Turkish Investment Summit in London
Sunday, November 1, 2009
The Turkish Investment Summit was organized at the Renaissance Chancery Court Hotel in London which provided plenty of time for social networking, acquiring new contacts and discussing business with potential partners in Turkey.
The Turkish Embassy in London and the European Bank for Reconstruction and Development (EBRD) are jointly organized the "Investment Summit" . In good news for overseas property investors in Turkey, The Turkish Investment Summit will provide an in-depth look into the global and domestic outlook for Turkey, including a spotlight on European Union accession.
The summit was attended by Turkish Finance Minister Mehmet Şimşek, Varel Freeman, EBRD first vice president; Alpaslan Korkman, chairman of the Investment Support and Promotion Agency of Turkey; and Tevfik Aksoy, an economist at Morgan Stanley in London are also among the key speakers of the summitother topics included in the summit are maximizing Turkey's energy potential with a special focus on renewable energy sources, a review of Turkey's best investment opportunities, an in-depth look at real estate; infrastructure; and banking, finance and private equity.
Speaking at the event, Alpaslan Korkmaz, President of the Investment Support and Promotion Agency of Turkey (ISPAT), said that Turkey is attracting foreign investments. He pointed out that many investors in Europe will be feeling uneasy about investing for the coming decade and it will take at least 4-5 years for the US economy to rebound. He commented "Turkey is emerging as a new destination for investments and we will see investor interest surge by the next year".
Social BookmarkingThe Turkish Embassy in London and the European Bank for Reconstruction and Development (EBRD) are jointly organized the "Investment Summit" . In good news for overseas property investors in Turkey, The Turkish Investment Summit will provide an in-depth look into the global and domestic outlook for Turkey, including a spotlight on European Union accession.
The summit was attended by Turkish Finance Minister Mehmet Şimşek, Varel Freeman, EBRD first vice president; Alpaslan Korkman, chairman of the Investment Support and Promotion Agency of Turkey; and Tevfik Aksoy, an economist at Morgan Stanley in London are also among the key speakers of the summitother topics included in the summit are maximizing Turkey's energy potential with a special focus on renewable energy sources, a review of Turkey's best investment opportunities, an in-depth look at real estate; infrastructure; and banking, finance and private equity.
Speaking at the event, Alpaslan Korkmaz, President of the Investment Support and Promotion Agency of Turkey (ISPAT), said that Turkey is attracting foreign investments. He pointed out that many investors in Europe will be feeling uneasy about investing for the coming decade and it will take at least 4-5 years for the US economy to rebound. He commented "Turkey is emerging as a new destination for investments and we will see investor interest surge by the next year".
Labels: British
Good Turkey properties available for under EUR 50,000
Wednesday, July 22, 2009
It is possible to pick up a good property in Turkey at prices of EUR 50,000 (GBP 42,850) in best locations, it has been reported.
Property and lifestyle magazine Quest stated that many British purchasers are looking for homes at the lower end of the market and listed three examples of the sort of bargains UK buyers could enjoy. These included a three-bed, two-bathroom villa with a sea view near Bodrum, a three-bed beach apartment at Fethiye, Calis Beach and a one-bed apartment near the beach in Alanya.
Head of private clients at property firm World First Elisabeth Dobson commented: "People are attracted to properties in turkey of £30,000 as they know that in the UK they will have to spend that on a new car."
According to Daily Mail, cheap accommodations are still available, although prices are rising by 20 per cent a year, suggesting those making acquisitions could see their value rise substantially. The country is affordable because it does not use the euro as its currency - making exchange rates more favorable - while the equivalent of council tax costs £150 a year and there are many cheap places to eat and drink. Meanwhile, Turkish news provider Hurriyet recently claimed that the rapid growth of the country's tourism industry will contribute to a property boom in 2010.
Social BookmarkingProperty and lifestyle magazine Quest stated that many British purchasers are looking for homes at the lower end of the market and listed three examples of the sort of bargains UK buyers could enjoy. These included a three-bed, two-bathroom villa with a sea view near Bodrum, a three-bed beach apartment at Fethiye, Calis Beach and a one-bed apartment near the beach in Alanya.
