Real Estate & Property Investment News in Turkey from Propertyshowrooms.com

Turkey 'a good target' for property investors

Wed, 18 Jan 2012 00:00:00 GMT

Property investors may want to turn their attention to Turkey this year after one organisation claimed its real estate market will continue to exhibit strong growth in 2012.

According to Gem Invest, there are several locations that are ideal for investors hoping to purchase property in Turkey.

Istanbul was highlighted as a particularly good choice due to "rental yields in excess of eight per cent for smaller apartments", the firm noted.

Other destinations to look out for include the coastal resorts of Fethiye and Antalya, with the company adding that Kalkan is an "outside bet" that may pay off.

Residential real estate assets in Turkey have experienced price growth during 2011, with the most recent figures from REIDIN.com revealing that, in December, values climbed by 0.89 per cent compared to November.

Istanbul performed above this national average, with house prices rising by 1.08 per cent in the same period, while Antalya was the best-performing location with values increasing by 1.27 per cent.

Over the course of the year, the cost of purchasing a home in Turkey has jumped by 7.77 per cent, according to the REIDIN.com figures, with Istanbul seeing prices up by 9.07 per cent during 2011.

Turkey '"a hotspot" for property investment

Thu, 22 Dec 2011 00:00:00 GMT

Investors looking for an overseas property investment may want to consider the options available in Turkey.

Partner at Emerging Real Estate Tim Morgan noted Turkey's economy is experiencing strong growth, with both house prices and rental values rising during 2011.

"Tourism has been driving the boom in Turkey and savvy investors are recognising that buy-to-let properties here will be very profitable," he stated.

Mr Morgan added that Istanbul's housing market in particular is performing well at present, which may make it a target among those looking for real estate in Turkey.

Earlier this month, the REIDIN.com Turkey Residential Property Price Index revealed that the value of homes in the nation climbed by 0.71 per cent in November, compared to the previous month. This represents an annual jump of 7.33 per cent across the country.

Istanbul experienced a monthly rise of 0.8 per cent, while year-on-year, the price of houses in the city have increased by 8.5 per cent.

Turkish property prices rise

Mon, 19 Dec 2011 00:00:00 GMT

The cost of buying a property in Turkey climbed during November, compared to the previous month, new data shows.

According to the latest REIDIN.com Turkey Residential Property Price Index, the value of existing homes increased by 0.71 per cent last month, while annually, a 7.33 per cent rise has been recorded.

Izmir, Adana and Istanbul are the top performing destinations based on the monthly data, while Adana, Ankara and Istanbul saw the greatest price growth compared to November 2010.

Rental income has also climbed across the country, which may be good news for investors hoping to let their real estate assets.

The top-performing locations for rent rises over the past year were Antalya, with an 8.64 per cent increase, Izmir and Istanbul, where monthly charges have jumped by 7.25 per cent and 6.83 per cent respectively.

It appears that Turkey may continue to be a good place for property investors, with the Holiday Lettings' Insights Report recently highlighting the country's popularity as a holiday destination.

The study revealed a substantial number of bookings have already been taken for people planning a getaway to the nation next summer.

Istanbul property 'rivals markets in London and Paris'

Wed, 14 Dec 2011 00:00:00 GMT

The property market in Istanbul is in a position to "compete in every sense" with the likes of London and Paris, it has been claimed.

Arman Ozver, Turkey Sotheby's International Realty general manager, made the comments in an interview with Sunday's Zaman.

He explained there are certain areas in the city, such as Nisantasi, which are considered to be safe haven areas for investment.

Mr Ozver is also confident that real estate in Istanbul will remain robust, even if the economic problems in Europe worsen.

Property prices in the most sought-after districts of the metropolis will fall by "a maximum of ten to 12 per cent", he told the publication.

Investors may want to consider the merits of the city's market after Mr Ozver added: "There is still a lot of value and returns to be made on Istanbul's best property."

Figures published last month by REIDIN.com noted real estate values across Turkey climbed during October compared to the previous month, with Istanbul registering a monthly increase of 0.88 per cent and an annual rise of 8.23 per cent in its property prices.

Turkish property prices climb

Mon, 21 Nov 2011 00:00:00 GMT

The value of residential real estate assets in Turkey has risen, new research shows.

According to the REIDIN.com monthly property index for the nation, the worth of homes increased by an average of 0.81 per cent in October, compared to September.

Izmir saw the biggest price hike in this period at 1.53 per cent, while Istanbul also topped the average figure with a jump of 0.88 per cent in its real estate values.

Those who have invested in a property in Turkey with the intention of renting it out may be pleased to learn that rental values climbed by 1.07 per cent across the country between September and October.

Once again, Izmir headed up the table with a rise of 1.58 per cent, closely followed by Istanbul, which posted upward movement of 1.26 per cent. Antalya also performed well, with rents up by 1.24 per cent here.

Residential real estate prices across Turkey have increased by 6.77 per cent between October 2011 and the same month a year earlier, the research noted.

Data from the Land Registry Directorate General recently published by the Anatolia News Agency revealed that 113,687 properties in Turkey are now owned by foreigners.

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.

Istanbul 'among the top European property investment markets'

Fri, 11 Nov 2011 00:00:00 GMT

Istanbul has emerged as one of the most attractive markets for real estate investment in Europe, new research has found.

According to the study by LaSalle Investment Management, the Turkish city climbed from 25th place last year to stand in fifth position in 2011.

The firm noted that the government's decision to establish a financial centre in Istanbul has helped buoy its property market, while the nation's strong gross domestic product growth has also boosted its appeal.

In addition, investors may be seeking assets in alternative locations due to the high price of prime properties in more established markets, the report suggested, which may be a further reason for the popularity of Turkish real estate among those with money to spend on such investments.

The residential housing market in Istanbul experienced price rises in September, the REIDIN.com real estate index for the country revealed.

Property values in the city increased by 0.96 per cent compared to the previous month, the figures showed.

Turkey a "hotspot" for British property investors

Thu, 10 Nov 2011 00:00:00 GMT

Brits looking for a property overseas are increasingly considering Turkey, it has been claimed.

Writing for Mortgage Strategy, director of Conti Clare Nessling explained that in many locations around Europe purchasing a home "has probably never been so affordable".

One of the countries that is attracting British buyers is Turkey, she noted, pointing out that mortgage availability is "generally good".

"Turkey offers great property prices and as tourism has risen dramatically over the past few years, rental yields are lucrative," Ms Nessling commented.

She added that these factors have made the Turkish real estate market one of the largest "hotspots" for British buyers looking for a property overseas.

Potential investors may be encouraged by figures published last month by the Turkish Statistical Institute, which showed that income derived from tourism increased during the third quarter of 2011, compared to the same period in 2010.

According to the organisation, the amount generated by holidaymakers in the country rose by 8.9 per cent during this three-month timeframe, with 78 per cent of this revenue coming from foreign travellers.

Turkish house prices rise

Tue, 18 Oct 2011 00:00:00 GMT

There has been an increase in the value of residential property in Turkey, the latest REIDIN.com index has revealed.

According to the data, average house prices rose by 0.73 per cent in September, compared to the previous month, while rental values jumped by 0.90 per cent in the same period.

In terms of capital value growth, Izmir experienced the biggest hikes, with prices in the city increasing by 2.11 per cent.

Meanwhile, Istanbul, Ankara, Adana and Kocaeli also saw values rise, although none of these regions broke the one per cent mark.

It was a different story in Antalya and Bursa, where real estate values dropped last month.

However, both these areas recorded rental growth of one per cent and 0.65 per cent respectively. Istanbul came out on top in this category, seeing rents increase by 1.13 per cent.

