Turkey set for overseas property boom

Monday, 14, Jan 2008 09:44

Overseas property investors will increasingly be turning to Turkey as a potentially strong market during 2008.

That is according to property investment website BuyAssociation, which explains the variety of property in the Mediterranean country is likely to prove beneficial.

"I think it [Turkey] will compete and become more popular over the next year, particularly with some different kinds of developments coming out now," said Paul Collins, property editor of BuyAssociation.

"We're starting to see some golf developments coming onto the market now, and things that are slightly different from just the traditional beach villa near one of the coastal areas or near some nightlife."

There is also the potential for ski properties to arrive on the market over the next three to four years.

Furthermore, while access is restricted to some of the country's key investment locations, this is set to change.

"One of the main things with Turkey is access, particularly on the south coast there is only one international airport, which means it is a little bit harder for people to get to those areas," continued Mr Collins.

"There is another one being built at the moment, so that's going to help things, and there's also going to be an increase in the number of low-cost flights going into Turkey as well, so those are things that are all going to help improve people's access to the country."

According to the BuyAssociation prices in the country remain low, but are set to rise.

"The prices are rising, so people are well advised to get in before it gets too expensive," explained Mr Collins.

"But there are some great opportunities and some places that are significantly cheaper than anything you'll find in Cyprus or Greece or further west in the Mediterranean, such as in Spain or Portugal."

However, the market is still in its infancy, with only a single Turkish bank offering overseas property mortgages. As such the majority of buyers finance their purchases from the UK.