Turkey had been an enigma for the European property investors for many years. In spite of a huge demand for Turkish property, the successive governments had imposed a blanket ban on foreigners to buy any property in the country.
However, during the past decade or so, the lure of EU membership has convinced the Turkish authorities to liberalise their laws and make them less stringent for the foreign ownership in real estate. Although Turkey is not yet a member of EU, but the talks with the authorities are ongoing since 2005 to grant full membership rights to the country.
Advantages of Owning Turkish Property
Turkey, popularly known as the bridge between Europe and Asia, is one of the largest European countries.
And just like most other countries of the continent, Turkey is never short of tourist attractions, which allure the visitors to the country all the year around. Along with tourism, properties in turkey the demand for Turkish property is also on the upswing for the past decade or so. Some of the charms of owning a property in Turkey include:
- The country is a moderate Muslim country, which implies that the outlook of Turkish people and government is relatively more welcoming towards western nations and their nationals. Friendly people of Turkey make for a good neighbourhood living in the country.
- Turkey is a candidate country for EU. As one of the vital prerequisites of becoming a full-time member of the European Union, Turkey has already relaxed many restrictive clauses of laws pertaining to the ownership of property by foreigners. Moreover, the mortgage laws have also been made much more convenient for the prospective investors in the Turkish property – both domestic and international.
- The real estate market in the country is maturing fast. This means that the residential and vacation property is still available in the country at a fraction of what it costs in some of the other European countries. This is because Turkey is still not yet a member of EU, and projections are rosy for the real estate once the country becomes EU member. By spending around £100K, you can have the best of Turkish properties in your kitty! And with expected yield between 15%-20% on property investments, Brit investors can be excused for making a beeline for queries about Turkish property.
- The fundamentals of Turkish real estate were always strong due to strong domestic demand from the Turkish people. Thus, a switch to international portfolio is not much of a problem for the Turkish property market.
- Holidaymakers have a special place in their hearts for Turkey. Its stunningly beautiful beaches, inviting climate, and some of the best historical remnants have a spellbinding effect on the visitors. The visitors and re-visitors keep the tourism sector in the country flourishing throughout the year. These visitors also keep the demand for rental vacation property in and around the tourist locations surging all the time. Thus, even if you are not planning to permanently shift to Turkey, you can still have regular income from Turkish property in the form of rental income. Alternatively, you can also use the property as a temporary second home for use whenever you decide to take a break from the hectic daily routine and chill out in the pleasant chimes of Turkey.
- With over 70 million people, Turkey offers one of the best and diverse workforce in Europe. Add to it the low cost of living in the country, and you have a perfect place to invest a property.
- Turkey is very well connected with all major international countries, with regular flights to and from the country. Cheap European flights have also made their presence felt and turned the country into an attractive European property investment market.
- The Turkish authorities are on an overdrive to develop and maintain vast infrastructure to support the burgeoning demand for property in the country.