Earlier this month, Assetz highlighted Turkey as a top spot for international investment, with chief executive of the company Stuart Law explaining that the country's property market is "underpinned by a strong economy with a growing tourism sector".

Turkey a top overseas property investment location

Wed, 5 Oct 2011 00:00:00 GMT

Turkey has been named as one of the best overseas destinations for those considering real estate investment.

Assetz highlighted the potential of the nation, citing its growing economy, increasing demand for rental properties and banking rules as just some of the reasons to opt for a home in Turkey.

Chief executive at the firm Stuart Law commented: "The property market is underpinned by a strong economy with a growing tourism sector, which can be converted into solid rental yields for investors."

He singled out Istanbul as one of the rising stars in the Turkish real estate sector, pointing to its rapid population growth and the shortage of suitable homes in the area.

Earlier this year, Global Property Guide revealed that rental yields for small apartments in Istanbul across some of the city's most popular districts are performing well.

According to the publication, flats of 75 sq m or less in size command the best yields in Sariyer, bringing in 6.87 per cent, while apartments in the 200 sq m to 250 sq m range offer the highest returns in Beyoglu at 4.78 per cent.

Real estate prices rise in Turkey

Mon, 19 Sep 2011 00:00:00 GMT

The latest figures from the REIDIN.com real estate index for Turkey has revealed that, overall, property prices in the country increased during August, compared to the previous month.

On average, home values in Turkey rose by 0.55 per cent, with Ankara, Izmir and Kocaeli exhibiting the greatest increases of 0.95 per cent, 0.93 per cent and 0.85 per cent respectively.

Bursa was the only region to record a monthly fall in property prices, although this was marginal at 0.02 per cent.

Year-on-year, Istanbul has the strongest performing real estate sector, with housing values in the city up by 7.42 per cent compared to August 2010.

Ankara and Adana have both also posted increases greater than six per cent on an annual basis.

At the other end of the scale, the only region to experience a decline in home values since August 2010 is Antalya, with prices dropping by 5.38 per cent.

Earlier this month, a report released by the Foreigner Affairs Unit at the Land Registry Directorate revealed that Antalya is the province of choice among overseas buyers.

According to the organisation, 31,000 properties are now owned by foreigners in the area, with approximately 111,200 real estate assets purchased by those from outside Turkey across the entire country.

Antalya popular among foreign buyers in Turkey

Fri, 2 Sep 2011 00:00:00 GMT

Antalya has been named as the most popular province for overseas investors seeking property in Turkey by new research.

Figures published by the country's Foreigner Affairs Unit at the Land Registry Directorate showed that approximately 111,200 estates have been bought by people outside the nation, with more than 31,000 properties now under foreign ownership in Antalya.

Buyers from the UK, Germany and Greece are the most prolific on the Turkish real estate market, while there are also many Dutch investors with homes in Antalya, the Hurriyet Daily News reported.

However, there are still five out of Turkey's 81 provinces where no foreigners own property.

Last month, the REIDIN.com Turkey residential property price index revealed that house values in the nation increased by 0.83 per cent during July compared to June.

Antalya saw its real estate prices grow by 0.64 per cent in the same period, although the region registered a 4.56 per cent fall year-on-year.

Meanwhile, Istanbul posted the biggest rises, both on a monthly and annual basis, seeing values jump by 1.05 per cent in July and 6.83 per cent over the year.

Residential property prices rise in Turkey

Thu, 18 Aug 2011 00:00:00 GMT

The value of homes in Turkey increased during July, both on a monthly and annual basis, new figures have shown.

According to the Reidin.com Turkey Residential Property Price Index, the country experienced a value hike of 5.38 per cent on an annual basis last month, with a jump of 0.83 per cent compared with June this year.

Every city listed in the results saw year-on-year prices rise - with the exception of Antalya, which registered a 4.56 per cent decline.

The biggest winner was Istanbul, seeing prices jump by 6.83 per cent in July, compared to the same month in 2010.

Rents in Turkey have also increased during this period, although largely at a slower rate than the boost to house prices.

Earlier this month, managing director of A Place in the Sun Andy Bridge commented that Turkey has emerged as a hotspot for property investors due to the affordability of homes in the country, as well as the fact that it is not part of the eurozone.

As a result, sterling goes further than in nations that have adopted the euro, Mr Bridge explained.

'Many reasons' to buy property in Turkey

Wed, 10 Aug 2011 00:00:00 GMT

Turkey has become an increasingly popular option for those seeking a property abroad, one expert has noted.

Andy Bridge, managing director of A Place in the Sun, explained that there are many reasons to consider buying Turkish real estate.

"It's outside the eurozone - so sterling goes further, property is relatively affordable and it's a wonderful country for food, climate and culture," he stated.

This may particularly appeal to those who are looking for a base outside the UK where they can visit on holiday and which they can rent out for the remainder of the year.

And the most recent Knight Frank Global House Price Index indicated that there is continued growth in Turkey's property sector.

The country was 19th in a table of 50 nations in the first quarter of the year, with real estate prices experiencing an annual increase of 3.5 per cent.

Mr Bridges added that anyone with the capital to invest in a property at the moment could benefit from the state of certain markets around the world, where banks are keen to offload repossessed homes to cash buyers.

Turkey 'a property investment hotspot'

Thu, 28 Jul 2011 00:00:00 GMT

The Turkish real estate market has been named as one of the most popular regions for overseas property investments by a new survey.

According to the Worldwide Property Group, interest in the nation has grown in recent months, with the company pointing to the thriving tourism industry in Istanbul as a particular hotspot.

Meanwhile, interest from UK buyers in overseas real estate markets is also on the rise, with 67 per cent of those questioned stating they believe now is a good time to purchase such an asset abroad.

In addition, 65 per cent are seriously considering buying a house or flat outside the UK, the research found.

Managing director of the firm Kevin Wilkes commented: "With some incredible potential for property investment overseas mixed with increasing ease of purchasing a foreign property, people are finding they have much greater choice."

And the Istanbul real estate sector may appeal to those seeking more than just residential assets after a report published recently by CB Richard Ellis revealed that a significant proportion of the city's office space is now taken up by foreign companies.

Istanbul Property Investment: Construction Boom Fails to Quench Demand

Thu, 23 Jun 2011 00:00:00 GMT

Last month investors from around the world, as surveyed by PricewaterhouseCoopers in its Emerging Trends in European Real Estate report, said that Istanbul is currently the best city in Europe for investment opportunities in the fields of new developments and acquisitions, and second best for opportunities to increase returns on existing investments. However, in coming second Istanbul had the same score as first placed Munich at 6.08, so should really have been tied for first place.

One particularly significant trend that came from the responses was the consensus that although Istanbul is currently experiencing a construction boom, construction is not fast enough to bite into the widening shortage of housing. Commercial spaces are also in short supply in many areas and some segments. We have heard this from many developers and agents on the ground in Istanbul.

This is surely a double whammy of investment potential, because you have room for growth in the construction industry, which will generate more and more revenues into the economy, and this in turn will generate more demand for housing. Such self-perpetuating cycles come along very rarely in property investment, and when they do every investor should carefully look at the opportunity and possibly look at it with a view of "why wouldn't I invest here?".

That is if people haven't already decided that from the fact that Istanbul is constantly being named one of the hottest investment opportunities on the global market. Back to the PWC report; in first place for new property acquisitions Istanbul beat off London, Munich, Stockholm, Berlin and Warsaw, and for development opportunities it beat off London, Munich, Warsaw, Zurich and Stockholm.

