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Posted On: 03/10/2009
Turkey has been one of the first markets to see massive growth in activity from the buyers that are currently active. Turkey is an emerging market, but it is still close to home (not far-flung) and is benefiting from the strength of the Euro. There are many who say Turkey is the next Spain in terms of a destination for British holidays and property purchases.Tourism to Turkey from around the world is growing rapidly, but from Britain it is growing especially quickly. The Association of British Travel Agents puts the growth at an average of 20% for the last few years. The nose-dive of Sterling against the Euro, -- which has meant Spain is no longer a cheap place for Britain's to holiday or buy property -- has accelerated the growth of Turkey.The fact that the Turkish Lira is currently comparatively weak against the Pound is also a factor driving growth in Turkish tourism, and making Turkey a popular choice among British property buyers.Turkish visitor numbers were over 28 million last year, and according to reports the target of 30 million for this year is not unattainable, despite the downturn. This, combines with low property prices and a shortage of hotel units to give impressive rental yields on Turkish properties. On a high-quality 2 bedroom apartment in Istanbul a yield of 7% net is not unattainable, after the cost of professional (preferably reputed and local) management.There are only certain places you are allowed to buy property in Turkey, and these also happen to be the areas that are most popular with holiday makers. There are however several areas that are particularly popular, and of those the three I think have the potential for the biggest short-term gains are: Dalaman, Belek (because of its proximity to the protected Olu Deniz), Alanya ( Turkish Riviera) and Altinkum (because of the new Marina). Again, all these places many industry experts have chosen because they offer low priced property and growing rental demand.
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