The number of British people buying a property in Turkey is increasing rapidly each year. The Turkish Property Market had a boom in year 2003, especially when buyers realized the value Turkish property is offering in relation to other European countries.
In the last few years, a large number of British buyers had great returns in their investments, as high as 30% to 40% each year. The price increase in the coastal areas was 52% in the last 12 months. An example might be Kalkan area where the property prices increased 50% in the past three years. In addition, the prices all over Turkey are also expected to increase sharply over the next 5 to 10 years time. The chance for high returns while having a great holiday home at a country with low living costs attracted great number of British buyers.
In an article in Evening Herald, Parks (2007) points out to the extremely low living costs in Turkey. He states that a kilo of tomatoes is only 40 cents in Turkey, and a pint of beer in a restaurant is only 42 cents which is a much lower than Ireland, which is a factor that attract people to Turkey.
The Independent wrote that for British people, Turkey is a country with wonderfully hospitable people, low cost of living and an excellent location for second home. It is also a great investment area as the property prices are increasing greatly each year.