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Investment Property in Turkey and Investing in Turkey
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What Makes Turkey Hot Investment Destination?
Turkey is a vast country with an immense reservoir of naturally alluring features. With over 7000 kilometers of beautiful coastline and a Mediterranean climate, Turkey offers the perfect tourist destination. Turkey is particularly jam-packed with tourists during summers with more than 300-days of uninterrupted sunshine. Resultantly, the coastal resort towns of Altinkum, Bodrum, Kusadasi, Marmaris, Fethiye and others offer maximum returns on investment in rental property.
Turkey was historically, a closed society with not too many opportunities for foreign investment. But, with the advent of globalization, the world has become almost a large town, and the concept of being 'Glocal' aggressively pursued by international governments, Turkey has opened its doors for foreign property buyers. Since 2003, foreign investor have been making a beeline for Turkish real estate as a result of liberal investment laws ushered in the country.
Turkey has also been aggressively pursuing its candidacy for European Union membership. Once it becomes a member, the Turkish economy is expected to soar to newer heights. More importantly, real estate prices are expected to reach new heights once the country becomes an EU member. Therefore, the investors suggest that the ideal time to buy Turkish property is now, when the nation is on the verge of development.
More than half of the Turkish population is under the age of 25 years. This means that 'young' Turkey is poised to take the country to the next level of development. Perhaps, this explains that the real estate prices in major cities like Istanbul, Ankara, Izmir, Konya, Bursa, Adana, Antalya and Mersin have already soared. The demand has already outscored the supply of available tradable property in these cities, due to influx of migrant population from the countryside in search of jobs.
Turkey has adopted the European building standards and regulations for its new constructions. This is primarily done to lure the European investors into making Turkey their second home. The European standards are among the best and the most investor-friendly yardsticks. Not only do these standards inspire confidence in the potential investors, but also ensure a planned development resulting in the overall better living standards for the residents in the region.
Turkey has the remnants of one of the oldest settlements in the region, with traces of ancient Greek, Roman, Persian, Arabic and Byzantine culture still pervasive in some parts of the country. This also adds to the charm of Turkey for the potential foreign investor.
The price of real estate in Turkey as compared to other European countries has always been the talking point among the real estate dealers and investors. It is often said that prices in Turkey are the same as in Spain, if you knocked a zero off, and there are people who say that property prices in Turkey are 10 years behind those in Spain. The situation is not so rosy as it seems. Though prices of real estate in Turkey are still far less than countries, like Spain, yet with promised developments and booming economy, things will not remain like this forever.
Hottest Investment Destinations in TurkeyAs mentioned earlier, the major cities of turkey are already choc-a-bloc. And fortunately, the country's long coastline offers maximum investment opportunities in terms of rentable and saleable holiday homes, villas, and luxurious homes and apartments. The southern resorts of Fethiye and Marmaris are currently the best property investment destinations in the entire country, closely followed by the northern Bodrum and Cesme Peninsulas.
Surrounded by mountains, water and lush forests, Fethiye is a great coastal town to invest in tourist-related property. The picturesque location of this town means that the tourists are always checking-in and checking-out of Fethiye all the year round. Dalaman is the nearest airport to Fethiye. Dalaman Airport (DLM) has regular daily flights to Istanbul and a number of weekly direct and connecting flights to London and other major European cities. The Bodrum Peninsula is another popular spot and is known as "the new San Tropez", where wooded countryside meets the shore in a series of glorious bays and pretty fishing villages.
Cesme Peninsula is within touching distance to the Greek islands and most people use Izmir as a closer airport than going via Greece. The region is already on the development radar with golf courses and residential homes being planned around the village of Alacati. Calis is another fast developing coastal beach town. This resort village is an ideal location for investors looking for rental property as well as those looking for a beachfront home, with a steady flow of tourists.21/06/08
Les Calvert - Director of Property Abroad and Homes Abroad often writes articles and guides on buying a property abroad. His 300+ websites feature over 50,000 properties for sale in more than 46 countries around the world. Visit his site at http://www.homesabroad.co.uk/ or http://www.estateagentsabroad.com/
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