This is not the first time Istanbul has been ranked number one, in fact it is the second consecutive year it has done so. Equally significant, Istanbul was the only city that investors actually said they felt confident in the raw investment potential, as oppose to confidence in their ability to profit using their superior skills and experience in the industry, according to the report.

According to the respondents Istanbul's office and retail segments represent the best opportunities for acquisitions with a tied percentage-based score of 24.5%, however, the hotel segment wasn't far behind with 18.95%. That is not to say that investors should focus on those segments, in fact wise investors will give equal if not greater credence to the apartment and industrial segments for opportunities that may have been overlook, to be the early bird as it were.

When it comes to investment in Istanbul property there really is very few things to put in the cons box, and a lot in the pros box, but don't take our word for it, get out there and look for yourself.

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

Turkey enjoys increase in foreign capital inflows

Mon, 20 Jun 2011 00:00:00 GMT

Foreign capital inflows to Turkey amounted to $684 million during April, highlighting the country's appeal as an investment destination.

According to Treasury data, net foreign capital inflows between January and April stood at $4.7 billion, corresponding to an annual rise of 12.6 per cent, Hurriyet Daily News reports.

The figure is likely to have been buoyed by a number of individuals purchasing property in Turkey, with real estate transactions accounting for around $300 million of the April figure.

Some 88 per cent of the capital entering the economy came from European Union countries, the Treasury noted.

Indeed, $5.32 billion has come in so far this year, with a significant majority of that coming from France, according to the news provider.

Turkey's growing property sector shows no signs of slowing down over the course of this year, with market fundamentals remaining strong.

Istanbul, in particular, has been touted as one of the major regions for investment in the country, with official figures revealing that the city's population continues to soar.

5 Reasons Why Turkish Property Investment is Hotter than Ever

Mon, 13 Jun 2011 00:00:00 GMT

Turkey has been popular with holiday home buyers since 2002, and increasingly popular especially since 2005 when regional restrictions were lifted. As is the norm with any property purchase, those buying property in Turkey would more-often-than-not expect either rental income, capital growth or a combination of the two to make their holiday home an investment over the long term.

But Turkey failed to reach its full potential in terms of property investment, because pure investors continued to favour countries on their road to EU accession. This is no longer the case, and now Turkey is really starting to become a property investment hotspot, both for pure investors and holiday home investors. Here are five reasons why Turkish property is more popular with overseas property investors today than it was during the boom.

1. Turkey No Longer Needs EU Accession to make it Investment Worthy

During the boom, investors continually chose the likes of Albania, Montenegro and Croatia over Turkey. This is because those countries looked far more likely to achieve entry into the EU, and all the potential growth that accession brings.

But now, Turkey is the fastest growing economy, not only in Europe, but in the world with GDP growth of 11% year on year in Q1. It is also looking far more stable than most of its competitors in the EU, most notably Portugal, Ireland, Italy, Greece and Spain, with roaring deficits and sovereign debt crises. Turkey said no more to IMF assistance in 2009 and has gone from strength to strength ever-since. Since then Greece and Ireland have been forced to accept an emergency bailout from the IMF and EU.

2. Liquidity

One of the main reasons why Turkey is growing so strongly is the level of liquidity in the banking sector. In the aftermath of a the 2001 Turkish financial crisis the AK Party made sweeping reforms to the banking system, and these reforms, combined with the immature mortgage market left Turkish banks practically unscathed by the international crisis.

To property investors liquidity means mortgage availability and affordability, something that is sorely lacking in most European countries, as well as many around the world. Because the problem has been mainly caused by the crash, and exists primarily in established markets (that had big mortgage sectors), this is another way that the crash has given Turkey an opportunity to shine.

3. Fiscal condition

Turkey is also in great fiscal shape, and is constantly reporting positive macro-economic data. While EU countries struggle to pay down budget deficits and debts, Turkey is running a budget surplus, which stood at 630 million USD in January and February this year.

Because of the liquidity and economic growth, Turkey can only build on its recent policies of fiscal responsibility, which should see it achieve investment grade rating from ratings agencies in the near future -- as analysts are predicting.

With many countries in Europe having been downgraded, many facing a downgrade, and some even having been downgraded and facing being downgraded again, Turkey is standing out as the place to invest.

4. Confidence

Rapid economic growth, fiscal restraint and responsibility, economic stability, and continuity of competent governance, are all adding to confidence in Turkey as a safe place in which to invest. This is at a time when confidence in the EU and many other countries around the world is at an all time low.

5. The complete package

If you are not already sold on Turkey property, we have yet to mention its core package; namely the 300 days of sunshine per year, great beaches, a developing infrastructure, and growing accessibility, all of which are fuelling a tourism boom.

All of the above has long made Turkey a growing popular destination for low-budget holiday home buyers. Now the crash has allowed Turkey's investment strengths to shine as well, and this is why Turkish property investment is hotter now than it was during the boom.

Article supplied by Liam Bailey on behalf of New Home in Turkey, Antalya property agency offering properties across Turkey.

Turkish Airlines announces new flights to Italy

Mon, 13 Jun 2011 00:00:00 GMT

Turkish Airlines has announced that it is to be running regular flights between Istanbul and Genoa.

The improved travel links between Turkey and Italy are sure to come as good news for the two countries' property markets.

Currently, the operator offers flights between the two destinations three times weekly on Wednesdays, Thursdays and Saturdays, however, this is set to be increased.

The additional flight will begin operation from June 27th and will take place on Mondays.

Meanwhile, Turkey's burgeoning property sector shows no signs of slowing down this year, new figures have suggested.

Official figures have revealed that Istanbul's population continues to soar with the rate of migration more than doubling during 2009-10.

Over 102,000 migrants made the location their home over the course of the year, and now account for 7.7 per cent of Istanbul's total population.

Genoa is Turkish Airlines fifth flight destination in Italy, after Rome, Milan, Venice and Bologna.

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.

Turkey sees increase in migrant population

Thu, 2 Jun 2011 00:00:00 GMT

Turkey's burgeoning property sector shows no signs of slowing down over the course of this year, with market fundamentals remaining strong.

Istanbul, in particular, has been touted as one of the major regions for investment in the country. Official figures have revealed that the city's population continues to soar with the rate of migration more than doubling during 2009-10.

Over 102,000 migrants made the location their home over the course of the year, and now account for 7.7 per cent of Istanbul's total population.

Alexander Tomlinson, director of Gem Invest, noted that as more people moved to the area, districts of the city have been enjoying rapid regeneration in areas such as transportation, accommodation and retail.

"Both private developers and local authorities have recognised the impact of the near doubling of Istanbul's positive net migration rates," he explained.

"Various mega-projects have been put forward as possible solutions to needs of the ever growing population but all parties appear to agree that it is to the suburbs of Istanbul that the future lies."

Turkey is an ideal luxury holiday destination

Tue, 31 May 2011 00:00:00 GMT

Buy-to-let investors with homes in Turkey could be tempted to try and cater to the luxury holiday market following recent comments from the Turkish Culture and Tourism Office.

The country has been touted as one of the top investment destinations for some time now, with a strong economic forecast and stable banking conditions proving attractive.

Joanna Marsh, PR co-ordinator for the Turkish Culture and Tourism Office, told researchers that Antalya is one of the top locations for luxury holidaymakers.

"The combination of long, sandy beaches, world-class golf courses - 13 at the last count - and the fabulous Mediterranean climate makes this one of the fastest growing tourism destinations in Turkey," she said.

Meanwhile, according to the latest Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute, the middle class suburb of Bahcesehir is proving popular.

