Turkish property is an attraction for the overseas property buyer owing to the outstanding value for money that property in Turkey offers. In a relatively short time overseas buyers have made their mark on the Turkish property market. Overseas property investors sometimes find it hard to put these facts into perspective and I have undergone some research to show Turkish property buyers and investors the extent of the Turkish property market.
There are approximately 63,500 properties in Turkey that are owned by foreigners. A majority of these properties are either in resort areas along the coast or the major cities. The number one place for foreigners to purchase property is the resort town of Antalya along the Mediterranean Coast with 14,610 pieces of property owned by foreigners. Istanbul, residency in turkey by investment the country’s largest city and a major business center, is second with 10,695. The Aegean resorts of Mugla, 8,251, Aydin, 5,839, and Izmir, with 4,572, round out the areas that have the largest number of foreign property investors and/or owners.
Nearly half of these property owners come from Germany and Britain. Both of these countries have in the neighborhood of 15,000 foreign owners of property in Turkey.
Turkey has been a good place to buy for foreign property owners in recent years, and it looks as if that trend will continue for the next few years at least. Turkey’s real estate has been traditionally undervalued and this has led to increased foreign purchases. Property values have appreciated significantly in the 21st Century, often in the double digits year over year. While this trend seems to be slowing somewhat, there should still be a considerable amount of appreciation in values in the years to come.
Turkish real estate remains a good investment for a number of reasons. Over the past few years the country has enacted a number of laws that make it easier for foreign purchasers to acquire land in Turkey. Foreign mortgages have also been easier to obtain, and a comprehensive mortgage bill that looks to be passed in parliament soon should help even more.
Turkey currently has an overall housing shortage and over half the population is under the age of 25. Both of these facts indicate that housing will be in strong demand for many years to come. The government has also committed to improving infrastructure throughout the country, which will, in addition to helping the citizens, increase tourism.
Demand for Turkish property has seen prices rising too quickly for investors to feel that capital gains are just around the corner. However recent trends show property prices in Antalya Turkey slowing and even dropping. Property sales virtually came to a halt in 2006 because of high prices, Oguz said in a report from the Anatolia News Agency. For those overseas investors who want to purchase property in Antalya and the surrounding area, this is great news, as the falling prices are making it a reasonable place to invest once again. Over the long term, as more travelers seek to take advantage of its ideal location, property in Antalya should continue to be a good investment.