Turkey | Property in Turkey

Known as the gateway to the East, Turkey has one foot in Europe and one in the Middle East bridging the two continents as well as bordering 3 seas and 8 countries. This is a country of immense diversity with something to suit all tastes - whether your fancy is skiing, water sports, sunbathing, golf or visiting architectural sites of bygone ages. The Turkish Riviera spans two outstanding coastlines - The Aegean & the Mediterranean - and in some areas property can still be bought from as little as £20,000

Turkey came in second in a survey of the most popular European tourist destinations by German magazine Tourist Report, but has now developed into far more than just a holiday destination. Due to massive funding for new infrastructure including roads and airports, coupled with developing resorts, hotels, golf courses and other facilities aimed at tourists, the property market is currently thriving.

Turkey is entering a period of rapid growth, and high returns are expected for early property investors who will bring more money into the country, thus producing a higher standard of living, better infrastructure and a thriving economy, and in turn increasing property values. Property in Turkey is not only attractive to those looking for high returns, but due to the low cost of living, diversity of the country and friendliness of the people, Turkey is also an outstanding choice for holiday homes or relocation.

Over two billion dollars was invested from abroad in real estate in Turkey over 2006, with figures expected to double during 2007. 'The the major attraction of property in Turkey is its affordability, with prices significantly lower than more established markets such as Spain. This upward change in economy will without doubt push property prices up in the near future, but at present Turkey remains one of the few Mediterranean destinations where you can still buy property for a very reasonable price.

With the recent introduction of mortgages, the property market has become more accessible for foreigners and buying property in Turkey has never been easier. Isbank London allows UK residents to borrow up to a maximum of 75 per cent of the property valuation with competitive repayment terms from Isbank over a period from one to 15 years and local banks in Turkey such as HSBC are following its lead.

The top areas for investment property in Turkey are emerging to be Altinkum, Bodrum, Fethiye and especially Dalaman, which has been acknowledged as a top tourist area by the Economist, due to the 3 billion euros being dedicated to the new terminal at Dalaman International airport, the three planned marinas and the 18 hole golf course all of which will ensure exceptional capital growth in the area.