Turkey: Property Market Overview
by Dominic Whiting
Turkey has rapidly risen up the overseas property charts to become one of the top places for British buyers abroad.
In anticipation of the start of EU entry negotiations, British buyers flocked into the Turkish market eager to benefit from rising property values as the country moved towards accession. Encouraged by the affordability of Turkish property, with prices far lower than more established overseas markets like Spain, thousands took the plunge. Indeed, official statistics show that the British are the leading foreign purchasers, buying over 14,000 properties between July 2003 and the end of 2006.
Although negotiations with the EU have slowed, the reforms introduced to allow the start of membership talks have been hugely beneficial for the country. Economic growth and investor confidence is strong, with $2 billion invested in real estate from abroad last year. Total foreign investment is expected to double in 2007.
A 6-month ban on foreigners buying property in 2005, while the country's property legislation was re-drafted, along with worries about Bird Flu and the 2006 World Cup, put a temporary brake on the market. But the amended law, unveiled in January 2006, has no effect on the vast majority of people, who buy in resorts, towns or cities.
Despite significant increases in prices over the last 3 years, Turkish property remains comparatively cheap. With the recent introduction of mortgages for foreign buyers increasing finance options. It is still possible to pick-up budget apartments for less than £35,000; while at the top end of the market luxurious villas with stunning sea views are available for £275,000 - a lot less than you'd pay elsewhere in the Med! All in all, 2007 looks like being a buyer's market with an excellent choice of property available and some great deals.
Dominic Whiting is a journalist and the publisher of the Buying in Turkey property guide www.buyinginguides.info
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