Brits tempted by 'Turkish Delights' 20th June 2008
Affordable properties, stunning scenery and prospective EU accession are just some reasons why the British have been buying their own slice of Turkey. As a destination that offers both investment and lifestyle potential, it's a property hotspot that's hard to beat.
Turkey has literally taken off in the past couple of years. Initially it was the more adventurous buyer, or early bird investor, who was eyeing the Turkish market, but now it's become mainstream, competing with destinations like Spain, Italy and Portugal
Paul Smith, Director of CLC Estates
Things are looking up in Turkey. GDP is up (predicted to rise by 6 per cent this year), tourism is up (by 14 per cent on last year), and inflation is also heading in the right direction  down. For anyone who's been toying with the idea of buying a place in Turkey, now could be the right time to get a foothold in this intriguing destination.
The buying process itself has become a lot easier recently, thanks to new mortgage regulations that have opened up the market to British investors. If you couple this with anticipated EU membership, more airlines flying in to Turkey, and a wide choice of high quality yet very affordable holiday homes, the allure of this unique property spot becomes obvious.
Holiday homes in well established resorts like Bodrum and Antalya have been selling like the Turkish equivalent of hotcakes and prices are still within reach for buyers wanting to hop onto the overseas property ladder. And green zones abound, unlike the cluttered coastlines of some Spanish costas.
Paul Smith, Director of CLC Estates, part of the Club La Costa group, reports brisk sales at Adonis Residences & Club. It's a brand new development of 60 frontline beach town homes, set against a backdrop of fig and olive groves just north of the Bodrum Peninsula, near Akbuk, and all but seven properties are already sold.
"Buying a holiday home that's part of a well-known resort is advisable, especially for families," he says. "You can enjoy all the amenities, such as a spa, sports facilities, onsite restaurants and so on, without having to leave the resort, and while you're away you have complete peace of mind."
Club La Costa maintains its clients' homes while they're not in use, and also offers a unique leaseback programme with guaranteed rental income so that buyers benefit from the additional rental returns which in turn help pay their mortgages. CLC is currently offering a rental rate of 1 per cent above Euribor for up to ten years.
"Turkey has literally taken off in the past couple of years. Initially it was the more adventurous buyer, or early bird investor, who was eyeing the Turkish market, but now it's become mainstream, competing with destinations like Spain, Italy and Portugal. Prices have been rising steadily, but they are still very reasonable. And Adonis has all but sold out in a matter of months, which shows how buoyant the market is."
Turkey has literally taken off in the past couple of years. Initially it was the more adventurous buyer, or early bird investor, who was eyeing the Turkish market, but now it's become mainstream, competing with destinations like Spain, Italy and Portugal
