| Turkey's property market is tempting both holiday | | | | declared unconstitutional and sales to foreigners were |
| home buyers and serious investors alike. | | | | put on hold while the Turkish government amended the |
| A property boom is brewing in Turkey and it has been | | | | law. The new law was enacted in January of this year |
| earmarked as one of the property hotspots of the | | | | and since then the market has exploded with rapidly |
| coming years. According to many industry | | | | increasing levels of interest being shown by those |
| professionals it is one of, if not the most promising | | | | wanting to gain a cheap holiday home, or those wishing |
| emerging real estate market of the moment. | | | | to quit the UK altogether and make a permanent |
| This new trend towards investment has been caused | | | | home in Turkey's climate of hospitality. |
| by several factors. Of course, the opening of full EU | | | | On the other hand, there are those who have never |
| negotiations with Turkey last October was a reminder | | | | even stepped onto Turkish soil who are being tempted |
| to many investors that the country was nearing | | | | by the benefits that Turkey offers to buyers. Many |
| entrance into the European club. If the experiences of | | | | are informed by friends who have bought cheaply and |
| other Mediterranean countries are to be mirrored in | | | | decide that they too would like a piece of the action. |
| Turkey, prices will certainly rocket after membership | | | | Others have been priced out of the market in the |
| has been attained. However, even without the carrot | | | | Iberian countries and have landed on Turkey's |
| of membership being dangled, the Turkish property | | | | doorstep looking for a cheaper alternative. |
| market seems to have gained an impetus under its | | | | Finally, there are serious investors who have become |
| own steam. Several factors have come together to | | | | aware of the capital gain potential, who are buying |
| boost the number of foreign purchasers choosing to | | | | multiple units of both land and property to sell on when |
| buy in Turkey. | | | | the market peaks. Alternatively they are buying to |
| On the one hand, Turkey has been a top 5 holiday | | | | take advantage of the excellent rental potential in |
| destination for the last decade and holiday makers, | | | | resorts on both the Mediterranean and Aegean |
| who have been returning year after year, often to the | | | | Coasts, but in particular in Antalya where the season is |
| same resort, have realised that they can easily afford | | | | longer and the region benefits from year around |
| to buy. Changes to Turkish property laws in July 2003 | | | | charter flights and some of the world's best golf |
| enabled foreigners to purchase in their own names. | | | | facilities. Laura Cagin is Head of Customer Relations at |
| After this there was a steady increase of sales to | | | | a Turkish/British property agency operating in 17 |
| foreigners until April 2005 when the laws were | | | | resorts in Turkey. |