Real Estate & Other News in Turkey from Propertyshowrooms.com

Foreign buyers 'target Turkish resorts'

Fri, 18 Nov 2011 00:00:00 GMT

Foreign owners of property in Turkey tend to buy homes in the country's large resort cities, new data shows.

The Anatolia News Agency published figures released by the Land Registry Directorate General, which revealed that 113,687 immovable properties in the nation are owned by those from overseas.

According to the research, destinations such as Antalya, Mugla and Aydin are among the most popular locations among this demographic.

Meanwhile, Istanbul and Bursa also attract their fair share of foreigners who are interested in purchasing real estate in Turkey.

Brits, Greeks and Germans hold the most homes in the country, the statistics show, with UK citizens the most active in the Turkish property sector.

Earlier this month, director of Conti Clare Nessling wrote in an article for Mortgage Strategy that Turkey is "one of the biggest hotspots" for buyers from Britain.

She noted that "great property prices" can be found in the country, while the growing tourism industry means good rental returns can also be achieved.

Will Erdogan Get Third Term?

Thu, 2 Jun 2011 00:00:00 GMT

The Turkish general election will be held on June 12th and the question on everyone's lips is, will Prime Minister Recep Tayyip Erdogan win the vote for a record third term in office at the head of the AK (Freedom and Justice) Party?

The consensus of opinion is that a third term for the AK Party is all but a foregone conclusion, because of the growth and prosperity they have brought to the country.

The Turkish people elected the AK Party in anger at previous party's inability to break the violent boom bust cycle or even to quell runaway inflation, and at the massive level of corruption lying mainly in the link between government and the military, which would see "sweet deals" going to the sons and brothers of high ranking military officials.

The AK Party was elected during Turkey's latest bust, but the word bust doesn't really do justice to just how bad the crash was, which crippled the banking system and the entire economy.

It is hard to miss the fact that the election of the AK Party is a pretty big turning point in Turkey's modern-era history.

The AK Party was elected on the promise to end corruption, military interference and economic instability. Over the last 8 years, the AK party have been delivering on this:

Reducing military involvement in governance:

Since taking office the AK Party has enacted many policies that have gradually reduced the militaries involvement in and control over the governance of Turkey, culminating in the Constitutional Reform Bill, which will eventually bring the military under the control of civil courts for the first time in Turkish history. This could have an impact on Turkey property purchases, as military approval must currently be sought for every foreign purchase.

Turning the economy around:

Reforms made to the banking sector in 2002 and since -- including increasing the levels of reserves held by the banks -- are one of the main reasons why Turkish banks survived the financial crisis largely unscathed, although the immature mortgage market is also a factor.

Paying down public debt:

Between 2002 and 2009 the AK Party reduced Turkish public debt from 74% of GDP to 39% of GDP and reduced debt to the IMF from $23.5 billion to $7 billion, which allowed them to come out of the IMF support program and stand on their own two feet in 2009. This is particularly significant given that both Ireland and Greece have since been forced to ask for IMF assistance.

Reducing Inflation and Budget Deficit:

In 2010 inflation in Turkey stood at 6.4%, a 41 year low. The budget deficit also came down to around 2%.

Above and Beyond with Soaring Growth

The Turkish economy grew 8.9% in 2010 and is expected to grow by over 6% this year. One of the main problems now being faced is the widening trade gap as soaring domestic demand fuels soaring imports well above what Turkey is currently exporting.

However, the AK Party has enacted a foreign policy of zero-problems with neighbouring countries, and has gone to great lengths to increase Turkey's trade ties with a multitude of countries. These efforts have started bearing real fruit this year, as Turkish exports grew by 25% in April reaching a new monthly record.

Falling Unemployment

According to the CIA World Factbook, unemployment stood at 14.1% in 2009. The Organisation for Economic Cooperation and Development said this fell to 11.7% in 2010, and expects it to fall further to 10.6% this year and 10.4% next year.

What's Not to Like?

There are fears among some analysts that the economy may be overheating, but the level of this seems to be directly proportionate to confidence and faith in Erdogan and the government's ability to manage the economy. As this is currently running at an all time high in Turkey, it is likely that these fears will barely come into play, leaving the public to focus on what sure is a lot of positives. Thereby leaving us to gesticulate that indeed, it is highly likely that Erdogan and the AK Party will be reelected for a third term.

Article written by Aydin Cakir - Director of New Home in Turkey. Antalya property agency offering properties across Turkey.

