Right time to invest in Turkish property

Strategically situated between East and West, Turkey has always attracted travellers, and more recently tourists. But now its many charms, culture, pleasant climate, fine beaches and relaxed lifestyle are attracting property buyers. While prices continue to rise in the most popular destinations such as Spain and France, prices for property in Turkey remain remarkably low; it is still possible to buy a two-bedroom apartment for less than €45,000 (£30,000).

As well as older property, there is a great deal of new build-apartments, villas and townhouses both in holiday resorts and in the major cities such as Istanbul. Turkey represents an excellent buy-to-let opportunity. Tourist levels have risen from 20 million in 2005 to 25 million in 2006; this may reach 29 million in 2007. There is also an increasing number of foreign expatriates, particularly in Istanbul, who prefer to rent rather than buy.

Capital appreciation is also substantial. Land values have doubled in the past two years and property prices have risen by as much as 40% in some popular costal regions. Another important factor is Turkey's application to join the EU. Talks about accession have been underway for some time, and while there are still problems to be resolved, full accession is expected by 2015.

This will undoubtedly bring handsome dividends to property owners, as has been the case with all the Eastern European states which recently joined the EU. The shrewd investor buys in before accession. New mortgage legislation means that fixed interest rate mortgages are now available, both to the indigenous population and incomers. This, again, is inevitably stoking demand, which will be reflected in rising prices.

Further: See our properties in Turkey.

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