Turkey offers attractive investment opportunities to investors who wish to catch the start of a property market that is on the verge of explosive growth. Surviving the economic crash few years back, it has emerged stronger to resist the current phase of global economic slowdown. The property market of Turkey has evolved from providing cheap housing to urban population, to an ever increasing number of overseas investors wishing to invest in property for holiday lets. Turkey has recently started the process of gaining membership into European Union, and whilst this may be a lengthy process it will add significantly to the economy and to the property market in specific. The government has recently introduced new legislation to enable foreigners buy property in Turkey, and is endeavoring to make the real estate transactions more transparent and easy to transact. This has fuelled an unprecedented demand for Turkey properties, especially in the coastal areas. Majestic mountains, rivers, crystal clear seas with long sandy beaches are the main attractions of this splendid country. Long summers, relaxed lifestyle and a low cost of living have made it a preferred retirement destination for many Europeans. It has a huge population of wealthy middle class looking for affordable property. Officially, there is a shortage of more than 2.5 million houses in Turkey, therefore creating a large demand for re-sales of property which is ideal for the investor. Depending on location and quality of the property, Turkish properties can produce capital appreciation in the order of 25% to 30% per annum. By investing in solid projects in the best locations at the off plan stage, investors can buy at discounted rates and sell on prior to project completion. A short term investment of this type can reap significant benefits. Long-term investors looking to make some money along with owning a property can be assured of a rental yield of 5-10% in addition to a healthy appreciation of the investment. A massive growth of 13.1% of foreign visitors, mainly from Austria, France and Slovakia has aided the growing demand of real estate. There are certain areas where investments in properties have yielded better returns owing to domestic or foreign interest. Areas such as Bodrum, Western Mediterranean and in particular Istanbul have experienced significant returns. Properties in Gocek offer exotic sea and mountain views with easy access to historical sites and best beaches. Fethiye is surrounded by clear blue waters of the Mediterranean, dotted with restaurants, sports, entertainment facilities and exotic holiday destinations. Another area popular with Turkish as well as foreign investors are Bodrum Peninsula. Described as last of the affordable paradise on earth, it is just 35 km from international airport. Properties range from traditional Turkish homes to luxury villas and apartments. Recently with government initiative to develop tourism infrastructure, the area around Dalaman has emerged as a popular destination. Virgin mountains and beaches, spectacular countryside, golf courses and the international airport have added to the value of the property at Dalaman. In addition to these beach locations properties in major cities such as Istanbul are in very high demand. The Turkish government has taken initiatives to develop satellite districts around Istanbul. Satellite districts such as Beylikduzu, offer luxury lifestyles to the local middle classes in well-planned urban environments. These properties have emerged as lucrative investment options for investors in the Turkish property market.
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