Head of private clients at property firm World First Elisabeth Dobson commented: "People are attracted to properties in turkey of £30,000 as they know that in the UK they will have to spend that on a new car."
According to Daily Mail, cheap accommodations are still available, although prices are rising by 20 per cent a year, suggesting those making acquisitions could see their value rise substantially. The country is affordable because it does not use the euro as its currency - making exchange rates more favorable - while the equivalent of council tax costs £150 a year and there are many cheap places to eat and drink. Meanwhile, Turkish news provider Hurriyet recently claimed that the rapid growth of the country's tourism industry will contribute to a property boom in 2010.
Labels: British, Investment-property, Property-prices
Turkish Property Boosted by Growth in Sterling's Value
Thursday, June 11, 2009
Turkey property is set to become even more popular with British buyers, as Moneycorp's prediction for Sterling to strengthen against the Turkish Lira continues to come true.
Turkish property is now 19% cheaper to British buyers than it was in April. This will cause a further increase in the popularity of Turkish property with British buyers, 1 Pound sterling has risen from being worth 2.30 Lira to 2.35, where Moneycorp said it may peak or stretch to 2.40.
"In the long term, we expect the Pound will get stronger, certainly climbing back up to 2.35% and possibly even to 2.40%," the Moneycorp analyst concluded. This growth has far exceeded the predictions of Moneycorp, right now one British Pound will buy 2.50 Turkish Lira (rounded up). Though Sterling has recently been strengthening against the Euro, it has been weakening against the Turkish Lira; this is expected to turn around in the next few months, making Turkey property even less expensive to British buyers. Les Calvert, director of property-abroad said "a rise of even 10 points can have a massive impact on the price of properties to British buyers."
Julian Walker, director of Spot Blue, specialists in Turkey property commented: "Such a rise in Sterling’s value against the Turkish Lira is likely to make Turkey property even more attractive to British property buyers."
According to major UK portal Property Abroad.com, Turkey property has been 4th most popular with the thousands of British property searchers received by the portal. The emerging markets analyst Julie Liddle told that it had gone from being 8th most popular in the first quarter of 2008, to being 5th most popular in Q1 2009 before jumping to 4th most popular in April.
Social BookmarkingTurkish property is now 19% cheaper to British buyers than it was in April. This will cause a further increase in the popularity of Turkish property with British buyers, 1 Pound sterling has risen from being worth 2.30 Lira to 2.35, where Moneycorp said it may peak or stretch to 2.40.
"In the long term, we expect the Pound will get stronger, certainly climbing back up to 2.35% and possibly even to 2.40%," the Moneycorp analyst concluded. This growth has far exceeded the predictions of Moneycorp, right now one British Pound will buy 2.50 Turkish Lira (rounded up). Though Sterling has recently been strengthening against the Euro, it has been weakening against the Turkish Lira; this is expected to turn around in the next few months, making Turkey property even less expensive to British buyers. Les Calvert, director of property-abroad said "a rise of even 10 points can have a massive impact on the price of properties to British buyers."
Julian Walker, director of Spot Blue, specialists in Turkey property commented: "Such a rise in Sterling’s value against the Turkish Lira is likely to make Turkey property even more attractive to British property buyers."
According to major UK portal Property Abroad.com, Turkey property has been 4th most popular with the thousands of British property searchers received by the portal. The emerging markets analyst Julie Liddle told that it had gone from being 8th most popular in the first quarter of 2008, to being 5th most popular in Q1 2009 before jumping to 4th most popular in April.
Labels: British, Turkish-property
Turkey vs. Greece which is better for buying property?
Tuesday, March 24, 2009
Turkey is a more financially viable option than Greece for investors seeking to buy property and also for the tourists, it has been reported.
Paul Collins, property editor of BuyAssociation, has stated that Turkey is "significantly" cheaper than Cyprus Property or Greece or elsewhere in the Mediterranean. Mass tourism is a promiscuous business and the summer destinations such as Turkey are looking cheaper than the Greek islands. Most tourists compare prices as readily as they swap holiday snaps when they come home and as Turkey remains outside the single currency offers much better value against the pound for holidaymakers.