Turkish real estate becoming more transparent

Sat, 25 Sep 2010 00:00:00 GMT

Turkey is leading the way in terms of real estate market transparency, a new report has claimed.

The news is likely to further add to the destination's desirability as an investment option, with strong economic growth and a robust housing market already helping to attract buyers.

According to a report by Jones Lang LaSalle and LaSalle Investment Management, Turkey is the most improved country in terms of real estate transparency for 2010.

Indeed, Turkey has been making its ascent up the table for the past two years, climbing a total of 27 spots and improving more than any of the other 81 countries on the list.

Alan Robertson, managing director of Jones Lang LaSalle in Turkey, said there are a number of causes for the improvement of Turkey's status.

These include a strong commitment by the Turkish government to improving the business environment and the introduction of a number of private initiatives aimed at improving real property data

Mr Robertson added his belief that the trend will continue, making Turkey more attractive to foreign investors, those looking at Antalya real estate listings will be pleased to hear.

Turkey to host paragliding festival

Fri, 19 Sep 2008 00:00:00 GMT

Turkey will play host to a major paragliding festival in the seaside resort of Oludeniz, it has been reported.

The ninth Oludeniz Air Festival will take place between October 15th and 19th this year, reports Travel Video TV.

During the festival, around 35,000 paragliders will descend on the town, located in the Fethiye region, with the competitive field numbering around 160 from 40 different countries.

The report adds that Oludeniz has timed the festival to extend its tourism season, with plenty of beach activities for those who do not want to paraglide.

Such a development may offer new opportunities for those keen on investing in Turkish property, particularly waterside and beachfront real estate.

A large proportion of Britons who are buying in Turkey are moving permanently for retirement purposes, it has been stated.

Editor of Buying in Turkey Dominic Whiting told Citywire a third of the 23,000 UK citizens who own property in the country are resident retirees.

Property in Turkey bought by Liverpool comic

Fri, 15 Aug 2008 00:00:00 GMT

Comedian Ricky Tomlinson has spoken positively of his decision to purchase two holiday homes in Turkey.

The Liverpudlian star of The Royle Family recently bought houses in the resort of Altinkum, along the country's west coast.

Speaking to the Liverpool Echo, he said he was drawn to Turkey by a number of factors, such as its good weather and relatively low property values.

Tomlinson commented: "I think it is great that people can still aspire to buy property in Turkey at such affordable prices."

He stated that the Altinkum area has a "fantastic" culture, while people have a very positive attitude towards their lives.

The Scouse comic added that he hopes the region will become his second home.

This comes after Shelter Offshore said that now would be a good time to buy a property in Turkey.

According to the website, current market conditions "could not be better".

Visit our off-plan property Turkey page

Property in Turkey bought by Liverpool comic

Fri, 15 Aug 2008 00:00:00 GMT

Turkey attracts more interest from Britons

Fri, 1 Aug 2008 00:00:00 GMT

Holidaymakers in the UK are increasingly showing interest in visiting Turkey, it has been revealed.

According to Cheapflights.co.uk, economic factors such as the strong euro are putting people off taking breaks to traditional hotspots such as Spain.

As a result, more people are searching for cheaper alternatives which do not use the single European currency and offer more favourable exchange rates.

Turkey was found to be attracting considerable attention from money-conscious holidaymakers, in particular the Dalaman area.

The website stated that in the last year, the number of people viewing information on this region online has gone up by 17.5 per cent.

Commenting on this development, Chris Cuddy of Cheapflights.co.uk said: "A definite trend appears to be emerging for alternative vacation destinations."

This backs up the findings of the Association of British Travel Agents, which recently found that the number of bookings for Turkey has risen by 20 per cent on a year-by-year basis.

Strong euro fuels interest in Turkey

Wed, 30 Jul 2008 00:00:00 GMT

A British airport has revealed that current economic conditions are driving a surge in demand for flights to Turkey.

According to East Midlands Airport (EMA), services to places such as Dalaman have proved to be very popular with consumers in recent months.

This has been mainly attributed to the fact that Turkey offers more favourable exchange rates than many other European countries.

Indeed, figures indicated that in the last year, there has been a 17 per cent increase in the number of people flying to destinations outside the EU.

Since the pound has recently slumped to all-time low against the euro, this could because people want to get more for their money in other places.

