| y and Turkey Property | | | | untouched areas of Turkey. While the terrain can be |
| Turkey straddles South East Europe and South West | | | | difficult to navigate, there are some breath-taking |
| Asia and is bordered by the Black Sea and the | | | | sites to behold as people begin to investigate the less |
| Mediterranean Sea, Greece, Bulgaria, Georgia, Armenia | | | | fashionable areas. As many of these areas have not |
| and countries in the Middle East (Iraq, Iran, Syria, | | | | yet been affected by the rise in property values, |
| Azerbaijan). Turkey and Turkey property is steeped | | | | there are some real bargains to be found. |
| in a wealth of history and culture which should be | | | | Buying Property in Turkey |
| understood when making investments into Turkey | | | | Turkey is one of the many countries which have |
| property. | | | | applied for membership to the European Union (with |
| Modern-day Turkey was formed in 1923 by Mustafa | | | | this expected to be rubber stamped in 2007) and |
| Kemal who became known as “Father of the | | | | seems poised to benefit more than any recent |
| Turks”. This followed periods of control by | | | | entrants. The World Trade Organisation believes that |
| the Ottoman Empire, and Kemal established a | | | | Turkey has one of the most prosperous economies |
| constitution and Constantinople became known as | | | | in the world and is set for further growth in the |
| Istanbul. Turkey has suffered from many periods of | | | | foreseeable future. The potential for economic |
| civil unrest with a poor human rights record, but the | | | | growth is based on a mixture of the climate, great |
| troubles have lessoned in recent years. Rapid | | | | history, golden beaches, and some very quiet rural |
| modernisation an expansion is taking place. | | | | villages which are attracting the attention of |
| Turkey has a diversity of culture, beliefs and ideas | | | | foreigners looking for exciting and different holiday |
| and has nine locations listed as World Heritage sites, | | | | venues. These are all fantastic signals for those |
| including Istanbul and Troy. Anatolia is one of the | | | | investors who are thinking about buying property in |
| oldest areas in the world (the link between Europe | | | | Turkey. |
| and Asia) and there are believed to have been | | | | As well as attracting new holiday makers, the |
| Neolithic settlements. Turkey still shows influences | | | | country is attracting a lot of overseas investment |
| from many civilisations or empires – Hittites, | | | | with a number of blue chip companies opening up |
| Greeks, Persians, Romans, Byzantine, Oghuz Turks | | | | manufacturing and service operations in the country. |
| and the Ottoman Empire. | | | | This in turn is adding to the vibrant economy which is |
| Turkey has 81 provinces and although the capital is | | | | also encouraging further infrastructure investment. |
| Ankara, Istanbul is the financial hub of the country. | | | | While initially the government may have been a little |
| Turkey is a democratic republic. | | | | slow to encourage overseas investment, they now |
| Turkey has a lot to offer any visitor – the | | | | seem to making up for lost time, and the |
| warm Mediterranean climate means that the Aegean | | | | forthcoming membership of the European Union can |
| coasts with bays, sandy beaches and coves, as well | | | | only open up new avenues. |
| as ancient theatres and temples. Resorts such as | | | | Recent increases in the value of properties have |
| Bodrum are popular. Istanbul is well worth a visit for | | | | been in the region of 50% and while this cannot |
| its museums, churches, palaces, mosques, bazaar | | | | continue indefinitely there is still substantial demand in |
| places and natural beauties. | | | | the pipeline to ensure above average returns in the |
| Property in Turkey | | | | short to medium term. The country has a prime site, |
| Historically the Turkish property market grew from | | | | with local access to central Asia, the Middle East, |
| the need for cheap affordable housing for the | | | | Africa and the mainland European markets and a |
| growing inner city populations, who moved inland to | | | | double taxation agreement with many of its trading |
| find employment. This resulted in some low quality | | | | partners also adds a further attraction for investors. |
| property offerings in Turkey, although this was all | | | | In brief, Turkey has embraced the free market |
| that was required at that stage. There are many | | | | economy and has a young and willing work force |
| factors affecting large scale change in Turkey and | | | | who are helping to power the country’s |
| property in Turkey. Shrewd property in investors are | | | | economy. Vibrant, open to new ideas and with |
| seeing this as an opportunity to make an investment | | | | recent government reforms starting to take effect |
| in property in Turkey at the ground floor. | | | | there are many positives to look forward to. |
| The country has under gone a series of fairly radical | | | | Future for Property in Turkey |
| economic changes, due in the main to the application | | | | As the Turkish economy continues to expand and |
| to join the European Union (EU) and the many | | | | the standard of living improves further, the |
| conditions attached to this. The Free Market culture | | | | forthcoming membership of the European Union will |
| was embraced and the restriction on overseas | | | | further lift what is already a buoyant economy. As |
| ownership of property was lifted. After spotting a | | | | ongoing government reforms continue to be |
| very underdeveloped property market in Turkey, the | | | | introduced, the period of co-operation with business |
| impending economic growth and infrastructure | | | | and overseas investors continues to develop to |
| investment associated with the EU membership | | | | facilitate an ever increasing inventory of property in |
| application, overseas investors have taken a great | | | | Turkey being bought and sold. |
| interest. Initially the interest has centred on the | | | | After a very difficult economic period, which resulted |
| Aegean and Mediterranean coastline, with its | | | | in near collapse in 2001, the country has recovered |
| extensive transport network and demand for holiday | | | | and inflation is now under control. In hindsight the fall |
| housing which have resulted in a property boom. | | | | to the brink of disaster caused the government into |
| All be it from a very low basis, the last 12 months | | | | radical reforms which are still coming into effect now. |
| have seen the price of Turkish property leap by over | | | | The economy is being supported by the ever |
| 50%. While there is no way that this increase in | | | | growing population of the country which reflects the |
| prices can be repeated indefinitely, there are many | | | | general air of confidence in the future. A recovery in |
| market observers who believe that this is only the | | | | the value of the currency and the fact that inflation |
| beginning of a long, sustained re-rating of the sector. | | | | is now under control adds to the positive outlook for |
| Many are predicting a boom period which could easily | | | | the country. |
| last between 5 and 10 years. | | | | Do not be put off by recent property price rises, as |
| While the large global holiday companies have a | | | | these were from a very low base and look set to |
| significant exposure in the coastal cities and towns, | | | | continue for the foreseeable future. |
| many people are now looking inland at the more | | | | |