Turkey
Much of the commercial finance sector was to be found here last summer – Jayne Schofield advises on property purchase
T
he recent recession has almost brought the UK property market to a standstill with so little movement and a lack of confidence in the government investors, first time buyers have struggled to get themselves onto the property ladder. However, buying property abroad
has gradually become more popular as it provides a unique investment opportunity and offers value for money. Increasingly British people are turning to the foreign housing market, especially to countries that are emerging in the European economy. Jayne Schofield director of UK-based
Turkish Connextions, estate agents and construction company, says that Turkey has stood fast during the last two difficult years and is making its way through the economic maze very well, becoming one of the world’s top five growing economies, something that many people may not know.
So when it comes to deciding where
to buy, Turkey is a good bet. You only have to open newspapers, read blogs, check our many financial websites to know this. Turkey has been covered 6,000 times this year in the UK press, and other countries have put it top of their lists.
Another plus is at the banks in Turkey are currently paying at least 7% on interest accounts so those of you with money to spare these rates are superb also most of these banks are covered by the UK government on there list of guaranteed banks. Turkey provides the perfect investment
opportunity and property prices are expected to continually rise over the next few years until they reach the same level
50 November/December 2010
as other Mediterranean countries. Key areas in Turkey are gradually becoming more popular as a tourist destination; due to the recent changes in the emerging culture and economy and cash injections from Turkish tourism boards. The Turkish tourism board is investing money into many areas, with the building of multi-million pound marinas, like the newly built Didim Marina, state of the art airports, like the new international terminal
It is vital to seek
professional advice when trying to buy abroad
for Bodrum, due for completion May 2012. Istanbul currently the European Capital of Culture 2010, and has just been granted the 2012 European Capital of Sport and is also set for a third airport, as passenger numbers for 2009 into Istanbul’s Ataturk International Airport were over 30 million and figures for the first four months of this year saw a another rise of 13%. Along with this, money is being put into new roads, new motorway links from Izmir to Istanbul, other marina developments, golf courses like the international courses in Belek, the country has so much to offer and is progressively moving forward. However, there is much more to Turkey, with the county straddling the borders of both Europe and Asia the country definitely offers more than meets the eye. Turkey is a country of stark contrasts, a country that encompasses the new, without casting off the old. It has everything from big bustling cities to vast open countryside. From warm sandy beaches to snow capped mountains.
Business Money
The country also offers incredible value for money, as it is rich with culture and history, has personality in abundance, a traditional cuisine which is renowned throughout the world and some of the best golfing resorts in Europe. Holidays in Turkey provide a wide variety of exciting opportunities for all potential travellers. Whether it be families looking for child friendly experiences, a couple searching for a romantic get-away or a group of friends wanting sun, sea and adventure; Turkey is sure to prove popular with all.
In the first nine months of 2010, 2.3 million tourists arrived in Turkey, which matched the total for the whole of 2009. The Association of British Travel Agents reports that a steady growth rate of 25% would be expected, especially as travellers look to move away from those country’s governed by the euro, all good news for Turkey.
So “what can I get for my money?” and “how do I go about it?” and “where should a buy?” a question asked many times.
What can I get for my money? Prices in Turkey do vary. Some of the nearer smaller areas offer better value as there is still more to be developed around and prices for a two bedroomed apartment can be as little as £30,000, but the average price of a two bedroomed apartment in the resort of Altinkum would cost about £45,000 and a villa in the same resort £100,000, established resorts like Fethiye the cost of a two bedroomed apartment maybe nearer £60,000 and this is a pattern repeated across the resorts to Alanya where the price will be more like £70,000 and a villa around £250,00.
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