Real Estate Scenario in Turkey

Turkey, owing to its strategic geographical location bestriding two continents (Asia & Europe), it’s unique blend of cultures and civilizations, and not least its scenic beauty and appealing tourist hotspots, has been an eye-catcher for real estate investors across the globe. Top property buyers in European-Mediterranean countries have traditionally been from UK whose prime investment destinations have long been Spain, France, Italy and Cyprus. But as these places are gradually getting more expensive and saturated, UK’s property buyers are looking for alternative overseas destinations and Turkey appears to be one of the best choices for them.

Turkey’s property prices have also seen a swift upward trend over the past few years but are still low as compared to the other countries mentioned above. Property investment in Turkey can prove to be a wise and extremely lucrative decision for real estate buyers as the prices continue to go higher. There are many factors which suggest that Turkey property prices will continue to witness an upward trend:

In 2005 Turkey started negotiations for full EU membership which, if materialized, will also contribute positively to property investment in Turkey. Property prices, which already have risen up to 25% in the last 12 months, are estimated to multiply manifold as soon as the country is embraced by the EU and granted its membership.

In 2007 alone, a whopping number of tourists (around 25 million) from around the world visited Turkey, and the figure is estimated to double in a couple of years. Moreover, numerous infrastructural development projects are afoot in Turkey which focus on recreation in order to enhance the tourist appeal of the country. A number of events of venerable international standing, F1 races for one, have also been held in Turkey for the same purpose. Seeing the astounding tourism in Turkey, it’s not hard to predict that property prices are set to rise further in Turkey.

Furthermore, new property laws in Turkey governing regulation and supervision of property market are also to cast a positive shadow on Turkey’s real estate market. Not unlike other real estate investment meccas of the world, Turkey also suffers the trend of demand outstripping supply, which turns out to be a good sign for the property investors. Another factor pointing to the imminent rise in Turkey’s property prices is the country’s average age of houses: Older residential buildings have either come closer to completing their age, or have outlived their average age. This creates an increased demand for new residential projects which in turn will benefit the property investors.

Before You Leave For Turkey

Commonly referred to as the gateway to the East, Turkey straddles two continents and has a unique blend of Asian and European culture and civilization. This Eurasian country is among the world’s top tourist and relocation destinations for people from across the globe. But before packing the bags for Turkey, one should be aware of a few basic things about this destination country.

Health: Turkey’s state-run hospitals, owing to limited funding, don’t have the capacity to cater to the healthcare needs of its huge 70 million population. Nor do they offer services on par with international standards. Due to this, private healthcare has flourished in Turkey which caters to a larger proportion of population and also meets all international standards in terms of expertise and equipment.

Commute: Modern and well-maintained routes linking to cities, small towns and major tourist areas are to be found throughout Turkey. A developed public transport system also exists in Turkey, but as it is limited, having a car at one’s disposal gives them the freedom of travel. Driving in the crowded Turkish cities can however sometimes be frustrating for those having quieter and lesser crowded driving conditions in their home country.

Money: Throughout Turkey, especially in the tourist areas, credit and debit cards are widely accepted. A vast network of ATM machines enables you to draw cash in foreign currency. Currency exchangers are also abound in the country and are open until midnight. In case you plan to open an account in a Turkish bank, it’s wise to first check the bank’s money transfer rates to and from Turkey.

Food: Typical Turkish cuisine consists of fresh vegetables which are either eaten raw or cooked with meat in traditional terracotta pots. Whatever your taste, you are very likely to find it in Turkey. All sorts of meat, dairy products, cereals, vegetables, fruits, nuts and spices are easily to be found in Turkey. Cuisine from European to Asian is available in Turkey’s countless restaurants and eateries. Sale and use of alcohol is not restricted in any part of Turkey.