Just 20 minutes away from Ataturk International Airport and 20km from the centre of Istanbul, the Garden City is also home to a burgeoning student population.

Turkey is 'ideal' for adventure travellers

Thu, 26 May 2011 00:00:00 GMT

Recent reports suggest that Turkey is one of the hottest destinations in the world when it comes to investing in property at present.

So news that the country offers a diverse environment for adventure travellers is only likely to serve to enhance its reputation.

According to the Turkish Culture and Tourism Office, visitors are able to take advantage of some 8,000km of coastline offering some of the best water sport opportunities in Europe.

"Alacati, on the Cesme Peninsula, is a world-class windsurfing destination; Kas down on the Mediterranean coast boasts excellent visibility and is a must-visit for scuba diving enthusiasts; whilst the Turquoise Coast, comprising Bodrum, Marmaris and Fethiye, is the ideal spot for sailing and gulet cruising," Joanna Marsh, PR co-ordinator for the firm explained.

Elsewhere, figures released by ACI EUROPE show that passenger traffic to Istanbul's two airports was up in March when compared to the previous year.

Turkey 'is the ideal location' for a long weekend away

Sat, 21 May 2011 00:00:00 GMT

Individuals with property in Turkey will be pleased to hear that the country is the ideal location for a long weekend away.

Comments from the Turkish Culture and Tourism Office recommend that holidaymakers take the time to explore Istanbul.

"You probably need a minimum of three days to really explore, but most of the major historic sites are situated on the historic peninsula in the old town, so they are all close together and within walking distance of each other," Joanna Marsh, a spokeswoman for the Office, noted.

The news could prompt a number of potential buy-to-let investors to look at acquiring property in Turkey in order to take advantage of the city's growing tourism market.

Meanwhile, figures released by ACI EUROPE show that passenger traffic to Istanbul's two airports was up in March when compared to the previous year.

"There are good flight connections from most major European cities. From the UK, there are frequent direct flights with Turkish Airlines and British Airways as well as low-cost carriers easyJet and Pegasus," Ms Marsh said.

Turkey ‘one to watch’ for savvy investors

Thu, 19 May 2011 00:00:00 GMT

Turkey has long been touted as the next ‘big destination’ for savvy property investors, with a stable economy, strong banking system and robust tourism market making it an ideal location for buyers.

And while the main focus has been on the economic powerhouse of Istanbul, there are other cities that are worth considering.

According to the latest Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute, the middle class suburb of Bahcesehir is proving popular.

Just 20 minutes away from Ataturk International Airport and 20km from the centre of Istanbul, the Garden City is also home to a burgeoning student population.

"One of the key features of the area from an investor's point of view is the growing university," Alexander Tomlinson, director of agency GEM Invest, said.

"A large majority of these students will require quality accommodation driving rental demand in the vicinity."

Meanwhile, Suleyman Albay, Oceanwide Properties managing director, told Overseas Property Professional that property prices in Turkey have risen by at least nine per cent so far this year.

Property prices in Turkey up 9%

Tue, 17 May 2011 00:00:00 GMT

Property prices in Turkey are being pushed up by interest from overseas buyers, it has been suggested.

Suleyman Albay, Oceanwide Properties managing director, told Overseas Property Professional (OPP) that prices have risen by at least nine per cent so far this year. This compares to an increase of around six per cent last year.

Meanwhile, the volume of inspection trips from buyers has more than doubled.

As a result of the rising level of interest, Mr Albay is set to increase the number of offices his estate agency has on Turkey's Mediterranean coast.

He added: "It is important to note is that there is very little overbuild here which helps buyers maintain value in their property, unlike other countries which went for massive urbanisation.

"Avarice brought a death-knell to whole swathes of what has become a concrete jungle and urban blight."

The comments follow the publication of a report by the Association of Real Estate Investment Companies, which revealed that overseas buyers accounted for £1.5 billion worth of home purchases in Turkey last year.

Istanbul one of the 'top destinations' in Europe for property

Thu, 12 May 2011 00:00:00 GMT

Istanbul is fast emerging as one of the best destinations in Europe for real estate investment.

The Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute has named the city as the number one location for new property acquisitions and developments.

For the second year running, Turkey's largest city and home to one fifth of the country's population, has topped the charts.

Alexander Tomlinson, Istanbul property investment expert and director of agency Gem Invest, said: "Istanbul remains one of the few locations in Europe, if not the world, with real property investment potential.

"The population of the city continues to grow year on year yet despite increased levels of construction there still remains a serious shortage of quality accommodation, some 250,000 units per annum."

With a population of nearly 18 million people and a burgeoning middle class, demand for new build highly quality Western style housing continues to grow, the firms explained.

Overseas buyers more active in Turkish property market

Fri, 6 May 2011 00:00:00 GMT

Sales to overseas buyers in Turkey jumped by 40 per cent last year, taking the total amount spent by foreigners in the country's real estate market to $2.5 billion (£1.5 million).

The Association of Real Estate Investment Companies (GYODER) revealed the figures earlier this week, with the increased interest highlighting the nation's popularity among buyers.

A growing number of lifestyle buyers, as well as serious investors, are thought to be behind the rise in sales, with Turkey's favourable climate, relatively inexpensive cost of living and a relaxed lifestyle helping to make it an attractive option for many.

This can be coupled with the country's sudden popularity with holidaymakers and strong banking and financial system which have ensured that Turkey is attracting a surge of holiday home buyers and expats.

"Real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey," said GYODER president, Is?k Gokkaya.

Turkey Looks to Increase R and D into Renewable Energy

Tue, 3 May 2011 00:00:00 GMT

Turkey's dependency on fossil fuel imports is no secret but a big problem, one which the government is keen on helping to solve. In recent years Turkey has become known as one of the fore thinkers in the creation of renewable energy, and investment in the sector is growing massively as it becomes recognized as a sector with massive growth potential -- the government's support adds a layer of safety to investments.

The Scientific and Technological Research Council of Turkey (TUBITAK) feels that interdisciplinary R&D and innovation studies will help Turkey to realise its renewable energy potential, and will also help with Turkey's vision of becoming an energy corridor.

At the moment Turkey imports 75% of its energy which is equivalent to 99,000,000 tonnes of oil. It is expected to need 218,000,000 tonnes of oil by 2020.

Data released by the Organisation for Economic Corporation and Development (OECD) found that, while the Turkish population makes up 6% of the OECD total, the country contributes just 2% of its energy. The average OECD energy used per capita is equivalent to 0.18 tonnes of oil whereas in Turkey it is equivalent to 0.28 tonnes of oil. The average energy self-sufficiency rate is only 27.5% in Turkey compared to an average of 70% in OECD countries.

All the above data points towards the urgent need for speeding up research and development into energy in Turkey, which has a lot of catching up to do with more developed countries. To do so Turkey must focus on developing the necessary sources to create technological advancements, skills and support institutions.

Turkey has to lower its levels of greenhouse gas emissions by next year in order to meet conditions set by the Kyoto protocol. TUBITAK is hoping to encourage the private sector in Turkey to develop green technologies and still aims to keep its 2023 goal of having Turkey produce 30% of its energy through renewable sources.

It's likely that this will involve a variety of energy types in order to produce power from solar, wind and hydroelectric sources. Another important energy source is likely to come from hydrogen burning technologies while energy storage and power system capacities are also likely to benefit from R & D. TUBITAK still sees nuclear energy as being important in reducing greenhouse emissions.

The need for renewable energy will only become more important when Turkey enters the EU as it is currently considering an energy tax based on carbon emissions. The new tax is aiming to reduce consumption of fossil fuels and promote renewable energy sources that emit less CO2. However, it is only a proposal at this stage, and Germany has already voiced its opposition to the new rules, because it fears it would affects its automobile industry.

