Turkey has been a popular holiday destination with the British for many years now.
What makes Turkey such a tempting place for holiday home buyers is, first of all, its hot Mediterranean climate, clear seas and excellent beaches as well as its diverse culture and rich history. Also, Turkey is an excellent choice for those wishing to buy a property for investment, mainly because property prices in Turkey are much lower than in many other countries such as Cyprus or Spain. And with the strong demand from local and foreign buyers properties grow in value by 25% to 30% annually.
Turkey’s stable political situation together with the economy growing at a very impressive rate and the prospect of joining the EU in a few years’ time indicate bright future for the country’s property market.
Turkey - top destination for holiday makers and property buyers
Overall, 1.4m Britons currently own a property outside the UK – and 2.2 million more people are expected to purchase overseas property by 2008 (Barclay’s research). Over the last three years 52 thousand people bought property in Turkey and 18% of them were British.
The number of British tourists visiting Turkey grows steadily year on year with the summer of 2009 being called ‘a success story’ by TimesOnline. There was a 20 per cent increase in British holiday bookings to Turkey this summer as the country has become the most popular 'outside the Euro-zone' destination.
Locations in Turkey preferred by the British
Before deciding where to buy a property in Turkey it is essential to know which nationalities a certain location is popular with. Turkey attracts tourists and holiday makers from all over the world and each nationality seems to favour a different resort.
Therefore, if you plan to rent your Turkish property out and you are targeting the UK market make sure your property is not in an area dominated by other nationalities. Here is a rough guide:
Brits prefer Fethiye, Dalaman, Altinkum and Akbuk.
The Irish, Germans and Russians prefer Kusadasi, Kemer and Alanya.
Turkish Property Buying Law
- Foreigners can buy properties in Turkey as freehold.
- There is no restriction as to how many properties you can buy.
- Maximum size of total lands/properties that can be purchased by a foreigner is up to 2.5 hectares.
- Foreigners can buy property within municipality areas (cities, towns, resorts and some villages).
- Foreigners are not allowed to buy property in the military, strategic and security zones of Turkey.
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Further Reading