Property in Turkey: Most Popular Places to Buy
http://www.eshariq.com/articles/28282/1/Property-in-Turkey-Most-Popular-Places-to-Buy/Page1.html
Steven Clarke
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Published on 10/15/2008
Turkey is fast becoming the new place for property investments Experts say that British interest in Turkey property has tripled over the past year
Turkey is fast becoming the new place for property investments. Experts say that British interest in Turkey property has tripled over the past year. And there is still a lot of room for those interested to purchase a piece of the market. Even in light of Turkey’s efforts to cap the amount of foreigners owning property in any particular area at 10%, there’s still a lot of property that can be snatched up by property investment hopefuls. Census reports report that there are approximately 77,000 foreign property holders in Turkey. With a population of 77 million, foreigners account for only .1%.
And how does Britain measure up with these numbers? To date, there are nearly 23,000 Brits who owns property in Turkey. This number is predicted to rise dramatically as Turkey takes its place as the next major holiday property hot market.
Turkey’s property market is predicted to show marked price increases of 10 to 15% over the next year. This means that all regions in Turkey may prove to be a great place to buy. However, most UK buyers are sticking to popular tourist destinations such s Aegean Coast and Alanya. But this trend is soon to change.
Thanks to the Turkish government who is investing heavily in infrastructure and tourist attractions, Turkey is developing new regions that are becoming more and more attractive to tourists. The government hopes to attract 10 million annual tourists by the year 2010. That’s twice as many than the current 5 million. New air routes and airport expansions are also planned to help accommodate the influx of tourists.
And these tourists will need a place to stay. So, where are the most popular places for investors to buy Turkish property? Take a look at the following:
• Bodrum – In Bodrum, the average two bedroom apartment can cost an investor anywhere from 35,000 to 90,000 pounds. This is one of the most popular tourist regions of Turkey. It is entirely possible to rent out an apartment to tourists for up to 300 pounds a week.
• Istanbul – Although pricier, properties in Istanbul are still a bargain. Studios cost about 40,000 pounds near the airport, and other homes are priced around 700 to 900 pounds per square meter. The close proximity to the airport of many developments in this area is expected to boost the value of these properties by 30% in a year’s time.
• Izmir – Izmir has always been a popular destination, but the lack of infrastructure has kept it from realizing its full potential. Properties can be snatched up here for a small investment, but values are expected to rise dramatically as infrastructure improves.
You should do your homework before you purchase any investment property. Track the market and learn how to predict which properties in which areas will bring the most profit. You should also take some time to create a sound investment plan. Include any and all plans for the property including how you will use it while you own it and when you plan to sell it.
And how does Britain measure up with these numbers? To date, there are nearly 23,000 Brits who owns property in Turkey. This number is predicted to rise dramatically as Turkey takes its place as the next major holiday property hot market.
Turkey’s property market is predicted to show marked price increases of 10 to 15% over the next year. This means that all regions in Turkey may prove to be a great place to buy. However, most UK buyers are sticking to popular tourist destinations such s Aegean Coast and Alanya. But this trend is soon to change.
Thanks to the Turkish government who is investing heavily in infrastructure and tourist attractions, Turkey is developing new regions that are becoming more and more attractive to tourists. The government hopes to attract 10 million annual tourists by the year 2010. That’s twice as many than the current 5 million. New air routes and airport expansions are also planned to help accommodate the influx of tourists.
And these tourists will need a place to stay. So, where are the most popular places for investors to buy Turkish property? Take a look at the following:
• Bodrum – In Bodrum, the average two bedroom apartment can cost an investor anywhere from 35,000 to 90,000 pounds. This is one of the most popular tourist regions of Turkey. It is entirely possible to rent out an apartment to tourists for up to 300 pounds a week.
• Istanbul – Although pricier, properties in Istanbul are still a bargain. Studios cost about 40,000 pounds near the airport, and other homes are priced around 700 to 900 pounds per square meter. The close proximity to the airport of many developments in this area is expected to boost the value of these properties by 30% in a year’s time.
• Izmir – Izmir has always been a popular destination, but the lack of infrastructure has kept it from realizing its full potential. Properties can be snatched up here for a small investment, but values are expected to rise dramatically as infrastructure improves.
You should do your homework before you purchase any investment property. Track the market and learn how to predict which properties in which areas will bring the most profit. You should also take some time to create a sound investment plan. Include any and all plans for the property including how you will use it while you own it and when you plan to sell it.