Novrealty is an overseas property agent with a difference; a company focussed on making buying property abroad as easy as it should be.

Turkish property tipped to do well in 2011

Fri, 15 Apr 2011 00:00:00 GMT

Interest in property in Turkey is set to continue this year, with market confidence improving and a number of new developments planned.

Sales to overseas investors were up 40 per cent in 2010 compared to the previous year, with transaction levels hitting $2.5 billion (£1.5 billion).

Analysts claim that the increase in sales to foreigners was a result of growing confidence in the market, backed by a strong economy and financial system.

Indeed, Julian Walker, managing director of Turkish property agents Spot Blue, agrees with the sentiment.

"Turkey on the whole, has learned from other Mediterranean markets and has steadily increased its real estate offering to foreigners without over stretching resources or demand," he explained.

"Buyers are spoiled for choice in terms of location, property type and homes to suit all budgets."

Meanwhile, Nick Mar, chief executive officer at Homesgofast.com, recently claimed that Turkey is one of the best foreign property markets at present, along with Spain, Brazil and Malaysia.

Overseas buyers drive Turkish demand

Mon, 11 Apr 2011 00:00:00 GMT

An increase in the number of overseas buyers active in the Turkish property market has helped the sector to exceed growth expectations.

This is according to a recent report by the Association of Real Estate Investment Companies, which found that the market is returning to strength following the recent economic troubles, Hurriyet reports

Indeed, between 2006 and 2008, property sales to foreign nationals stood at $3 billion (£1.8 billion). In 2009, the figure fell by $1.8 billion, but has now rebounded up once again to $2.5 billion.

"Real estate sales to foreign nationals rose by 40 per cent, reached $2.5 billion. Foreigners' interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double," Is?k Gokkaya, the chairman of organisation, said.

Mr Gokkaya added that the country's construction sector expanded by 18 per cent over the course of last year, with new developments springing up around Turkey.

Meanwhile, Nick Mar, chief executive officer at Homesgofast.com, recently claimed that Turkey is one of the best foreign property markets at present, along with Spain, Brazil and Malaysia.

Turkish property market remains strong

Tue, 5 Apr 2011 00:00:00 GMT

Demand for property in Turkey remains strong, with home builders struggling to keep up with the demand from locals and overseas buyers.

Istanbul, in particular, is attracting a great deal of interest from potential buyers, with an estimated shortfall of 500,000 homes in the Turkish capital city, A Place in the Sun reported.

This is according to Loxley McKenzie, managing director of Colordarcy, who noted that the market drivers remain strong and further growth is expected. The city has huge potential for investors thanks to an expanding middle class, she said.

“Turkey has established itself as a major European holiday destination in recent years with hundreds of thousands of tourists flocking to its shores annually to experience luxury hotels,” Ms McKenzie noted.

She added that while the increase in tourism has helped to steady the Turkish economy, it is the real estate market that has captivated the attention of investors.

According to Nick Mar, chief executive officer at Homesgofast.com, Turkey is one of the best foreign property markets at present, along with Spain, Brazil and Malaysia.

Increased Trade with US to Boost Turkish Property Market

Mon, 28 Mar 2011 00:00:00 GMT

The US Secretary of Commerce Gary Locke has praised Turkey’s economic performance during the last few years and especially it's growing economic ties with the US, but still feels that the two countries can do a lot more trading.

The trade between the two countries reached $15 billion last year which was up 40% from 2009. Part of the reason for this impressive figure is Turkey’s quick recovery from the global financial crisis. Turkish GDP contracted by 4.7% in 2009, but swiftly recovered to grow by 8.9% during the first three quarters of 2010, and 6.4% for the year.

America may be on its financial knees but it, like almost every developed country is seeing the gap between rich and poor widen. As we pass the worst of the crisis, America's wealthy are back out there buying more and more overseas property.

Many buyers are hoping to rent out their property, either as a pure investment or when they are not using it themselves. This makes property in Turkey, with its economic stability and growth a favorite, and the potential for increasing trade concessions between the two is only serving to further whet investors' appetites.

The Framework for Strategic Economic and Commercial Cooperation was launched by the Turkish Prime Minister Recep Erdogan and US President Barack Obama in December 2009. Gary Locke said that this framework is increasing the dialogue between the two countries at the highest level of both governments.

He was speaking at the recent meeting which took place with the Turkish Confederation of Businessmen and Industrialists (TUSKON) and the Centre for American Progress (CAP) in Washington. TUSKON was established six years ago but has already been extremely useful for promoting economic development in Turkey, and has had an office in Washington since autumn 2007.

Locke also said that the Trade Promotion Coordinating Committee which is a government wide working group in the US, has identified Turkey as a priority market and will send trade missions to the country later this year. These meetings will involve US oil and gas company representatives and those from renewable energy companies as America is particularly interested in the Turkish energy market.

The Obama administration is helping Turkey to achieve its goals of renewable energy, and it is hoped that these meetings will help the economic development goals that are already in place.

Turkey is heavily reliant on foreign supplies of energy but is hoping to become self-sufficient by 2023 which is the centennial of the modern state. The country intends to invest $150 billion in energy over the next 10 years.

The president of TUSKON has said that the alliance between the two countries is not a natural one as there are no borders or free trade agreements in place, and the president of CAP John Podesta agreed that there is still a lot of room for improvement in the American-Turkish economic relations.

Undoubtedly there is massive potential for growth in investments in Turkey, and this prospect promises to bring another arm of growth into Turkish property, as more and more people will look to move to the country permanently to start up hopefully very lucrative companies.

Podesta also said that Turkey's ascension onto the world stage could not have come at a better time as the country has an increasingly important role to play as a regional power and also as a guide to those countries undergoing democratic transition. This growing prominence of Turkey on the world stage is increasing confidence further still, that Turkey is here to stay as a world player of the present day. Investors are seeking to get in now before the near-inevitable growth to developed market pricing.

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

Turkish Property Transparency Paying Off With Foreign Investors

Thu, 24 Mar 2011 00:00:00 GMT

Foreign investors are increasingly turning towards emerging markets, and while in the past their focus would have been on the BRIC countries of Brazil, Russia, India and China, they are now looking increasingly at property in Turkey.

Russia is quite a tricky country to invest in due to corruption problems while India has restrictions on foreign investments. Prices in Brazil and especially China have already risen quite rapidly and some analysts consider the markets there to be over heated.

Real Capital Analytics has said that Turkey is the most frequently queried emerging country on their website, with most people being interested in the retail sector. It has tracked commercial property transactions since the start of 2007 and made the startling discovery that these total $12 billion.

Some 40% of these transactions were made by real estate investment trusts, or REITS while in Europe this figure is just 10 to 12%. The reason for these high figures is partly due to the improved transparency of property transactions in Turkey, which has prompted Jones Lang Lasalle to upgrade Turkey in its Commercial Real Estate Transparency Index in 2010.

Jones Lang Lasalle expects this growth in real estate investment trusts to continue and for transparency levels to increase. There are now 20 different REITS in the Turkey which account for $7 billion of the market.

The transparency level in Turkey had previously been registered as low transparency, and has now increased to a semitransparent level. This is partly due to the Turkish government’s determination to create a level playing field for local and foreign investors and to improve the business environment as part of its EU accession process.

There have also been private initiatives to improve data on property transactions, particularly in the retail sector. The Association of Shopping Centre Investors and the Turkish Counsel of Shopping Centres and Retailers now both publish data on turnover and the number of customers visiting these centres.

