| Property and Real Estate Investments in Turkey |
Turkey is a modern country popular with tourists and property investors. A land of culture, history and traditions, it has an appealing blend of Eastern and European, with temperatures and stretches of white sand beaches that surpass many of the typical hot spots of Europe. Turkey is a smart choice for investors as property prices are low, the economy is stable and EU membership is expected in the near future. The rights of property investors have recently been improved and Turkey is now accepted as one of the top investment areas in Europe.
Some of the key factors to be aware of if interested in property investment in Turkey are mentioned below.
Turkey has many qualities to attract visitors, longer summers than other destinations, a stunning coast, fantastic cuisine and varied entertainment. Living in the country is inexpensive and there is a modern infrastructure already in place. If it succeeds in its application to become a member of the EU, the growth potential on property investment is predicted to be considerable. Investors have been impressed by Turkey’s hard work to achieve EU membership and this has resulted in a new confidence in the country. Recently the government signed an agreement with Asia and Africa to improve relations and is continually updating policies to abide by EU guidelines.
To Buy a property in Turkey attracts investors looking for a retirement home, require a second or holiday home or just for investment purposes. The main regions for property are Istanbul as the buy-to-let prospects are good, and the Aegean and Mediterranean coastal regions. GBP 1.5 billion was invested in the property market during 2005 and Turkey has over seventy thousand properties with foreign ownership.
Overseas investment is encouraged by the government which has lessened its control over foreign trade and investment and privatized state-owned companies. Due to this, many international businesses have invested in the country and in some areas property investment has experienced a capital growth of up to 30%.
The Turkish government has also improved construction regulations. As the country evolves into a prime destination for property investors, developments in tourist regions will be strictly monitored to ensure the natural beauty of the area is maintained. Turkey’s tourist industry receives more than 25 million visitors each year.
With the population of Turkey approximately 70 million there is a high requirement for property from the local population. Nearly 2/3’s of the inhabitants are aged 30 or less and demand is likely to increase if the EU application is successful.
Turkey has launched a global advertising campaign presenting itself as a holiday destination to be visited all year round. Tourism levels are predicted to rise as infrastructure in the coastal areas is improved. As the number of flights and flight routes increase, Turkey will be more reachable for tourists and there will be a higher demand for quality accommodation.
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Seen as a unique, flexible and welcoming nation, forecasts are that Turkey’s tourism market will grow considerably in the next few years. In turn, this will generate a strong GDP growth, higher employment and considerably higher foreign direct investment. Turkey is in an ideal place to develop into one of the most important nations worldwide. At this exciting time of economic growth and universal recognition, property investment in Turkey can offer low prices, potential long-term capital appreciation and soaring rental yields.
http://www.offplanworld.tv/europe/property_in_turkey/
Article Source: UnArchived Articles
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