EMA commented: "More and more holidaymakers are choosing to jet abroad to more value-for-money destinations outside the eurozone, such as Dalaman in Turkey."

According to the Association of British Travel Agents, the European country has become one of the main hotspots for holidaymakers from the UK this summer.

In fact, figures show that the number of bookings has risen by 20 per cent on a year-by-year basis.

Turkey 'offers alternative to Spain'

Mon, 12 May 2008 00:00:00 GMT

Overseas property owners who cannot afford a residence in Spain could find Turkey a good alternative, according to a newspaper.

The Daily Mail said the European country offers a number of attractions, including good weather and a pleasant rural environment.

However, the publication added that it could be prove to a better value destination than many comparable Mediterranean nations.

This is because the pound recently fell to a record low against the strong euro, thereby making places such as Spain and Italy relatively expensive.

By contrast, Turkey is not in the eurozone and offers much more favourable exchange rates with the UK.

The Daily Mail commented: "Turkey is a genuine alternative to Spain - you get more for your pound than you do with the euro."

This comes after Business Week stated that property in Turkey is also much cheaper than those in other Mediterranean locations such as Spain or Italy.

Turkey offers bargain properties

Tue, 29 Apr 2008 00:00:00 GMT

Property analysts have highlighted the differences between property values in the UK and Turkey.

According to A Place in the Sun Live, British buyers will be required to spent about £300,000 on a typical apartment in London.

However, this "wallet-wincing" sum could be used to secure three much larger properties in prime Turkish locations.

The group said a two-bedroom apartment in Bodrum can be purchased for about £64,000, while a further £220,000 and £20,000 will snap up a villa in Dalaman and a studio in Altinkum respectively.

These three properties, which are all located close to the coast, are collectively worth the same amount as one flat in the British capital.

A Place in the Sun Live commented: "Rather than stretch their finances to afford this kind of property, Londoners can get more for their hard-earned money abroad."

This comes after Business Week stated that property values in Turkey are also much cheaper than those in other Mediterranean locations such as Spain or Italy.

Sales of Turkish property to foreigners halted

Thu, 17 Apr 2008 00:00:00 GMT

Within the last 48 hours the Turkish government has declared a temporary ban on property sale to foreigners. This comes shortly after a freeze on sales to foreign companies.

Turkish newspaper Hürriyet stated that a letter was sent to all land registry offices in Turkey declaring an end to all foreign property sales.

Turkey has seen the purchase of some 63,000 properties by foreigners in recent times from numerous nationalities worldwide.

This will only effect the purchase of property from here on, sales underway at present with ownership papers or currently owned are not said to be affected. The ruling is said to be reviewed later in mid June this year.

The region of Istanbul has seen the periodical imposing of a ban like this many times in recent years, although purchases have been possible through Turkish owned companies in the area.

If you would like to discuss the implications of this move by the Turkish government further with others that are affected, please visit our Turkish forum and take part in our online poll.

Turkey praised by British expats

Wed, 16 Apr 2008 00:00:00 GMT

A retired couple from the UK have highlighted the lifestyle benefits of living in another country.

David and Rosemary Nigbur decided that they wished to spend their retirement overseas and considered moving to Greece, reports the Sun.

However, the couple told the newspaper that they considered the country too expensive for their needs, as prices had "shot up" following its entry into the European Union.

They eventually decided to look at other possible alternatives along the Mediterranean coastline and finally opted to set up home in Turkey.

Commenting on the move, Mrs Nigbur said: "It was never going to be completely easy relocating to another country but we are very, very happy."

She added that Turkey is a "stunning" place to live which offers affordable living costs.

Earlier this week, Business Week stated that house price in Turkey are likely to go up by more than 12 per cent this year.

Southern Europe attracts retirees

Fri, 11 Apr 2008 00:00:00 GMT

Older people who wish to spend their retirement abroad are mainly favouring southern European countries, according to an expert.

Allan Williams of London Metropolitan University stated that the region is popular because it has a very mild climate, reports Today's Zaman.

However, he said retirees also take various other issues into account when deciding where they would like to live, such as the lifestyle, culture and quality of the infrastructure.

Mr Williams added that although Spain is currently the most popular destination for older expatriates, property in Turkey is attracting more and more people.

He commented: "When we look at 2008 it is easy to say there will be busy migration traffic of the retired and that Turkey will host a considerable amount of this traffic."

Mr Williams has tipped Antalya to be a major hotspot for retirees in future years.