Another factor is that properties in cities such as London and Paris have held their value forcing investors to look elsewhere to increase their yield, and Turkey offers great opportunity. These REITS are also collaborating with the Housing Development Administration, or TOKI, which is Turkey's public housing development agency, and it is expected that more of these public-private partnerships will develop.

TOKI is expected to build 500,000 new homes within the next decade as part of the government's policy to provide affordable homes for its citizens.

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

Turkey is a 'top destination' for travelling Brits

Tue, 15 Mar 2011 00:00:00 GMT

Over the past few years Turkey has cemented itself as one of the top destinations for travelling Brits, it has been claimed.

This is according to Tolga Tuyluoglu, director of the UK's Turkish Culture and Tourism Office, who noted that the country has become one of the fastest-growing destinations for British visitors over the past five years.

Indeed, he explained that of the 28.6 million worldwide visitors to Turkey in 2010, with 2,673, 605 coming from the UK, an increase of over ten per cent on the previous year.

"Turkey has gone from strength to strength in the UK market and has been one of the fastest-growing destinations for British visitors," Mr Tuyluoglu said.

The news may be of interest to those looking to buy property in Turkey, with the buy-to-let market expected to improve in line with tourism growth.

Earlier this year, a spokesperson for the office claimed that the country still offers holidaymakers "excellent value for money".

Current exchange rates mean that there is plenty of scope for travelling Brits to make the most of their money while in Turkey, the firm explained.

Turkey's Growing Standing Boosts Property Investment

Mon, 14 Mar 2011 00:00:00 GMT

Last week saw the Turkish parliament approve June 12th as the day that the general election will be held. Few people doubt that the AK Party will be re-elected for its third term, but this is hardly surprising given what they have achieved for Turkey, and what they have helped Turkey achieve and become.

Sure, they have helped Turkey reach economic stability; taking it to the point where it is not only the fastest growing economy in Europe, or one of the fastest in the world, but also one of the most stable and with a banking system that is the EU's envy. But that is not the only or even the main achievement; right now Turkey's influence in the world is growing. Turkey is becoming a real regional power, and shaping up to be a global power in the next 50 years.

Combined with the current economic stability and growth, Turkey's growing international presence is boosting investors' confidence in the country, including property investors. Confidence is one of the main drivers of property sales, and Turkey's growing international prowess is almost certainly having an impact on property sales in the country -- especially to foreigners.

Look at the last couple of weeks alone. At the tail end of last week the press reported that Turkey and the EU have provisionally agreed on the return of immigrants. Under the deal, illegal immigrants entering the EU from Turkey -- both those residents of Turkey and those coming through the country -- would have been deported back.

The issue was seen as the final hurdle to a visa-free deal between Turkey and the EU, and Turkey said clearly that it would accept the readmission agreement, only if the EU gave the European Commission full authority to begin visa liberalization negotiations with Turkey. When the EU watered this down to starting a "visa dialogue", Turkey firmly stated that this was not good enough.

"Today's reports are talking about a visa dialogue without a clear target for visa exemption. Our stance is clear. Turkey in no way accepts different treatment," said Foreign Minister Ahmet Davutoğlu.

"We are expecting the EU Council to fully authorize the commission to begin talks on visa liberalization. It seems now that this has not happened. The process on [implementation of] the readmission agreement will begin whenever this happens. Nobody should expect Turkey to take one-sided steps on this matter," he said.

"What we anticipate is that the EU Council will give a mandate to the EU Commission to start the negotiations with Turkey in a way that will fully meet our expectations. As long as these expectations are not met, the readmission agreement will not be signed, initialled or implemented," said a statement from the Turkish Foreign Ministry.

This response may seem measured, not least because it is 100% justified, but that does not mean it isn't brave, because it is. The EU so blatantly tried to get around Turkey's stipulation because they are so used to Ankara rolling over to get a belly-tickle, but no more, and the EU must come to grips on how to deal with the newly empowered Turkey.

Hot on the heels of that we have Cemil Çiçek deputy Prime Minister and state minister for Cyprus affairs stating that Turkey would not sacrifice Turkish Cypriots rights and interests for an institution like the EU.

"If you place Turkish Cyprus on one side of a scale and EU membership on the other, Turkey would prefer Turkish Cyprus a thousand times,” Çiçek stressed, adding that the EU cannot be a political force without Turkey and that Turkey would not sacrifice Turkish Cypriot’s rights and interests for the EU, whose future is shrouded in doubt. Çiçek acknowledged that there is a standstill in Turkey’s EU membership talks because of Cyprus, but that Turkey is ready to pay the price.

And finally we have requests from Tunisia, for Turkey to help them hold the first democratic election in the nation's history.

“We are open to Turkey’s support for our election operation. We need at least 15,000 election officers. We don’t have sufficient trainers or the time to train these people,” Yadh Ben Achour, a prominent legal expert on constitutional law told Today’s Zaman.

Turkey's growing place in the world comes as no shock. The country is now one of the world's fastest growing and most dynamic economies, with a rapidly growing population and a huge young work force.

It is also the only stable Muslim democracy in the Middle East and in the last 18 months has signed agreements to increase trade and/or ties many countries including: China, India, America, Britain, Russia, Brazil, Albania, Syria, Lebanon and Jordan. These included a "strategic alliance" with Brazil, a deal to increase trade with the US by a factor of 3, and free-trade with Syria, Lebanon and Jordan, as well as visa-free travel deals with Russia, Syria, Lebanon, Jordan, Albania, Libya, Kosovo and Sudan.

During this time sales of Turkey property have been growing steadily, and Turkey is now one of the hottest sellers according to many real estate agents. Istanbul Property is particularly popular, not least because it was recently voted the world's fastest growing cities in terms of economic growth and employment by the Brookings Institute.

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

Turkey offers visitors 'great value for money'

Wed, 2 Mar 2011 00:00:00 GMT

Individuals hoping to buy property in Turkey will be pleased to learn that the country still offers holidaymakers "excellent value for money".

This is according to the Turkish Culture and Tourism Office, which believes that current exchange rates mean that there is plenty of scope for travelling Brits to make the most of their money while in the country.

"Although people are tightening their belts this year, I believe that most people will still want their week or two in the sun and Turkey is a great all-round choice," Tolga Tuyluoglu, director of the firm, explained.

He added that, thanks to its friendly and welcoming atmosphere, Turkey tends to enjoy a great number of repeat visitors who want to soak up the rich culture, history and "fantastic beach resorts".

Meanwhile, writing on his Select Property blog, Giles Beswick has claimed that strong economic fundamentals and a growing tourism sector are helping to ensure that the property market in Turkey remains buoyant.

Turkey set for another bumper year

Tue, 1 Mar 2011 00:00:00 GMT

Strong economic fundamentals and a growing tourism sector are helping to ensure that the property market in Turkey remains buoyant.

Writing on his Select Property blog, Giles Beswick has highlighted that fact that property in Turkey is proving to be particularly attractive for investors so far this year.

Over the second and third quarters of 2010, GDP recorded an impressive growth of 11.7 per cent and 10.3 per cent respectively, whilst the nation's exports also recorded significant increases.

However, Mr Beswick noted that it is the country's tourism sector which has been enjoying the most impressive growth.

"The continual increase in holidaymakers has subsequently raised the demand for rental properties on the coast in the popular Turkish regions," he added.

"Turkey's property market continues to strengthen into 2011. It would be foolish to dismiss the effects of the last couple of years as the world has been significantly hit by a global recession."

Mr Beswick recommended that those looking to buy property in Turkey look at homes available on the Aegean coast, with the region offering really strong potential.

