PROPERTY NEWS - Buying Property in Turkey to get a Government Boost

With its mid-eastern mystery and incredible Mediterranean, Aegean and Black sea coastlines, Turkey has long been a favourite for holidaymakers, expats and investors.  The natural draws of the costal areas combine with a rich history, a very cosmopolitan flavour in the metro areas and a welcoming atmosphere to make Turkey appeal to Europeans - from Britons to Bulgarians and beyond.  As attractive as Turkey already is, it is about to get an even bigger boost as the government puts in a massive push to increase its tourism figures in the year 2008.

Turkey’s already strong tourism industry is about to get a GBP 73 million advertising push.  In this article we’ll explore Turkey’s plan and why buying property in Turkey is to get a government boost and why increased tourism could benefit buy-to-let investors.  If the push is indeed successful, it could combine with other attractions to make Turkey a very hot prospect in the coming years.

Turkey intends to market the country’s four seasons and year-round tourism appeal.  The idea is to show off more than just the beaches to help make Turkey a destination in the off peak seasons too.  The target is to boost tourism from 20 million to 25 million in 2008.  Turkey already enjoys a USD 62.2 billion tourism industry, and is looking at growth of more than 4% per annum in demand through to 2017 according to the World Travel & Tourism Council.

The move is anticipated to also increase interest from foreign property buyers as well.  The country is already a hot prospect with buyers, but the increased tourism could make it look even more attractive.

Buying property in Turkey is becoming a much easier prospect, and with prices still in the reasonable range in most areas, it is an attractive prospect for many.  Buy-to-let real estate investors who seek to cater to the holidaymaking market are likely to get the biggest boost from the marketing of Turkish tourism.  Still, the overall property market could benefit with increased demand.

Investors considering purchasing in Turkey will find the prices are still quite reasonable.  It is possible to buy off-plan villas in the coastal regions for under GBP 100,000.  Buyers can fetch one-bedroom flats in Cali for under GBP 65,000 for example.

The potential for returns is also considered very promising among some investors.  The BuyAssociation notes that Turkey’s growing holidaymaking appeal is making it very attractive to investors.  Some estimate rental yields in the 10% range.

In addition to its holidaymaking market, Turkey also has an ever-growing expat community.  The BBC estimates about 38,000 Brits are living in Turkey at least part-time.

With its drive for European Union entry and its very attractive holidaymaking destinations, Turkey is a country that many investors are looking at.  As tourism figures continue to climb, catering to the holidaymaking market is appealing to many buyers.

source: shelteroffshore.com