Real estate in Turkey – is now the right time?
The Turkish property market is in a much better position than the UK property market during the global economic downturn. Bodrum in particular has become increasingly popular with UK investors.
Prices in the new property market are well below the EU average. This means that you can buy Houses For Sale in Turkey and get great capital gains and your dream home. Tourism in Turkey has been growing steadily in recent years.
Due to the influx of tourists, rental income from Turkish real estate represents 5-10% of GDP. Rental income is particularly high in coastal areas. The abundant sunshine and the low cost of living attract visitors. The Aegean coast is particularly popular with British tourists.
The prospect of EU accession is an interesting factor to take into account when considering real estate in Turkey. Turkey’s economy is expected to benefit from EU accession. Since the crash of 2001, the Turkish economy has grown steadily. The government is also working to harmonies Turkish legislation and align it with other European countries.
This should make life in Turkey easier and more familiar for Britons, which in turn will affect consumer confidence and international property investment. Housing construction will also be compatible with EU regulations. Turkey appears to be a favorable destination for real estate investors during the transition to EU membership.
Turkey’s location outside the euro area is favorable for potential property buyers. The current exchange rate between the pound sterling and the euro has made it much more difficult for British expatriates to travel to European countries. Of course, these currency issues have wider implications than just property prices. It affects everything from food, transport and entertainment to legal costs.
The UK has a reciprocal agreement with Turkey, which makes it easy to buy goods. Turkey allows foreigners to buy property if Turks can buy property in the buyer’s home country.