Istanbul enjoys rise in visitor numbers

Thu, 10 Feb 2011 00:00:00 GMT

An increase in the level of visitors heading to Istanbul has put the city to the forefront of investors' minds once again, it has been claimed.

Figures from the State Airport Authority have revealed that passenger numbers at Istanbul's Sabiha Gokcen Airport were up by 27.3 per cent in January, while the other airport in the city Ataturk Airport enjoyed a more modest increase of 4.9 per cent.

The news may encourage a number of individuals to consider buying property in Turkey in an attempt to take advantage of the growing buy-to-let market.

Indeed, the news surrounding an increase in tourism numbers comes after a recent PricewaterhouseCoopers (PwC) survey named Istanbul as the most popular city in Europe for real estate investors.

London and Munich completed the top three favoured destinations, PwC said.

Official statistics show that the Turkish economy expanded at an annual rate of 5.5 per cent during the third-quarter of last year, with record-low interest rates helping to boost consumer spending and investment.

Benefits emerge of Istanbul property investment

Wed, 9 Feb 2011 00:00:00 GMT

At a time when many countries are preparing for the upturn, having had a torrid time of it at the recession’s peak, there are a few that are enjoying their time in the sun.

Whilst the potential that the BRIC countries pose in terms of emerging economies, a booming tourism industry and an influx of blue chip companies has made Turkey, or more to the point, Istanbul, the first choice for many investors.

Recently mentioned in the same breath as BRICs by Lord Mayor, Michael Bear, head of the City of London Corporation, Turkey is one emerging economy that is clearly interesting investors. Taking into consideration that a recent OECD report showed that Turkey is the second-lowest taxed country behind Mexico, with a tax to GDP ratio of 23.5% (making it the world's 16th largest economy) it is not hard to see why.

Istanbul has received much media attention of late, not least because it was awarded with the City of Culture title for 2010, a prize with strong links to growth and long-term prosperity. However, making an investment in property in a business hub such as Turkey has grown in popularity recently for many reasons, the most common factor being the sharp rise in the number of corporate travelers to the region.

STR Global published a report proving this point, highlighting that 2010 hotel room occupancy levels were back to their pre-recession best of around 71.8% in what is still clearly an under-supplied market in Istanbul.

The influx of business travelers looks set to rise in the near future, as Istanbul evolves into a corporate hub, with large global businesses now having a base in the city.

In addition, Teknopark Istanbul will be built, a science and technology park that will be a clear sign of booming business and growth, potentially putting Istanbul among the elites of The Middle East and Eastern Europe.

While the businesses continue to venture to Istanbul and the flow of tourists persists, the city remains a potential hot bed for growth and long-term prosperity as far as Istanbul property investment is concerned.

Article written by Graham Flaherty of Istanbulpropertyinvestment.com

Residential prices increase in Turkey

Fri, 28 Jan 2011 00:00:00 GMT

Individuals hoping to purchase property in Turkey may be interested to hear that residential prices in the country are increasing.

Home values in five of the country's major cities climbed during December compared to the previous month, the REIDIN Turkey Residential Property Price Indices showed.

Indeed, in Adana, Ankara, Istanbul, Izmir and in Kocaeli prices rose by 1.36 per cent, 0.47 per cent, 0.55 per cent, 0.09 per cent and 0.94 per cent respectively, the firm revealed.

The positive figures come after Jim O'Neill, a Goldman Sach's economist, forecast that the economy in Turkey would surpass all expectations this year.

And official statistics show that despite the economic downturn Turkey has continued to attract overseas visitors. Some 28 million foreign travellers went to the country in 2010, an increase of over five per cent compared to the previous year.

According to the Turkish Hoteliers Federation's annual tourism report, in 2011 total tourism revenue is expected to reach $25 billion with 31 million visitors.

Turkey Gearing Up to Overtake Spain as British Buyers Favourite?

Wed, 12 Jan 2011 00:00:00 GMT

Holiday Lettings recently published a chart showing that Turkey could well be the hottest holiday spot of 2011. The portal, which is one of the largest in the private property rentals sphere (arguably the Rightmove of rentals) totted up bookings made for 2011 in September and revealed that 60% of this bookings were for Turkey. Turkey beat Spain and Portugal both with 49%, Cyprus with 46%, Italy with 44%, France with 39% and Florida with 21%.

There does seem to be a groundswell of popularity building from 2009 when many people who would traditionally have holidayed in the Eurozone or somewhere else, were forced to try outside the Eurozone because of its strong currency, most of them going for Turkey.

In response to a post on Facebook, Suzanne Mcclure came out strongly in favour of Turkey, saying it is such a nice place to holiday that she has been 3 times, 1 holiday each in Marmaris, Altinkum and Bodrum.

When asked if she liked Turkey better than Spain she responded:

"I've never been to mainland Spain; it's just never appealed to me. I've been to Majorca -- first week in June -- and it was ok but wouldn't really go back! I'd pick Turkey every time. Weather's lovely lovely and the people are so nice, you wouldn't meet nicer.

She went onto compliment the level of accommodation found in Bodrum.

"The hotel we went to the last time was ace; you never had to go anywhere else for anything. Rest assured we will be going to the Parkim Ayaz again when we go back to Turkey. We all felt very safe and welcome, they treat you like royalty really!"

Hinting that the great treatment is not limited to the Parkim Ayaz she added: "That's why everyone's choosing it [Turkey] for their holidays."

According to experts this growth in popularity as a holiday destination is leading to a massive increase in sales of Turkey property to foreign buyers. An article by Klaus Jurgen in Today's Zaman tells of this happening in Didim:

"Mass tourism from the mid-1990s, and in particular ever-increasing numbers of British homebuyers, meant that within the last decade Didim's population has grown from 25,400 to over 44,000. Now the next generation of Turkish property owners has noticed Didim and its surroundings.

It can be assumed that many of these new homebuyers have become accustomed to Didim whilst vacationing here with their parents and grandparents but now want to own the property themselves instead of time sharing."

However, it is certainly not limited to Didim, foreign owners currently own 65 million square meters of land in Turkey, of which 6 million is owned by 32,000 Brits and 3.5 million by Germans. Because we know investment is only really taking off now, it stands to reason that many going before were holiday home buyers who had caught the Turkey bug.

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

Turkey - Investment Hotspots in Focus Part I: Istanbul

Tue, 11 Jan 2011 00:00:00 GMT

Turkey property has been named as one of the hottest investments in 2011, and for the foreseeable future as well. With 6.8% GDP growth in 2010, inflation down to the 41 year low of 6.4% also, public debt low and falling, demand for housing growing at a far faster rate than supply, and a rapidly growing mortgage market this is hardly surprising.

Normally in emerging market property investment hotspots the capital city attracts the most attention, but in Turkey it is not the capital, but Turkey's cultural and financial centre Istanbul. Istanbul is frequently talked of as the hottest property investment spots not only in Turkey, but one of the hottest in Europe and the world as well. Here's why:

Strong Economic Growth

The Brookings Institute ranked Istanbul the fastest growing city in the world for 2010 in a report issued 5 January 2011. According to the report the Istanbul economy grew 5.5% on a per-capita basis in 2010, while employment grew 7.3%.

Undervalued Property

According to the Global Property Guide top end properties in Istanbul's high-end districts are currently priced at an average of 2,386 EUR per sqm. This is compared to 3,523 EUR in Montenegro, and 6,622 EUR per sqm in Athens. The fact that Istanbul property is near the bottom of the price table for European cities signals that it is undervalued and represents strong growth potential.