Figures reveal that demand for travel to Turkey has increased considerably in 2008 and travel experts have said they expect this pattern to continue in 2009.
The Association of British Travel Agents (Abta) spokesman commented: "the position of the currencies unlikely to get much better in the coming months, holidaymakers are expected to look further afield to North Africa and Turkey, which offer much better value for money and where you can still find dinner for two for £20."
According to Shelter Offshore.com, a £100,000 property purchase in Greece can see costs of around £10,000 added to the bill in the guise of land registry, local tax, transfer tax and other notary fees. This sum can rise to £17,500 when all other expenditure is considered. The website has cited research conducted by leading consumer group Which and has reported that the hidden costs can make migration to Greece costlier for UK consumers. However, Costs in Turkey are comparatively low at around £7,000 it is suggested, potentially representing better value for money.
In related news, Turkey's tourist industry is enjoying a boom, with the number of visitors to the nation has risen by 23 per cent this year, reports Today's Zaman.
Social BookmarkingPaul Collins, property editor of BuyAssociation, has stated that Turkey is "significantly" cheaper than Cyprus Property or Greece or elsewhere in the Mediterranean. Mass tourism is a promiscuous business and the summer destinations such as Turkey are looking cheaper than the Greek islands. Most tourists compare prices as readily as they swap holiday snaps when they come home and as Turkey remains outside the single currency offers much better value against the pound for holidaymakers.
Figures reveal that demand for travel to Turkey has increased considerably in 2008 and travel experts have said they expect this pattern to continue in 2009.
The Association of British Travel Agents (Abta) spokesman commented: "the position of the currencies unlikely to get much better in the coming months, holidaymakers are expected to look further afield to North Africa and Turkey, which offer much better value for money and where you can still find dinner for two for £20."
According to Shelter Offshore.com, a £100,000 property purchase in Greece can see costs of around £10,000 added to the bill in the guise of land registry, local tax, transfer tax and other notary fees. This sum can rise to £17,500 when all other expenditure is considered. The website has cited research conducted by leading consumer group Which and has reported that the hidden costs can make migration to Greece costlier for UK consumers. However, Costs in Turkey are comparatively low at around £7,000 it is suggested, potentially representing better value for money.
In related news, Turkey's tourist industry is enjoying a boom, with the number of visitors to the nation has risen by 23 per cent this year, reports Today's Zaman.
Labels: British, Property-prices, Travel
Brits opt for Turkey than Spain
Sunday, January 18, 2009
Turkey has now toppled Spain as the most popular destination for British holidaymakers, a survey has revealed.
According to the research from the Co-Operative Travel, Turkey is closing the gap with Spain regarding holiday stakes.
Turkey has seen bookings rise by eight per cent in the last 12 months. The research revealed that Dalaman now holds the number one spot, with Majorca second, Crete third and Bodrum in fourth place. It is the first time since the birth of the package holiday that Spain has failed to top the tables.
Trevor Davies, Head of retail at Co-operative Travel said that as prices have increased in Spain, Turkey has become popular in recent years as holidaymakers believe it offers better value for money.
Investors thinking of purchasing a rental property in Turkey may be able to look forward to healthy yields as research by Travelsupermarket.com found that 1.8 million Brits are planning to travel abroad in 2009, compared to 1.5 million in 2008. With its year round good climate, beautiful beaches and increasing interest from European travelers looking to make the most of their currency, homeowners leasing out their houses can look forward to substantial returns.
Meanwhile, Liam Bailey, global markets expert at Property Wire, commented: "booming tourism means that eight per cent average rental returns can easily be exceeded on good units in the most popular areas in Turkey."
Social BookmarkingAccording to the research from the Co-Operative Travel, Turkey is closing the gap with Spain regarding holiday stakes.
Turkey has seen bookings rise by eight per cent in the last 12 months. The research revealed that Dalaman now holds the number one spot, with Majorca second, Crete third and Bodrum in fourth place. It is the first time since the birth of the package holiday that Spain has failed to top the tables.
