By European standards Turkey is a huge country, around half as large again as France. When it joins the EU in the next ten years or so, it will in fact become the largest member state. So when it began its application for membership last year, it witnessed a flurry of foreign investment, particularly from Dubai, which will help boost its already fast-improving infrastructure. Public funds are pouring into improving roads and airports and corporate investors are creating resorts, golf courses and other tourist facilities wherever they can.
These promise to be fascinating times, all this increased investment will stimulate the Turkish economy and given their relatively modest starting point, capital growth rates should fare very well, particularly along the Aegean and Mediterranean coasts where Brits are most likely to invest. Since the Turkish government opened up the housing market to foreigners, many British people have seen the potential for a fantastic return on their investments
Hence, the number of Britons owning property in Turkey recently jumped by more than 200 per cent in one 18-month period and what’s more it is now possible for foreigners to get a local mortgage. This will further encourage this ripening market and in addition to growing political optimism, buy to let investors are relishing a tourism boom.
A total of 21 million visitors came to Turkey in 2005, a massive 22% increase on 2004. This year the government’s target is 26 million, so anyone with an ounce of business sense will find no shortage of rental income.
The lion’s share of those 26 million will be visiting west and south coast resorts, which are becoming increasingly famous and fashionable. Even Dalaman airport hitherto synonymous with chaos and misery is getting a new terminal, three times larger than the old to cope with increased holiday traffic.
Given Turkey’s prospects for the years to come, investment is looking like the sensible thing and thanks to its size, it won’t run out of coastline for a while yet. Many of Turkeys popular tourist hotspots have seen a dramatic growth in the property market and none so more than Altinkum on the Aegean coast.
In the last 10 years, Altinkum has rapidly grown from a small fishing village into one of Turkeys top cosmopolitan resorts. The area has always been very popular with the British holidaymaker, hence the reason why so many Brits are investing and buying their dream holiday homes here.
The property prices have been growing at an average of 30% a year for the past 7 years and expect to keep rising due to the large demand from overseas investors.
At the moment prices in Altinkum and Akbuk are comparably low, compared to other well known holiday resorts in Turkey. But this is surely going to change, especially now that the local authorities in Didim have been given the go ahead to build a new marina just north of Altinkums main town centre and a customs control centre near to the present harbour to accommodate for the expected, additional tourists arriving on ferries from nearby greek islands.
So, If you are looking to buy a new holiday home abroad, these are just some of the reasons why you should consider investing in Altinkum or Akbuk.
These promise to be fascinating times, all this increased investment will stimulate the Turkish economy and given their relatively modest starting point, capital growth rates should fare very well, particularly along the Aegean and Mediterranean coasts where Brits are most likely to invest. Since the Turkish government opened up the housing market to foreigners, many British people have seen the potential for a fantastic return on their investments
Hence, the number of Britons owning property in Turkey recently jumped by more than 200 per cent in one 18-month period and what’s more it is now possible for foreigners to get a local mortgage. This will further encourage this ripening market and in addition to growing political optimism, buy to let investors are relishing a tourism boom.
A total of 21 million visitors came to Turkey in 2005, a massive 22% increase on 2004. This year the government’s target is 26 million, so anyone with an ounce of business sense will find no shortage of rental income.
The lion’s share of those 26 million will be visiting west and south coast resorts, which are becoming increasingly famous and fashionable. Even Dalaman airport hitherto synonymous with chaos and misery is getting a new terminal, three times larger than the old to cope with increased holiday traffic.
Given Turkey’s prospects for the years to come, investment is looking like the sensible thing and thanks to its size, it won’t run out of coastline for a while yet. Many of Turkeys popular tourist hotspots have seen a dramatic growth in the property market and none so more than Altinkum on the Aegean coast.
In the last 10 years, Altinkum has rapidly grown from a small fishing village into one of Turkeys top cosmopolitan resorts. The area has always been very popular with the British holidaymaker, hence the reason why so many Brits are investing and buying their dream holiday homes here.
The property prices have been growing at an average of 30% a year for the past 7 years and expect to keep rising due to the large demand from overseas investors.
At the moment prices in Altinkum and Akbuk are comparably low, compared to other well known holiday resorts in Turkey. But this is surely going to change, especially now that the local authorities in Didim have been given the go ahead to build a new marina just north of Altinkums main town centre and a customs control centre near to the present harbour to accommodate for the expected, additional tourists arriving on ferries from nearby greek islands.
So, If you are looking to buy a new holiday home abroad, these are just some of the reasons why you should consider investing in Altinkum or Akbuk.
The Property Market in Turkey
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