Turkey has recently received a great deal of attention from overseas investors with regard to its property market. In addition, it has continued to see a continued rise in its annual visitor numbers. Both of these factors have contributed to a greater interest in the real estate market there, both in terms of property and land availability.
The government in Turkey is currently investing in tourism infrastructure facilities such as airport expansions and other transport links. It is also investing in its cities by building more tourist-friendly facilities so that more of them can become tourist destinations. In addition, residency in turkey by investment the quality of housing being built is improving due to more stringent earthquake regulations. The restructuring of cities has led to slums being cleared and replaced by high-quality housing.
Turkey is currently an Official Candidate for the EU. Full membership would result in a boost for its economy and trade prospects. Also, previous legal restrictions on mortgages are being relaxed by the Turkish government, allowing foreign investors to obtain loans to buy property in Turkey. Turkey has a robust banking system and good-quality construction firms with strong worldwide reputations. First Choice Properties Turkey can provide further information on mortgages.
According to a report published in 2012 by PriceWaterhouseCoopers and the Urban Land Institute, Istanbul is one of the most appealing investment markets in Europe in three categories, including new acquisitions and development prospects. It was also the third most appealing property investment destination within the emerging nations in 2012 in a survey carried out by the Association of Foreign Investors in Real Estate. First Choice Properties Turkey can provide further information on this.
There is, however, a great shortage of available land, in particular in the capital Istanbul. There is also a large amount of land and housing which is not licensed, which means it is not eligible for mortgage applications.
The property sector in Turkey would appear to be very appealing to overseas investors looking for a relatively safe investment option with potential for future growth. There is currently a lot of demand for commercial developments, such as offices and industrial areas, as more global companies seek to have a presence in Turkey.
This goes hand in hand with the increased demand for residential developments, which stems from the increase in the number of individuals looking to Turkey as an attractive retirement destination as well as the ever increasing popularity of the country as a very appealing holiday destination. It has a long summer season compared to the rest of Europe, together with a rich culture and very picturesque beaches and countryside.