Nicholas Marr
Turkish property some hard facts
Turkish property is an attraction for the overseas property
buyer owing to the outstanding value for money that
property in Turkey offers. In a relatively short time
overseas buyers have made their mark on the Turkish
property market. Overseas property investors sometimes find
it hard to put these facts into perspective and I have
undergone some research to show Turkish property buyers and
investors the extent of the Turkish property market.
There are approximately 63,500 properties in Turkey that
are owned by foreigners. A majority of these properties are
either in resort areas along the coast or the major cities.
The number one place for foreigners to purchase property is
the resort town of Antalya along the Mediterranean Coast
with 14,610 pieces of property owned by foreigners.
Istanbul, the country's largest city and a major business
center, is second with 10,695. The Aegean resorts of Mugla,
8,251, Aydin, 5,839, and Izmir, with 4,572, round out the
areas that have the largest number of foreign property
investors and/or owners.
Nearly half of these property owners come from Germany and
Britain. Both of these countries have in the neighborhood
of 15,000 foreign owners of property in Turkey.
Turkey has been a good place to buy for foreign property
owners in recent years, and it looks as if that trend will
continue for the next few years at least. Turkey's real
estate has been traditionally undervalued and this has led
to increased foreign purchases. Property values have
appreciated significantly in the 21st Century, often in the
double digits year over year. While this trend seems to be
slowing somewhat, there should still be a considerable
amount of appreciation in values in the years to come.
Turkish real estate remains a good investment for a number
of reasons. Over the past few years the country has enacted
a number of laws that make it easier for foreign purchasers
to acquire land in Turkey. Foreign mortgages have also been
easier to obtain, and a comprehensive mortgage bill that
looks to be passed in parliament soon should help even more.
Turkey currently has an overall housing shortage and over
half the population is under the age of 25. Both of these
facts indicate that housing will be in strong demand for
many years to come. The government has also committed to
improving infrastructure throughout the country, which
will, in addition to helping the citizens, increase tourism.
Demand for Turkish property has seen prices rising too
quickly for investors to feel that capital gains are just
around the corner. However recent trends show property
prices in Antalya Turkey slowing and even dropping.
Property sales virtually came to a halt in 2006 because of
high prices, Oguz said in a report from the Anatolia News
Agency. For those overseas investors who want to purchase
property in Antalya and the surrounding area, this is great
news, as the falling prices are making it a reasonable
place to invest once again. Over the long term, as more
travelers seek to take advantage of its ideal location,
property in Antalya should continue to be a good investment.
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Nicholas Marr is a lifetime property investor and CEO of
Marr International Ltd a UK based property marketing
company that is responsible for one of the worlds leading
overseas property portals