Trevor Davies, Head of retail at Co-operative Travel said that as prices have increased in Spain, Turkey has become popular in recent years as holidaymakers believe it offers better value for money.
Investors thinking of purchasing a rental property in Turkey may be able to look forward to healthy yields as research by Travelsupermarket.com found that 1.8 million Brits are planning to travel abroad in 2009, compared to 1.5 million in 2008. With its year round good climate, beautiful beaches and increasing interest from European travelers looking to make the most of their currency, homeowners leasing out their houses can look forward to substantial returns.
Meanwhile, Liam Bailey, global markets expert at Property Wire, commented: "booming tourism means that eight per cent average rental returns can easily be exceeded on good units in the most popular areas in Turkey."
Labels: British, Tourism, Turkish-property
Property values in Turkish Riviera are up by 40%
Sunday, December 7, 2008
Overseas investors who choose to buy a holiday home on the Turkish Riviera could also be making a profitable long-term investment, according to experts.
In recent years, Turkey has become a hotspot of activity for both overseas property investors and holidaymakers. With hot summers and mild winters, Turkey is quickly becoming a sought-after destination for Brits. The country is easily accessible with budget airlines, while low living costs and ample areas of historical interest may make it an attractive proposition.
ShelterOffshore.com said house prices in Turkey are likely to go up by as much as 15 per cent this year and 40 per cent over the last two years. This is despite the continuing financial problems across the world and the possibility of a global recession.
Purchasing a brand new two-bedroom apartment on a development for just £58,000, a bargain compared to costlier regions of the Mediterranean such as Spain and Portugal. Britons who have been priced out of the domestic housing market are looking for possible opportunities in Turkey. Commenting on this developing trend, the Telegraph said: "Canny young British buyers have invested in rental accommodations in Turkey to gain profit to get on to the UK ladder."
Marc Morley-Freer, spokesperson of Moneycorp commented: "we are still receiving a high level of enquiries relating to buying property in emerging markets like Turkey despite the global property market downturn".
Social BookmarkingIn recent years, Turkey has become a hotspot of activity for both overseas property investors and holidaymakers. With hot summers and mild winters, Turkey is quickly becoming a sought-after destination for Brits. The country is easily accessible with budget airlines, while low living costs and ample areas of historical interest may make it an attractive proposition.
ShelterOffshore.com said house prices in Turkey are likely to go up by as much as 15 per cent this year and 40 per cent over the last two years. This is despite the continuing financial problems across the world and the possibility of a global recession.
Purchasing a brand new two-bedroom apartment on a development for just £58,000, a bargain compared to costlier regions of the Mediterranean such as Spain and Portugal. Britons who have been priced out of the domestic housing market are looking for possible opportunities in Turkey. Commenting on this developing trend, the Telegraph said: "Canny young British buyers have invested in rental accommodations in Turkey to gain profit to get on to the UK ladder."
Marc Morley-Freer, spokesperson of Moneycorp commented: "we are still receiving a high level of enquiries relating to buying property in emerging markets like Turkey despite the global property market downturn".
Labels: British, Property-prices, Turkish-Riviera
Savills to invest in Turkish property market
Wednesday, June 18, 2008
Turkey's property market is exemplified by short supply, with huge potential investment opportunities and attractive risk-adjusted returns. International brands are increasingly entering the market and are creating considerable demand for high quality product.
Financial times have reported that the leading British real estate investment company Savills is to launch a fund to invest in the fast-growing Turkish property market.
Turkish Property Ventures Fund will invest in shopping centers and residential developments with an estimated return of 20% a year. The fund aims to raise €400m (£323m) of equity. Ian Jones, fund manager at Cordea Savills explained that Turkey is "shrugging off" the ongoing problems in the global economy and the Turkish housing market is performing strongly.
The government estimates reveal that 650,000 new houses are required annually to support the projected population growth. Mr. Jones further said that the population of Turkey with 70 million people and half of them under 30 with an average annual population growth of about one per cent signifies more opportunities. House prices are still at affordable level to generate interest among the holiday home buyers and overseas investors.