This comes after a poll of expatriates by NatWest revealed that the vast majority believe they are financially better off now that they live abroad.

Airline opens up Turkish market

Tue, 8 Apr 2008 00:00:00 GMT

The introduction of new flights to Turkey could be set to boost its property market, according to the Foreign Property Buyer website.

Low-cost airline easyJet has just begun operating direct flights to Dalaman from London Gatwick Airport.

This represents a significant improvement to the accessibility of the region to consumers based in the UK, potentially boosting tourism in the region.

Growth in the local tourism industry will be good news for property investors as it means rental property in Dalaman will attract high demand.

Furthermore, the affordability and frequent flights offered by easyJet may make it a tempting location for people who want to purchase a holiday home overseas.

Commenting on the region, Foreign Property Buyer said: "Both property prices and rental prices are expected to grow in the area."

The Turkish government is currently aiming to increase the annual number of foreign arrivals from 23 million to 50 million in the next 15 years.

Tourism official calls for more flights to Turkey

Wed, 13 Feb 2008 00:00:00 GMT

Turkey needs to be more easily accessible by air, according to one of the country's tourist officials.

Timur Bayindir of the Turkish Hoteliers' Association (TUROB) told Today's Zaman that more flights were needed to boost the tourist and property investment sectors.

However, he said the holiday industry was performing well despite these issues and achieved "extraordinarily good" results that year.

This has prompted Mr Bayinder, chairman of TUROB, to predict that further growth will be seen during 2008.

He commented: "We look back on a very strong performance in 2007 and expect an even more successful coming year."

The remarks come after British Midland Airways (bmi) revealed that it has more competition in Turkey that in other location it services.

Gail Holden, commercial development manager at bmi, told the Turkish Daily News that the level of the competition was the biggest challenge it was currently facing.

Sweden backs Turkey's EU bid

Wed, 5 Dec 2007 00:00:00 GMT

Sweden is in favour of Turkey joining the European Union, according to a diplomat.

Christer Asp, the Swedish ambassador to the country, urged the country to continue with its bid to become a member of the international group, even though some people were against it.

He compared the current situation to that faced by Sweden when it made moves to join the EU, as it also faced opposition from some quarters.

However, he stated that it successfully managed to overcome these objections and be admitted.

Mr Asp added that other member states would directly benefit from closer relations with the country.

He commented: "Turkey must continue its EU process.

"Turkish membership in the EU will present an advantage for other countries as well."

The country's bid to join the organisation has also been publicly supported by figures from the British government, including prime minister Gordon Brown and foreign secretary David Miliband.

Turkey sees increase in visitor numbers

Wed, 21 Nov 2007 00:00:00 GMT

The tourist market in Turkey is continuing to expand, according to new data.

Reuters cited data from the Turkish Statistics Institute showing that during the 12 months to October 2007, there was a 25.6 per cent increase in visitor numbers.

Figures showing the popularity of the country during the year to date also displayed a surge in its popularity.

Between January and October this year, tourist numbers rose by almost a fifth on the same period a year earlier, reaching a total of 21.1 million.

The sector was also found to have been highly lucrative for the country's economy, with the amount of revenue it generated rising by 8.6 per cent in the last year.

According to culture and tourism minister Ertugrul Gunay, the government is planning to increase the amount it spends on promoting Turkey to prospective visitors overseas.

Earlier this week, he told the Turkish Daily News that it had set itself the target of boosting tourist numbers from 20 million this year to 25 million in 2008.

Turkish government announces new marketing drive

Fri, 16 Nov 2007 00:00:00 GMT

A new promotional campaign designed to attract more visitors to Turkey is to be launched, according to a media report.

The Turkish Daily News stated that the government had set itself the target of boosting tourist numbers from 20 million this year to 25 million in 2008.

Approximately £73 million is to be invested in the marketing drive in order to help it achieve this goal.

Commenting on the move, culture and tourism minister Ertugrul Gunay said he wanted to raise awareness of the country's other attractions, beyond its good beaches and sunshine.

He added: "That is why we give priority to 'four seasons, 12 months' tourism campaigns."

The success of the initiative will be likely to have a number of knock-on effects, such as growth of the economy and areas including the service sector.

In addition, Turkey will be likely to attract more attention from foreign property buyers if its tourist industry experiences a fast rate of growth.

The country's popularity with holidaymakers was recently cited as a reason behind its growing appeal among overseas property investors by BuyAssociation.

