Turkish property market experienced probably one of the fastest enlargements in the world in the past nine years. In year 2000, the foreign ownership barely existed in Turkey with only 100 foreigners purchasing property in one year. This figure rose to 10,000 in year 2006 due to the funding of the Turkish government to attract investment into the country.
The most crucial factors that influenced this massive development were the introduction of the mortgages to overseas property purchasers as well as the sections of areas that the government opened for foreign purchases. These all made the property market in Turkey to grow around 40% year on year. Majority of the investors state that Turkey is the best destination to invest in as it is risk free, good capital appreciation and affordable property prices.
All the destinations near a modern airport offer great investment potential due to the large number of tourists arriving to these destinations. These destinations are especially perfect for those who would like to rent out their property on either long or short term basis.
However, Istanbul is the best investment opportunity without a doubt. After Istanbul was chosen as the European Capital of Culture 2010 the property prices are increasing rapidly. It is much better to invest in a property which is right in the centre or choose options which are in a complex with onsite facilities such as swimming pools, bars, restaurants, gyms, golf courses and so on. Although these are slightly more expensive, it will be worth it due to the higher appreciation and higher rental income.
Off plan developments are worth looking at as it will allow purchaser to negotiate the prices and change the interior of the property slightly. Majority of the off plan projects are priced cheaper than the completed development options.
Although the number of foreign people who purchased properties in Turkey is very large, destinations in Turkey are not overly populated with development as the square footage of the country is very large. Turkey currently offers and is planning to offer in the years to come, a peaceful and tranquil holiday experience with the option of best bars, restaurant and beach clubs close by.