Over the past three years the Turkish property market has been booming and many investors have been reaping the benefits.
Turkey property has now taken over Spain as the best value-for-money location to purchase property in Europe, according to Nirvana International.
Natalie Nixon, spokeswoman for the UK property developers, highlighted the wane of the Spanish property market as a haven for investors.
“With the Spanish market becoming increasingly saturated, residency in turkey by investment opportunities for a good investment are declining,” said Ms Nixon.
Tourists are primarily attracted by the coastal towns, but ancient ruins and the development of golf in Turkey, with the ongoing building of courses, was also a big pull factor.
Ms Nixon predicted that property in turkey could appreciate by as much as “75 to 100 per cent” in the next five years and investment in real estate could even treble from the £2 billion in 2006.
“Properties in Turkey still offer superb value for money, particularly if you compare like for like with properties in Spain and the Algarve,” concluded Ms Nixon.
Nirvana full predict that this positive trend will continue for the foreseeable future.
Homes Worldwide totally agree and has stated that Investment in Turkish real estate should double this year, according to British property and travel specialists Homes Worldwide.
Official figures put the number of British people owning property in Turkey at 17,000 – more than a 500 per cent increase on 2003.
The figure could go up three-fold from £2 billion last year, due to holiday-makers seeking homes and investors taking advantage of capital growth in the country’s property market.
Dominic Whiting, editor of the Buying in Turkey guide agreed with the healthy state of the Turkish property market.
“The affordability of Turkish property, with prices significantly lower than established markets such as Spain, is a major attraction,” was his analysis.
Many believe Turkey’s ambitions of EU membership have certainly helped woo foreign investors to buy property, and hope to reap the rewards of purchasing early.
Mr Whiting agreed with this notion and believed investors are encouraged by Turkey’s move to “greater integration with Europe”.
This Article was submitted by Luke Fitzsimmons on for Nirvana International an award winning UK developer of investment property on the Turkish Riviera, Alanya, Belek, Side, and Dalaman.