2009 may be year of property in Turkey
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Şubat 17, 2009 00:00
ISTANBUL - On the overseas property investment radar, Turkey is still an emerging signal and the temporary suspension of the Title Deed Act last year gave many investors the wrong signs, according to Obeliks Investment Property.
But 2009 looks set to be the year when Turkey firmly establishes itself as a strong green light on the radar screen, says the same source.
Turkey’s attractions are myriad, although the pleasant climate at its beach resorts tops the list. Turkey’s winters might not be as warm as those enjoyed by its tourism competitor, Egypt, but the Turkish summer season is long and considerably cooler than summers in Egypt.
Investment properties in Turkey have increased with the popularity of Turkey as a tourist destination. Perhaps the most common investors are planning a lifestyle change or looking for a buy-to-rent property on Turkey’s coastline. Barely touched by the concrete that lines a lot of the French, Greek and Spanish seashores, many of Turkey’s resorts are virtually unspoiled. In Turkey, beautiful coastlines are a given.
Investments in buy-to-rent properties have received a welcome boost from Turkey’s tourism statistics. Visitor figures for the first 10 months of 2008 rose by a massive 13.1 percent Ğ proof that Turkey’s attractions continue to draw crowds even when the credit crunch is biting hard. Turkey experienced a spectacular increase in visitors from Austria, France and Slovakia, up between 26 and 31 percent. These figures prove that the government’s "Euro 25" long-term strategy for boosting tourism from EU countries is bearing fruit.
As well as booming tourism, the Turkish market is also showing promising signs for the resale market. Turkey currently has a huge housing shortage caused mainly by the population growth in the cities. While the country’s total population is growing at a rate of 1.4 percent annually, it grows at 4 percent a year in Western and Southern cities, which are popular with migrant workers flocking to urban centers from rural areas. Experts cite the Turkish housing shortage at between 2.5 million and 5 million units. And some developers estimate up to 50 percent of older housing in cities needs extensive renovation or reconstruction in order to bring it up to modern standards.
Turkey’s attractions are myriad, although the pleasant climate at its beach resorts tops the list. Turkey’s winters might not be as warm as those enjoyed by its tourism competitor, Egypt, but the Turkish summer season is long and considerably cooler than summers in Egypt.
Investment properties in Turkey have increased with the popularity of Turkey as a tourist destination. Perhaps the most common investors are planning a lifestyle change or looking for a buy-to-rent property on Turkey’s coastline. Barely touched by the concrete that lines a lot of the French, Greek and Spanish seashores, many of Turkey’s resorts are virtually unspoiled. In Turkey, beautiful coastlines are a given.
Investments in buy-to-rent properties have received a welcome boost from Turkey’s tourism statistics. Visitor figures for the first 10 months of 2008 rose by a massive 13.1 percent Ğ proof that Turkey’s attractions continue to draw crowds even when the credit crunch is biting hard. Turkey experienced a spectacular increase in visitors from Austria, France and Slovakia, up between 26 and 31 percent. These figures prove that the government’s "Euro 25" long-term strategy for boosting tourism from EU countries is bearing fruit.
As well as booming tourism, the Turkish market is also showing promising signs for the resale market. Turkey currently has a huge housing shortage caused mainly by the population growth in the cities. While the country’s total population is growing at a rate of 1.4 percent annually, it grows at 4 percent a year in Western and Southern cities, which are popular with migrant workers flocking to urban centers from rural areas. Experts cite the Turkish housing shortage at between 2.5 million and 5 million units. And some developers estimate up to 50 percent of older housing in cities needs extensive renovation or reconstruction in order to bring it up to modern standards.