The rate of house price inflation still outpaces many other European countries, suggesting that overseas investors hoping for capital appreciation could still profit from the Turkish market if they enter the market early.
Financial times have reported that the leading British real estate investment company Savills is to launch a fund to invest in the fast-growing Turkish property market.
Turkish Property Ventures Fund will invest in shopping centers and residential developments with an estimated return of 20% a year. The fund aims to raise €400m (£323m) of equity. Ian Jones, fund manager at Cordea Savills explained that Turkey is "shrugging off" the ongoing problems in the global economy and the Turkish housing market is performing strongly.
The government estimates reveal that 650,000 new houses are required annually to support the projected population growth. Mr. Jones further said that the population of Turkey with 70 million people and half of them under 30 with an average annual population growth of about one per cent signifies more opportunities. House prices are still at affordable level to generate interest among the holiday home buyers and overseas investors.
The rate of house price inflation still outpaces many other European countries, suggesting that overseas investors hoping for capital appreciation could still profit from the Turkish market if they enter the market early.
Labels: British, Investment-property
Unspoiled Turkey praised by a British expat
Sunday, June 15, 2008
An expatriate from the UK who has purchased a holiday home in Turkey's Mugla province has highlighted some of the attractions of Turkey.
Speaking to the Independent, Helen Love outlined some of the recent developments which could potentially persuade more people to follow her lead. She said that she had spent £80,000 on a property in Dalyan four years ago and now that the house has gone up in value to about £150,000.
Commenting on the location, she praised the number of lifestyle attractions on offer including beautiful unspoilt beaches, mountain landscapes topped off with a low cost of living. However, she added that this part of Turkey has only recently been tapped into by overseas property buyers.
She praised the quality of the public services to maintain its natural beauty and planning restrictions to evade overdevelopment has made Dalyan so attractive. In addition, she suggested that property owners could stand to benefit from significant capital appreciation in Turkey.
ShelterOffshore.com has recently flagged up Turkey as a good retirement destination.
The website has reported that Turkey has excellent infrastructure, amenities and good weather, as well as relatively low cost of living.
Social BookmarkingSpeaking to the Independent, Helen Love outlined some of the recent developments which could potentially persuade more people to follow her lead. She said that she had spent £80,000 on a property in Dalyan four years ago and now that the house has gone up in value to about £150,000.
Commenting on the location, she praised the number of lifestyle attractions on offer including beautiful unspoilt beaches, mountain landscapes topped off with a low cost of living. However, she added that this part of Turkey has only recently been tapped into by overseas property buyers.
She praised the quality of the public services to maintain its natural beauty and planning restrictions to evade overdevelopment has made Dalyan so attractive. In addition, she suggested that property owners could stand to benefit from significant capital appreciation in Turkey.
ShelterOffshore.com has recently flagged up Turkey as a good retirement destination.
The website has reported that Turkey has excellent infrastructure, amenities and good weather, as well as relatively low cost of living.
Labels: British, Dalyan, Turkish-property
Moneycorp believes Turkey is a tasty destination for UK investors
Friday, May 23, 2008
Turkey is becoming more and more popular with British investors. Moneycorp currency dealing desk has revealed that the number of inquiries relating to buying property in Turkey is increased more than threefold between 2006 and 2007.
Moneycorp believes that Turkey continues to attract a high level of interest from investors in spite of the fact that number of economic problems like the global credit crunch is affecting demand for property in some countries. The slump in the global economy is not putting off the property investors from entering the Turkish market. Britons are choosing to visit countries which are not part of the single European currency as pound is now at a record low against the euro. This trend could prove to be advantageous to owners of rental accommodation in Turkey.
Overseas property buyers are increasingly choosing to snap up properties in the established locations such as Istanbul, Antalya, Bodrum and Ankara. Governor of Mugla province has stated that towns like Bodrum and Fethiye are attracting more visitors in 2008. A report in Today's Zaman revealed that over 10,000 British have invested in Turkey's Mugla province in recent years.
