Property expert Dominic Whiting explains why it’s a good time to be investing in bricks and mortar in Turkey
An established package holiday destination, Turkey has emerged as one of the hottest new property spots in the Mediterranean. Good beaches, great scenery, and prices much lower than the region’s more established property markets, such as a Spain and France, have encouraged huge interest from holiday-home buyers and investors. Official figures show almost 70,000 foreigners now own property in Turkey, with the British making up 30 percent of overseas buyers. Despite the stalling of EU negotiations, and a loss of buyer confidence due to a six-month freeze on property transactions involving foreigners in 2005, the Turkish market has excellent potential. New golf courses and marinas, better roads and expanded airports are adding to the country’s appeal, and attracting a growing number of tourists – more than 14 million in 2006, with government projections of 30 million by 2010. Meanwhile, economic growth and a newly introduced mortgage system are encouraging domestic demand, particularly in the main cities.
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