Looking for property investment in Turkey??
As well as being an excellent holiday destination, Turkey is NOW considered an exciting place to invest, as the prices remain extremely low in comparison to the rest of Europe or other historically popular places that the UK market have purchased abroad. Many analysts compare it with Spain 20-30 years ago and it is easy to see the gains that investors have made there! Already, over 50,000 Britons have already taken the decision to buy property in Turkey.
In addition to cheap property prices, a number of factors make Turkey a real property hotspot and demand for properties to buy in Turkey is soaring:with properties from £17,000!
BOOMING ECONOMY: Although joining the EU may be a few years away, the government continue to build reforms. These have resulted in inflation falling and foreign exchange and interest rates becoming more competitive. The country also now has one of the world’s fastest growing economies and inflation is at its lowest since 1970’s.
“MORTGAGE LAW” - PROPERTY DEMAND SET TO GO THROUGH THE ROOF: Dubbed the 'Mortgage Law' and due to come into effect in 2008, the legislation paves the way for people in Turkey to take out mortgages for the first time. Consequently, with a very strong ownership culture, and a population of 70M, the ratio of home loans to national revenue is forecast to rise from 4.5% to 12% by 2015. The legislation is being seen as one of the biggest reforms in the Turkish financial system ever and is highly likely to kick start the Turkish property market as demand is set to go through the roof. Prices are undoubtedly likely to follow!
TAX BENEFITS: There is no capital gains tax if you keep hold of your Turkish home for over 5 years
SOMETHING FOR EVERYONE: This unique country boasts a mix of Western influenced modern living and traditional old world charm. It is steeped in history, has 8000kms of varied coastline, stunning beaches, fantastic cuisine, trendy western-style bars and clubs alongside traditional Turkish cafes, bustling cities and quaint fishing villages, a wonderful climate, low cost of living and warm friendly locals!
CHEAPER FLIGHTS: The advent of budget airlines will create a big up lift in popularity and prices. Thomsonfly, Avro and Mytravellite already fly to the southwest and Easyjet fly to Istanbul.
It's no wonder, many of the coastal resort areas are reporting house price rises month on month, and that Turkey was voted no. 3 on Channel 4's 20 Best Places To Buy In The Sun.