Turkish property is "undervalued"

Istanbul is an attractive proposition for property investors who will be able to return a good profit on their original outlay, it has been claimed.

According to a report in the Belfast Telegraph, demand for housing in the country is growing and the fact that property is relatively cheap is spurring potential investors on.

David Richardson, of Property Sun Turkey, told the paper: "Property prices are undervalued so there's an opportunity to make good money in Istanbul - up to 40 per cent profit - in the next two years for a well-chosen off-plan investment.

"But for most foreigners, I'd recommend a medium-term, five-year investment strategy as capital gains tax is nil after that period."

Potential house buyers will be able to take advantage of the fact the Turkey is currently a non-eurozone destination and as such can benefit from a favourable exchange rate between the Turkish lira and GBP.

Furthermore, the tourism industry in Turkey is expected to experience significant growth in the next few years, research company RNCOS has claimed.

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