Overseas property buyers in the UK have been advised to consider entering the Turkish market by FirstRungNow.com as its market is supported by a number of strong fundamentals.
Moneycorp believes that Turkey continues to attract a high level of interest from investors in spite of the fact that number of economic problems like the global credit crunch is affecting demand for property in some countries. The slump in the global economy is not putting off the property investors from entering the Turkish market. Britons are choosing to visit countries which are not part of the single European currency as pound is now at a record low against the euro. This trend could prove to be advantageous to owners of rental accommodation in Turkey.
Overseas property buyers are increasingly choosing to snap up properties in the established locations such as Istanbul, Antalya, Bodrum and Ankara. Governor of Mugla province has stated that towns like Bodrum and Fethiye are attracting more visitors in 2008. A report in Today's Zaman revealed that over 10,000 British have invested in Turkey's Mugla province in recent years.
Overseas property buyers in the UK have been advised to consider entering the Turkish market by FirstRungNow.com as its market is supported by a number of strong fundamentals.
Labels: British, Overseas-property
Wet summer drives British investor's to Turkey
Saturday, April 26, 2008
Humberside Airport Travel figures reveal that many people from Humberside last-minute holiday bookings in order to escape from last year's wet summer. Their reports confirm that nearly 92 per cent of its bookings were made at the last minute.
The travel agency further said that Turkey was the most popular destination for followed by Cyprus. Turkish Airlines reported that a total of eight million people flew with the carrier till September of 2007 which is 19.4 per cent higher than the figures recorded 12 months earlier.
Rob Goldsmith, managing director of Humberside Airport, said that the last year summer saw increase in the number of visitors and he expected that the trend will continue. Property experts pointed out a link between the wet summer and an increased number of people purchasing property abroad. Currency specialist HiFX explained the surge of interest in buying abroad is mainly due to people wanting to live in a better climate.
Turkey is increasingly becoming popular because it offers overseas property investors the ideal place to buy a home in the sun as it has good weather all round the year. Michael Harrop, MD of New Turkish Properties has commented that glorious weather is pulling in crowds of takers when it comes to property in Turkey.
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The travel agency further said that Turkey was the most popular destination for followed by Cyprus. Turkish Airlines reported that a total of eight million people flew with the carrier till September of 2007 which is 19.4 per cent higher than the figures recorded 12 months earlier.
Rob Goldsmith, managing director of Humberside Airport, said that the last year summer saw increase in the number of visitors and he expected that the trend will continue. Property experts pointed out a link between the wet summer and an increased number of people purchasing property abroad. Currency specialist HiFX explained the surge of interest in buying abroad is mainly due to people wanting to live in a better climate.
Turkey is increasingly becoming popular because it offers overseas property investors the ideal place to buy a home in the sun as it has good weather all round the year. Michael Harrop, MD of New Turkish Properties has commented that glorious weather is pulling in crowds of takers when it comes to property in Turkey.
Labels: British, Property-buyers, Travel
Rewards and risks of buying property in Turkey
Friday, March 28, 2008
British tourists and investors are tempted by the turquoise coastline, water sports, water skiing and scuba diving that is on offer in many of Turkey's coastal towns. Many people who visit Turkey are impressed by the Mediterranean climate, hospitality and great value of the country that they turn from tourists to property investors.
According to the statistics, even though the prices have gone up to 15 to 20 percent in the last year, prices are still cheap when compared to British standards. Turkey is becoming exciting destination for property buyers and already 17,000 British have property in Turkey. Julian Walker, managing director at Spot Blue has said that one-bedroom flats can go for £25,000, two-beds for £50,000 and villas for £90,000. According to the reports by Conti Financial Services revealed that enquiries about Turkey has increased to a whopping 147 percent when compared to other European countries like Spain, by contrast, enquiries fell by more than 28 per cent.
According to the law on 'property purchase by foreigners in Turkey', foreign nationals are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with the laws. Both Turkish citizens and foreign owners have equal property-ownership rights. The mortgage law available over long periods to house buyers and is expected to transform both the housing market and the Turkey's urban environment. Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for building land, non-residence-purpose buildings and residential buildings are 0.3%, 0.2%, and 0.1%, respectively. Foreign buyers will have to pay 25 per cent deposit and mortgages are available over 15 years.
Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Cape Verde, South Africa, Thailand and Egypt. More overseas investors arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.
Linda Travella, spokeswoman for the National Association of Estate Agents International has said that buying property in emerging countries requires more research and local knowledge. The process would be different when compared to UK system.
Social BookmarkingAccording to the statistics, even though the prices have gone up to 15 to 20 percent in the last year, prices are still cheap when compared to British standards. Turkey is becoming exciting destination for property buyers and already 17,000 British have property in Turkey. Julian Walker, managing director at Spot Blue has said that one-bedroom flats can go for £25,000, two-beds for £50,000 and villas for £90,000. According to the reports by Conti Financial Services revealed that enquiries about Turkey has increased to a whopping 147 percent when compared to other European countries like Spain, by contrast, enquiries fell by more than 28 per cent.
According to the law on 'property purchase by foreigners in Turkey', foreign nationals are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with the laws. Both Turkish citizens and foreign owners have equal property-ownership rights. The mortgage law available over long periods to house buyers and is expected to transform both the housing market and the Turkey's urban environment. Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for building land, non-residence-purpose buildings and residential buildings are 0.3%, 0.2%, and 0.1%, respectively. Foreign buyers will have to pay 25 per cent deposit and mortgages are available over 15 years.
Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Cape Verde, South Africa, Thailand and Egypt. More overseas investors arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.
Linda Travella, spokeswoman for the National Association of Estate Agents International has said that buying property in emerging countries requires more research and local knowledge. The process would be different when compared to UK system.
Labels: British, Economy, Turkish-property
Brits lured by Turkish property
Saturday, March 15, 2008
The www.999today.com Web site revealed that property in Turkey ranks one of the most popular overseas property destinations in the UK.
Julian Walker from the United Kingdom-based Turkish property firm Spot Blue has said that Briton's investments in turkey increased much faster than total property investment turkey by foreign nationals. Statistics shows nearly 2.06 million people in the British Isles own property overseas i.e one in 30 people. Favorable property prices coupled with over 300 days of sunshine make turkey a prime target for property investment .Turkish real estate economy is benefiting from a government reforms, infrastructure developments, global advertising of the Turkish brand of tourism and consistent foreign direct investment.
David Nigbur, Former BBC engineer and his wife, Rosemary, said their living expenses is drastically reduced since having their three-bedroom villa in Uzumlu, just outside Fethiye, in southwestern Turkey and the building process is facilitated by spot blue. The British couple was happy about their relocation. A quick overview of the market reveals that prices have increased over 30 percent in this area and the days of bargain property in turkey appear to be long gone but still investors hope to achieve more capital appreciation per annum as the laidback lifestyle, affordability, Mediterranean climate and hospitality of people of the island appeals so much to retirees, holidaymakers and overseas investors.
Social BookmarkingJulian Walker from the United Kingdom-based Turkish property firm Spot Blue has said that Briton's investments in turkey increased much faster than total property investment turkey by foreign nationals. Statistics shows nearly 2.06 million people in the British Isles own property overseas i.e one in 30 people. Favorable property prices coupled with over 300 days of sunshine make turkey a prime target for property investment .Turkish real estate economy is benefiting from a government reforms, infrastructure developments, global advertising of the Turkish brand of tourism and consistent foreign direct investment.
David Nigbur, Former BBC engineer and his wife, Rosemary, said their living expenses is drastically reduced since having their three-bedroom villa in Uzumlu, just outside Fethiye, in southwestern Turkey and the building process is facilitated by spot blue. The British couple was happy about their relocation. A quick overview of the market reveals that prices have increased over 30 percent in this area and the days of bargain property in turkey appear to be long gone but still investors hope to achieve more capital appreciation per annum as the laidback lifestyle, affordability, Mediterranean climate and hospitality of people of the island appeals so much to retirees, holidaymakers and overseas investors.
Labels: British, Latest-news
