That makes Marmaris property such a good investment.

The foreign purchase of Marmaris real estate is widely supported by the Turkish government. The principles governing the purchase of property by non-Turkish individuals or companies, established back in 1934 through the Property Law, were last amended in January 2006, bringing notable changes especially with regard to size limitations. Essentially, the Property Law is predicated on a reciprocity clause, allowing foreigners to buy properties only within municipality and no more than 25,000 sqm of land, constructed or not. For bigger land surfaces, the special consent of the Turkish Council of Ministers is required, which authorised to increase the limit up to 300,000 sqm per person provided that the foreign national ownership of real estate does not exceed 5/1000 of land in any designated province.

Therefore, with such an investor-friendly governmental policy, it is easy to see why more and more foreign investors have entered the Marmaris real estate market.
About the Author
Gurhan Ebren is a former naval officer and currently the proprietor of El Paso Travel, a Marmaris based agency specializing in yachting and sailing holidays and vacations along the Turkish Riviera. You can find out more about these sailing opportunities at http://www.elpasotravel.net/yacht.htm
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