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Posted On: 21/11/2009
The Turkish property market is looking like one of the best to invest in between now and 2015. Turkey as a market has always been driven by holiday home investors, people who buy for their own use, and rent out the property to holiday makers, either to make money for one reason or another, or just to have the property occupied to stop damp etc.
Turkey is unique in the fact that the benefits of buying a property in Turkey as a pure investment, or holiday home investment have continued to grow even during the worst of the downturn. This gives it a clear advantage to see accelerated growth in the next few years, as the world recovers.
Tourism to Turkey grew 1.47% in the first half of this year, following the substantial growth over the last few years culminating in visitor numbers well over 28million last year.
There are reports that Turkey has overtaken Spain as the most popular tourism destination for Brits, according to the Association for British Travel Agents, but I have checked with ABTA, and the reports are because of a press release from one of its members that put Dalaman in 1st place as most popular resort, which was misinterpreted -- Spain is still most popular overall.
That said, ABTA also said that the Spanish market has been stagnant for some years now, and that the main growth countries in terms of British visitor numbers are Egypt and Turkey, Turkey having averaged 20% growth over the past few years. This growth has accelerated because of the strength of the Euro, and Britain has been one of the fastest growing Turkish tourism markets in 2009.
There have already been several announcements this year of new flights to Turkey from Britain and around the world to meet the rising demand, and Turkish low cost carrier Pegasus Airlines has recently announced 17 new weekly flights from Britain to Turkey next year.
The biggest benefit of investing in Turkish property is the fact that, despite Turkey making massive developments to the tourist infrastructure, there simply aren't enough new hotel and commercial accommodation units coming onto the market to meet the rising tourist demand. This means that the demand for privately rented accommodation is growing almost as fast as visitor numbers, and yields are already between 6 and 10% on quality properties.
On top of that you have the fact that the weak Turkish Lira adds value to Turkey property for many buyers, including Brits, who get a lot more property for their money. And finally, Turkey is forecast to be the fastest growing economy in Europe, with a growth of 2.8% according to the European Union.
So, I can close with the opening line: The Turkish property market is looking like one of the best to invest in between now and 2015.
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Guest post by Liam Bailey of Write About Property. Like this post? Subscribe to our feed by email or in a reader so you don't miss the next.
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