2018 has seen the real estate sector flourish and it’s a positive step forward in the Turkish property market. It looks like 2019 is going to be another good year and ripples are moving throughout Turkey and the property world. Where are the favourite locations? Istanbul is amongst one of the hot spots and is a firm favourite especially with property investors. This commercial hub is popular with business men and women and with buyers who are looking for a holiday home within a vibrant city.
Another plus and probably the biggest turn around in the property market in Turkey, is the new proposal for Turkish citizenship by investing in Turkish real estate. The initial investment was a cool $1 million up until September of this year when the government announced a drop to a mere $250,000 – was it well received? It was indeed by investors, real estate companies and the building sector. This move has seen Turkey bounce into the number one spot for citizenship for foreigners giving investors a much sought after second passport.
We should see a surge in properties being built throughout Turkey to cater for investors from across the world. Often buyers from the UK and Europe buy in the resorts such as Antalya, Alanya, Bodrum, Fethiye and Kalkan. Buyers from the Middle East often purchase property in Istanbul, Bursa and Izmit. It really depends on what you are looking for. If you are looking for a rental investment you could choose almost any one of the areas mentioned. In 2017 Turkey began to recover from the drop in tourists visiting Turkey, due to the failed attempted coup in 2016 and due to terrorism that shook the world globally. Many holiday makers chose to stay at home unsure of where in the world was safe to go.
In 2017 Turkey received 32.4 million foreign tourists and the number for 2018 is set to be higher by the end of the year. This means if you are buying to give your property for rent it’s a growing market. In the summer of 2018 most of the hotels in the resorts and Istanbul were announcing full occupancy and apartments and villas that are given for rentals were all let out. One of the maim lures was the all time low of the Turkish Lira which meant visitors from the UK especially were getting a superb exchange rate.
This gave them extra spending power and we saw prices rise in the restaurants and bars however the holiday makers where happy to pay.
There is another reason why the Turkish real estate is thriving; it’s the affordability of property in Turkey. Yes if you have $250,000 to spare you can bag yourself a lovely property and Turkish citizenship but if you haven’t you can buy a delightful 2 bedroom apartment on a complex in a popular resort from under £38,000 and if that isn’t a bargain I don’t know what is!
Turkey offers holiday homes for great prices and as Turkey has international airports close to most resorts it is the perfect place to visit often. It is only a 4 hour flight from the UK and with 300 days of sunshine per year it means you can visit anytime.
If you are considering buying a holiday home abroad, do think about Turkey, if you have never discovered its delights (no pun intended) you may very well be surprised as to all it has to offer. There are beautifully presented properties on well kept complexes offering a range of facilities appeal to lots of holiday home buyers. Apartments usually have 1 or 2 bedrooms, duplex apartments have from 3 beds plus and penthouses from 4 bedrooms. These types of apartments are ideal for families as they can take holidays that don’t cost the earth or groups of friends who can buy an apartment together for a small sum of money from around £10,000 each.
2018 saw a rise in villas being built with more buyers opting to buy a spacious villa set in its grounds with a private swimming pool. Again families came together to buy and so did friends. This is a super investment splitting the cost of the price and the bills. It means extra holidays throughout the year instead of the one family summer holiday. 2018 has been a very good year for tourism and real estate in Turkey and everyone is looking forward to a bumper 2019. Hopefully we will see you in beautiful Turkey!