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INVESTMENT PROPERTY IN TURKEY
Investment Property in Turkey
Turkey is best described as a ‘recently modern’ country. An ideal tourist location, Turkey has a huge young population at its disposal, which makes the country a perfect growth-oriented nation. As a European Union (EU) Candidate country, Turkey’s economic growth is virtually assured in the years to come
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, Akbuk, 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 investors have been making a beeline for investment property in Turkey 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 investors.
The price of investment property in general and especially 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.
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