| Turkey and Turkey Property | | | | many people are now looking inland at the more |
| Turkey straddles South East Europe and South West | | | | untouched areas of Turkey. While the terrain can be |
| Asia and is bordered by the Black Sea and the | | | | difficult to navigate, there are some breath-taking sites |
| Mediterranean Sea, Greece, Bulgaria, Georgia, Armenia | | | | to behold as people begin to investigate the less |
| and countries in the Middle East (Iraq, Iran, Syria, | | | | fashionable areas. As many of these areas have not |
| Azerbaijan). Turkey and Turkey property is steeped in | | | | yet been affected by the rise in property values, there |
| a wealth of history and culture which should be | | | | are some real bargains to be found. |
| understood when making investments into Turkey | | | | Buying Property in Turkey |
| property. | | | | Turkey is one of the many countries which have |
| Modern-day Turkey was formed in 1923 by Mustafa | | | | applied for membership to the European Union (with |
| Kemal who became known as "Father of the Turks". | | | | this expected to be rubber stamped in 2007) and |
| This followed periods of control by the Ottoman | | | | seems poised to benefit more than any recent |
| Empire, and Kemal established a constitution and | | | | entrants. The World Trade Organisation believes that |
| Constantinople became known as Istanbul. Turkey has | | | | Turkey has one of the most prosperous economies in |
| suffered from many periods of civil unrest with a poor | | | | the world and is set for further growth in the |
| human rights record, but the troubles have lessoned in | | | | foreseeable future. The potential for economic growth |
| recent years. Rapid modernisation an expansion is | | | | is based on a mixture of the climate, great history, |
| taking place. | | | | golden beaches, and some very quiet rural villages |
| Turkey has a diversity of culture, beliefs and ideas and | | | | which are attracting the attention of foreigners looking |
| has nine locations listed as World Heritage sites, | | | | for exciting and different holiday venues. These are all |
| including Istanbul and Troy. Anatolia is one of the oldest | | | | fantastic signals for those investors who are thinking |
| areas in the world (the link between Europe and Asia) | | | | about buying property in Turkey. |
| and there are believed to have been Neolithic | | | | As well as attracting new holiday makers, the country |
| settlements. Turkey still shows influences from many | | | | is attracting a lot of overseas investment with a |
| civilisations or empires - Hittites, Greeks, Persians, | | | | number of blue chip companies opening up |
| Romans, Byzantine, Oghuz Turks and the Ottoman | | | | manufacturing and service operations in the country. |
| Empire. | | | | This in turn is adding to the vibrant economy which is |
| Turkey has 81 provinces and although the capital is | | | | also encouraging further infrastructure investment. |
| Ankara, Istanbul is the financial hub of the country. | | | | While initially the government may have been a little |
| Turkey is a democratic republic. | | | | slow to encourage overseas investment, they now |
| Turkey has a lot to offer any visitor - the warm | | | | seem to making up for lost time, and the forthcoming |
| Mediterranean climate means that the Aegean coasts | | | | membership of the European Union can only open up |
| with bays, sandy beaches and coves, as well as | | | | new avenues. |
| ancient theatres and temples. Resorts such as | | | | Recent increases in the value of properties have been |
| Bodrum are popular. Istanbul is well worth a visit for its | | | | in the region of 50% and while this cannot continue |
| museums, churches, palaces, mosques, bazaar places | | | | indefinitely there is still substantial demand in the pipeline |
| and natural beauties. | | | | to ensure above average returns in the short to |
| Property in Turkey | | | | medium term. The country has a prime site, with local |
| Historically the Turkish property market grew from the | | | | access to central Asia, the Middle East, Africa and the |
| need for cheap affordable housing for the growing | | | | mainland European markets and a double taxation |
| inner city populations, who moved inland to find | | | | agreement with many of its trading partners also adds |
| employment. This resulted in some low quality property | | | | a further attraction for investors. |
| offerings in Turkey, although this was all that was | | | | In brief, Turkey has embraced the free market |
| required at that stage. There are many factors | | | | economy and has a young and willing work force who |
| affecting large scale change in Turkey and property in | | | | are helping to power the country's economy. Vibrant, |
| Turkey. Shrewd property in investors are seeing this | | | | open to new ideas and with recent government |
| as an opportunity to make an investment in property in | | | | reforms starting to take effect there are many |
| Turkey at the ground floor. | | | | positives to look forward to. |
| The country has under gone a series of fairly radical | | | | Future for Property in Turkey |
| economic changes, due in the main to the application to | | | | As the Turkish economy continues to expand and the |
| join the European Union (EU) and the many conditions | | | | standard of living improves further, the forthcoming |
| attached to this. The Free Market culture was | | | | membership of the European Union will further lift what |
| embraced and the restriction on overseas ownership | | | | is already a buoyant economy. As ongoing |
| of property was lifted. After spotting a very | | | | government reforms continue to be introduced, the |
| underdeveloped property market in Turkey, the | | | | period of co-operation with business and overseas |
| impending economic growth and infrastructure | | | | investors continues to develop to facilitate an ever |
| investment associated with the EU membership | | | | increasing inventory of property in Turkey being bought |
| application, overseas investors have taken a great | | | | and sold. |
| interest. Initially the interest has centred on the Aegean | | | | After a very difficult economic period, which resulted in |
| and Mediterranean coastline, with its extensive | | | | near collapse in 2001, the country has recovered and |
| transport network and demand for holiday housing | | | | inflation is now under control. In hindsight the fall to the |
| which have resulted in a property boom. | | | | brink of disaster caused the government into radical |
| All be it from a very low basis, the last 12 months have | | | | reforms which are still coming into effect now. The |
| seen the price of Turkish property leap by over 50%. | | | | economy is being supported by the ever growing |
| While there is no way that this increase in prices can | | | | population of the country which reflects the general air |
| be repeated indefinitely, there are many market | | | | of confidence in the future. A recovery in the value of |
| observers who believe that this is only the beginning of | | | | the currency and the fact that inflation is now under |
| a long, sustained re-rating of the sector. Many are | | | | control adds to the positive outlook for the country. |
| predicting a boom period which could easily last | | | | Do not be put off by recent property price rises, as |
| between 5 and 10 years. | | | | these were from a very low base and look set to |
| While the large global holiday companies have a | | | | continue for the foreseeable future. |
| significant exposure in the coastal cities and towns, | | | | |