Turkey is now one of the top
Overseas Property Markets
The Irish housing
market may be g oing through difficult times, according to the recent
headlines, but that doesn't mean that overseas property investment has
slowed down. New figures from a leading foreign exchange company
indicate that foreign housing markets are continuing to perform well,
reports JustOverseas.
The new study by Moneycorp highlighted several countries in emerging
markets that remain buoyant, despite the casualties of the global
credit crunch, with one country in particular standing out. Property in
Turkey is soaring in popularity with British investors, which is being
put down to extremely favourable financial returns for would-be
investors. Moneycorp's report claims that enquiries for property in
Turkey more than tripled between 2006 and 2007.
Also several web portals are reporting that Turkey ranks high in the number of enquiries coming in for Turkey. “According to Noreen Hynes Managing Director of Aquarius Properties Ireland's premium property marketing company the fundamentals for Turkey are very good, their economy is growing, they are working hard to keep their inflation as low as possible and they are addressing the legislative issues which before now were impeding investment in this market. They have a young population, 70% of their population is under the age of 35. They introduced mortgages into the Domestic market this year and now the property market is ready to boom in the coming years. One interesting trend is that the Turkish people themselves are beginning to buy holiday homes along the coast and land is beginning to increase to very high levels which should drive up prices again in 2009. Golf tourism is now big business and there are millions going into new golf courses along the coast with four in progress in Mugla in Bodrum. They are all close to the Flamingo Lake. There is a lovely new development called Flamingo Golf Resort overlooking the Vita Park Golf Resort and buyers who purchase in this resort now should make good capital appreciation when prices rise in this area once the golf courses open. As it is, prices have already climbed but the big increases will be once the golf courses open. Now is the time to invest in this development which is being built by an Irish developer. The build quality is far superior to anything in the area with double brick walls with insulation. It has lovely natural stone walls and a 30 m2 swimming pool all incl in the price of €180,000 for a 4 bed villa. You can have 2 two bed apartments on the same plot of 500 m2 instead of the villa and with a shared pool. Most plots in this area are only 200 m2 but in Flamingo Golf Resort they are larger and because the site is elevated the villas dont look cluttered. Another lovely feature of these properties is the lovely natural stone walls which make it really stand out as a high quality development. Aquarius Properties are marketing these properties now, call + 353 1 2782900 for more information. “
Moneycorp did not deny the problems that are currently rocking
the economic world, but stressed that destinations such as Turkey
continued to defy gloomy predictions. Marc Morley-Freer of Moneycorp
described the prevailing trend: "Undeniably, with the credit crunch,
the global property market as a whole has seen a downturn over the past
six months. However, we are still receiving a high level of enquiries
relating to buying property in emerging markets like Turkey." The
report reveals that investors after a bargain have been attracted to
Turkey, as the house prices there are markedly lower than many of its
counterparts in the EU and ultimately investors will also see excellent
financial gains. Several hotspots emerged within the Turkish market,
with locations such as Istanbul , Antalya, Bodrum , Izmir , Ankara and
Hatay proving the most popular with UK citizens looking to expand their
property portfolio. The fact that such resorts have a thriving
nightlife, combined with Turkey's natural beauty, seems to tick all the
right boxes.
Nevertheless, Turkey is not the only country that is experiencing
healthy foreign investment in its property market. The report also
highlighted other emerging markets, such as Morocco and Marrakech ,
while investors have woken up to the potential of Cyprus since it
switched to the euro in January of this year. It is not just emerging
markets that are doing well, as established property markets are also
holding their own; Moneycorp say that the markets in France , Spain and
the USA are still strong.
This story was brought to you by holidaylettings.co.uk, the UK's No.1
holiday home website and Aquarius Properties.
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