Turkey set to attract more visitors

Thu, 8 Nov 2007 00:00:00 GMT

The number of foreign arrivals in Turkey could be set to increase next year, an official has predicted.

Zeki Sanal, governor of Sinop, stated that the city's airport was due to reopen in 2008 after being out of action for five years.

Speaking to the Dogan News Agency, he said the facility would contribute positively to tourism in the area and prove to be beneficial for the local economy as well.

Mr Sanal commented: "The renovation process is continuing. It will be completed within a short time."

He added that the airport would be very important to the region, as economic development was one of his biggest priorities.

The resulting increase in visitor numbers could also lead overseas property investors to consider Sinop as a viable market, since there will be greater demand for rental accommodation in the region.

This comes after the Sun recommended that foreign property buyers consider investing in Turkey, as the housing market was growing faster than that in the UK.

Turkey 'attracting new visitors'

Fri, 12 Oct 2007 00:00:00 GMT

Leading tour operators in Turkey have predicted a surge in the number of visitors from Russia and the Ukraine.

New figures from the country's ministry of culture and tourism show that it attracted one million Russians and Ukrainians throughout the first half of the year, reports the Turkish Daily News.

This has led to industry professionals anticipating the overall figure for 2007 to be higher than last year's total of 1.7 million.

It is believed that the number of Russian and Ukrainian visitors to Turkey could cross the two million mark if they keep arriving at their present rate.

The Turkish Daily News said that current visitor numbers were impressive and similarly predicted an increase.

Commenting, it stated: "These figures mark the Russian market as a booming market for Turkey this year compared to 2006."

Overseas property investors would be likely to show renewed interest in the Turkish market if tourism does increase substantially.

Last month, the Turkish Daily News described investing in the market as a "hot new trend" among foreign property buyers.

Tourists 'drawn to Turkey's cultural attractions'

Tue, 9 Oct 2007 00:00:00 GMT

Visitors to Turkey are increasingly choosing to look at the country's cultural and historical attractions, according to a newspaper.

The Southeast European Times said that places such as Istanbul were seeing a large influx of tourists going to places of cultural significance, such as museums, churches and palaces.

In addition, it highlighted an increase in the number of people visiting the town of Selcuk, which has many sites of religious significance, such as the hill where St John is believed to have written his Gospel.

The town, which was visited by Pope Benedict XVI last year, saw visitor numbers increase by almost a third during the first seven months of this year, the newspaper said.

Turkey's popularity as a tourist destination has also helped to boost interest in the country as an overseas investment spot.

Recently, the Turkish Daily News described investing in the market as a "hot new trend" among foreign buyers.

Britons 'generating wealth in foreign property markets'

Tue, 2 Oct 2007 00:00:00 GMT

Overseas properties are bought by Britons in an attempt to generate enough wealth to purchase in the UK, according to experts.

Advice website FirstRungNow.com stated that cheap properties in places such as eastern Europe were being snapped up by first-time buyers because they were more affordable than those in Britain.

The returns on these investments could then be used to help people afford a deposit and get on the UK housing ladder.

Helen Adams, managing director of FirstRungNow, stated that Turkey and the US were also popular destinations for first-time buyers, most of whom were purchasing for investment purposes rather than personal use.

She commented: "Typically, you won't be able to afford to buy somewhere expensive abroad.

"You might get enough growth out of it to help you with your deposit in the UK."

According to UK National Savings & Investments, 84 per cent of Britons aged between 18 and 30 believe buying property abroad is a more viable option than purchasing a house in the UK.

Istanbul property prices 'on the up'

Fri, 11 May 2007 00:00:00 GMT

Property prices in Istanbul have been rising following last year's announcement that it won the much-coveted European Capital of Culture 2010 title, a website has said.

According to Nirvana International, prices in the city are set to rise by as much as 50 per cent as a result of the EU's decision.

Furthermore, other locations in Turkey look set to enjoy higher property prices due to the growing prevalence of low-cost flights from northern Europe.

Istanbul was granted Capital of Culture status in March 2006 after a lengthy application process that started in 2003.

The city's successful bid was built on the theme of the four elements ? earth, air, water and fire ? and EU policy-makers hope the decision will serve to highlight Istanbul as a gateway between Europe and Asia.

According to Easier Property, around 700,000 new residents arrive in the city every year, which has prompted an "unprecedented" building boom.