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Above picture is of Gundogan on the Bodrum Peninsula

A holiday home in Turkey is an excellent chance to enter the booming Turkish property market. Land prices have doubled in the last 2 years in the most popular areas. Depending on the location, property in Turkey has risen in price by 25% to 40% in the last year alone.  Demand for Property in Turkey is on the increase as well.

Turkey attracts approximately 15 million visitors a year and the tourism infrastructure is very well established. Turkey is the 3rd most popular holiday destination in Europe. In 2005 Turkish tourism was set to increase by 25%, making Turkey a great place for rental income. With many excellent facilities and English being widely spoken and the relaxation of the rules allowing foreigners to own Turkish real estate, this boom is likely to run for many more years. Currently prices are running at 1998 equivalent to Spanish prices for a similar build quality.

In 1999 Turkey became a member of the EU, resulting in the knock on effect of Turkey receiving huge interest for real estate investment. Properties in Turkey can now be purchased at competitive prices compared to many other European countries making Turkey an ideal real estate investment opportunity.

WHY INVEST IN TURKISH PROPERTY?

Now people are adding properties from abroad into their portfolio of savings and investments. Investors are now thinking Turkey is the country with the greatest potential for returns, especially as the UK government is allowing properties as part of your pensions.

Several years ago savings and investments were simple, such as deposit accounts, ISAs, stock and shares and pension schemes.  Now with lower interest rates, many investors started to think - What if my property investment was more than just my home? What if I had a holiday home to enjoy, rent out for a rental income and then most importantly, that it  increased in value?

In 1999 Turkey became a candidate member of the EU resulting in Turkey receiving huge interest for real estate investment and property speculators. As Turkey heads towards full EU membership, an investment in Turkish property will reward you with considerable captain gains. In addition you can also have a fabulous Holiday home that beats having a property in a dull area in England for example!

TURKEY`S EXPLOSION ON THE PROPERTY MARKET

There are several reasons for Turkey`s explosion in growth, for example - *  Prices - even with the large increases in price over the last few years, Turkey still has some of the lowest property prices in Europe.* You can still purchase a villa or an apartment for a fantastic, competitive price! *  Climate - coastal Turkey offers an excellent year round climate. Mild Winters, gorgeous Spring and Autumn, and very hot Summers.

Bodrum monthly Average Temperature °C (°F)	April	May	June	July	Aug	Sept	Oct.
Day Temperature	21 (70)	26 (79)	29 (84)	33 (91)	34 (93)	29 (84)	24 (75)
Sea Water Temperature	16 (60)	18 (65)	21 (70)	23 (75)	25 (77)	24 (74)	21 (70)
Hours of sunshine per day	9	10	12	12	12	11	8

*  E.E.C. - Turkey has applied to become a member of the E.E.C.(when membership is granted, property prices will soar). * Infrastructure - Turkey is investing heavily in transport links and communications. *  Freehold - All properties are freehold with title deeds. *  Economy - Over the last few years the economy has stabilised and Turkey is now (according to the World Trade Organisation) one of the 20 most dynamic countries in world trade. *  Holiday Destination - Turkey is now a major European holiday destination, which gives an excellent opportunity to realise very good rental returns on properties. *  Local Prices - for food and local services, prices are very low compared to the rest of Europe. It is nearly 1/3 cheaper then Britain. Eating out is very inexpensive and the food is superb. *  Low Charges - Low annual property taxes, cheaper water, gas and electricity charges.  *  Accessibility - Turkey is becoming increasingly accessible with more and more budget airlines like Easy jet, Sun Express and tour operators offering cheap flights during the holiday seasons. *  Crime - One of the lowest crime rates in the World.*  Magnificent Ancient Sights -  that combine seamlessly with modern facilities. *  English - is widely spoken. *  Capital Gains Tax - None to pay after 4 years. *  Structural Guarantees - 10 years structural guarantees are normally offered on new built properties. *  Turkey`s Large Population - Turkey has a huge population of 70+ million. This creates a strong internal property market meaning investors are not reliant on international investors for re-sales. *   Property Boom - Turkey is just at the beginning of a property boom. *   Turkish Population Growth  - is around 2% per annum with 70% of the population younger than 30, this creates a strong local market. *  Turkey is Modern - While most Turks are Muslim, Turkey is a secular and modern state. You can find almost everything you`re looking for at local stores. *  Coastline - Turkey offers 8,000km of it! *   Ranking - Turkey ranks in the Top 5 - of most overseas property magazines, tv shows and websites. *  Lastly, the Turkish people. The friendliest and most hospitable people in the world.All of the above make Turkey one of the best places to invest in property at this time.

THE CHANNEL 4 PROGRAMME AND PROPERTY MAGAZINE `A PLACE IN THE SUN LIVE EXHIBITIONS` RATED TURKEY AS THE 4TH BEST PLACE TO BUY IN THE WORLD BY ALL AND SUNDRY WHO TOOK THE POLL.