Strong Rental Yields

Global Property Guide research also shows us that low prices are fuelling strong rental yields in Istanbul as well, with small apartments yielding higher than their large counterparts. According to the report yields for 75-80 sqm apartments range from 5.65% in Sisli district to 7% in Beyoglu, with yields for Turkey as a whole average 6.10%.

Massive Mortgage Growth

According to official figures the number of mortgages taken out in Turkey has grown 32% this year, and similar growth is predicted for next year. Data from the Turkish Central Bank shows that 48.9 billion liras worth of mortgages were taken out in the second quarter of this year, up from 38.6 billion in the second quarter of last year.

Rapid Population Growth Causing Housing Shortage

Of the 500,000 housing units needed in Turkey by 2015, 250,000 will be needed in Istanbul. Due to the massive numbers of people moving to the city from towns and rural areas across Turkey, in Greece and throughout Europe for better job opportunities, on top of natural growth, the Istanbul population is expected to grow from the current 12.7 million to 15 million by 2015 -- a growth of almost 20%.

Conclusion

In Istanbul we have a city with a population growing massively in numbers and affluence, at a time when interest rates are low and look like staying low for the foreseeable, and mortgages readily available. As a result demand for housing is at an all time high. Because the property market is still very young and largely unregulated there are still opportunities to buy properties at very low prices. Now is the time to buy in Istanbul.

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

Turkey named top place for property investment in 2011

Mon, 3 Jan 2011 00:00:00 GMT

According to property expert Liam Bailey, writing in an article for write-about-property.com, Turkey is the best place to invest in property heading into the New Year.

One of the reasons for this is how well the country weathered the global financial crisis, keeping its budget deficit low and economy stable thanks to reforms to its banking system and an immature mortgage market.

Furthermore, low inflation and years of paying down debts has given Turkey's Central Bank the leeway to lower interest rates without fear of destabilising the economy.

"The balance of stability, high growth, high liquidity, low property prices and low interest rates is sure to make Turkey a favourite with investors in 2011," comments Mr Bailey.

It follows the recent publication of Holiday Lettings' predicted holiday hotspots of 2011, which listed Turkey as number one.

Turkey tops holiday hotspots

Thu, 23 Dec 2010 00:00:00 GMT

New figures reveal that Turkey is set to be the most popular summer holiday destination for Brits in 2011.

The news could encourage people who buy property in Turkey as it may mean there are plenty of opportunities to rent it out as a holiday home.

According to Holiday Lettings, there have been more enquiries about Turkey than any other destination from people planning their summer break for next year.

Other summer hotspots for 2011 include Spain, Portugal and Cyprus.

"The destination hotspots are not a huge surprise," commented Kate Stinchcombe-Gillies, spokesperson for Holiday Lettings.

"The strength of the euro means that to keep costs down people are continuing to look outside of the eurozone for their main holiday, and Turkey has all of the appeal of a European holiday, without the expense."

It follows the recent news that a new system which comes into force in 2011 is set to measure the energy efficiency of every property in Turkey, with inefficient homes being forced to pay higher taxes.

Turkey to introduce new energy efficient property laws

Wed, 15 Dec 2010 00:00:00 GMT

Individuals interested in buying property in Turkey in the coming year may be affected by a change to the country's energy efficiency laws.

A new system which comes into force in 2011 is set to measure the energy efficiency of every property in Turkey, with inefficient homes being forced to pay higher taxes.

Buildings will be rated according to how much energy they save before being given a grade between A and G - a grade A for the most energy efficient buildings and G for the least energy efficient.

Public works and housing minister Mustafa Demir told the Today's Zaman newspaper: "We expect to finish labelling all buildings by 2017."

The grades will also give people an idea about the amount of greenhouse gases those buildings release and the identifications are expected to help people take into account how energy efficient and environmentally friendly buildings are before they decide to buy or rent.

Mr Demir believes that housing contractors will eventually start attaching more importance to building maximum energy-efficient and minimum greenhouse gas-producing buildings once the new practice comes into force.

Strong economy 'boosting' Turkish property market

Tue, 7 Dec 2010 00:00:00 GMT

Turkey's strong economic performance will continue to make it an attractive destination for real estate investors into 2011, it has been claimed.

According to Steven Worboys, managing director of Experience International, buyers are likely to become more cautious as they head into the New Year.

As a result, it will become more important than ever for them to seek out markets which boast strong economic fundamentals and developments which can offer realistic returns.

Turkey's banking system has managed to steer clear of the worst effects of the recession, and has had its rating upgraded by two international credit ratings agencies.

Added to this, there is significant economic growth in the country, with the Istanbul Stock Exchange gaining 4.5 per cent in value in 2010 so far.

Mr Worboys said: "Turkey is now a serious global economic contender; with its robust V-shaped economy the nation bounced back quickly from recession and now is capitalising on its key fundamentals, enjoying a period of growth and prosperity."

Turkey set for real estate growth

Wed, 1 Dec 2010 00:00:00 GMT

A growing tourism sector and expanding economy is helping the property market in Turkey go from strength-to-strength.

Overseas property agent Oceanwide Properties has claimed that now could be the ideal "time to strike" for British buyers, with prices still relatively low and the returns positive, A Place in the Sun reports.

Turkey's economy is expected to become the 12th largest in the world, according to the Organisation of Economic Cooperation and Development - with an anticipated economy growth of 8.2 per cent in 2010.

Suleyman Akbay, managing director of Oceanwide Properties, told the news provider: "The more tourists come, the greater the number of those who want to own a home here.

"Turkey has phenomenal summer weather, many Turks speak English and with prices an absolute bargain compared with many other resort locations around Europe, there has been a positive upsurge of buyers."

Meanwhile, the long-term prospects for Istanbul's residential property market continue to look positive, with residential demand outpacing supply, the organisation added.

Turkish airport given green light

Tue, 16 Nov 2010 00:00:00 GMT

Buy-to-let investors in Turkey have been given a boost after it was revealed that the country's largest airport has been given the green light.

The Silivri district will be the location of Istanbul's third airport, which is set to boast a capacity several times greater than the existing Istanbul Ataturk Airport nearby.

Ataturk International is currently the main gateway to Istanbul with nearly 30 million arrivals in 2009 and a 13 per cent increase seen in the first four months of 2010.

"Turkey's tourism levels … in 2010 have been impressive with a 12 per cent increase in UK visitors recorded in the first nine months taking the total number of international visitors to 23 million so far this year, according to the Turkish Ministry of Culture and Tourism," said Steven Worboys, managing director of Experience International.

The property expert explains that a large proportion of these visitors have arrived in Istanbul, placing increased pressure on the existing transportation systems and accommodation.

Construction boom boosting Turkish property market

Tue, 2 Nov 2010 00:00:00 GMT

Rapid economic growth in Turkey is helping to contribute to a construction boom in the country.

According to figures from the Turkish Statistic Institute, the construction sector has expanded by 21.9 per cent in the second quarter of 2010, Intasure has reported.

The country's economy as a whole jumped by10.3 per cent over the period, which makes it the third fastest growing in the world.

On the back of this, the Turkish property sector is also experiencing an upturn in fortune.

David Walker, vice-chairman of the Board for the Turkish British Chamber of Commerce and Industry, said: "We are seeing greater numbers of Europeans seeking to invest in Turkey's growing economy and property is one of the most popular means of doing so, offering twofold benefits for purchasers as an investment into a growth market and a tangible asset that buyers can enjoy personally too."

Indeed, statistics released by the Turkish General Directorate of Land Registry earlier this year revealed that 32,000 Brits are registered property owners in the country.