HERE IS THE PUBLICATION - Turkey has everything a property investor needs: sunshine, beaches, culture, a thriving tourism industry and lots of bargain properties.  Little wonder, then, that it`s made it to number 4 in the best places to buy chart, putting it ahead of old favourites Italy, Portugal and the USA. The huge success of Turkey as a second home destination is comparable to that of Spain 20 years ago. 

The country bridges Europe and Asia, east and west.   It`s seas include the Aegean, Mediterranean and Black Sea and its borders such diverse as Greece, Syria, Georgia, Armenia, Iran and Iraq.  Turkey is a chiefly Muslim country, but may be a future member of the EU.  With a population of 70 million it would be the second most populous nation in the union after Germany.

Whatever happens, it seems Turkey will have one of the largest British expat communities by 2015.  More then 3,000 British families are already based in Bodrum alone.

Average house prices vary greatly across the country but in the popular coastal regions they have risen by 30 per cent in the last 2 years.  This boom will be further emphasised by the news that it`s now easier to get Turkish mortgages, with some brokers offering maximum loan to value rates of 80 per cent. 

Historically, there has been some confusion as to what type of property foreigners could buy, but this matter was cleared up in January 2006 when the Turkish Government stated that foreign nationals could buy property under 2.5 hectares in size, for personal use.   This hasn`t affected the majority of british buyers, who tend to buy on the coast.

The most popular coastlines are the Mediterrean and the Aegean, which have a slighlty warmer climate that the northern Black Sea coast.  The Cesme Peninsula, in the centre of the Aegean coast, is a sought after location as its close to Izmir airport and an hour from Ephesus.  Slightly further south, the Bodrum Peninsula is bursting with bargain properties - the average price of a 2 bedroomed apartment here is just 65,000 pounds.

From the latest edition of Buying in Turkey (www.buyinginturkeyinfo)

Bodrum is one of Turkey’s most established and cosmopolitan coastal resorts. Originally a small fishing centre built in the shadow of a magnificent Crusader castle, Bodrum has a history stretching back 2,000 years, when it was the capital of the tyrant Mausolus and home to his tomb, one of the "Seven Wonders of the World". More recently the town was a bohemian retreat for Turkish artists and intellectuals. In the last two decades it has grown massively, becoming a destination for package holidaymakers and domestic tourists, but also the elite of Turkish society. Renowned for its bars and nightlife, the town also boasts good restaurants and a museum housed in the restored Castle of St John There is a large harbour and fully equipped marina, with ferries to the Greek island of Kos. Beyond the town itself the 400 sq km Bodrum peninsular is ringed by a series of smaller, quite distinct resorts.

Local healthcare provisions are excellent with several well-equipped private hospitals. Shopping in Bodrum is also good with a choice of large supermarkets and a twice weekly market for local produce. Shopping facilities are more limited in the smaller resorts.

The Bodrum peninsula is very popular with Turkish second home owners. This means that there is considerable competition for desirable properties and prices are high in areas favoured by the Turkish jet set. It also means that there is an excellent choice of property. Local restrictions limit building to three stories across the entire peninsula.

And their views on the rental market…..Rental potential is good in Bodrum and the larger resorts of the peninsula. Weekly holiday lets start from £250 - £300 per week for a two-bed apartment and £500 for a villa. There is also a strong demand for longer term lets from domestic tourists.

From Homes Worldwide (December 2005)

When it comes to Turkey and Turkish property, Bodrum is the most sophisticated and the most exclusive. It’s where the grand and the great choose to build and buy their Turkish summer homes. Bodrum has one of the best climates in Europe – the best, most comfortable coastal climate in all Turkey – thanks to low humidity in the summer as a result of the gentle sea breezes wafting in. It’s probably fair to say that the waters off Bodrum are the site of the finest sailing in the Med.

The Bodrum peninsula boasts a beautiful stretch of coastline and with the superb climatic conditions thrown in, it’s little surprise that it has proved such a popular destination. But there’s more to do here than just lie on the beach as a result of the influx of wealthy residents, both foreign and Turkish, some superlative nightspots and restaurants have sprung up, giving the area – especially a couple of the villages along the coast from Bodrum proper – an extremely vibrant atmosphere. There’s an element of glamour to Bodrum, which isn’t to say that it resembles in any way other notoriously "vibrant" Mediterranean resorts, the lifestyle here is classy and distinguished by its laid back nature, in contrast to the more rowdy European hotspots of recent years. You won’t find quite the same brand of hedonism that gets the British tabloid press in a lather.

The Bodrum region is extremely cosmopolitan the British contingent is the latest but not the largest component of a community which includes Germans, Dutch, French, Greek and many other nationalities. Although English is very widely spoken there is no "little England" Brit-dominated society here as with certain parts of Spain and Cyprus, it has indeed been noted that in many ways Bodrum is a fine example of European integration outside continental Europe.

 Email me on sarah@turkey5starproperties.com