ALL ABOUT TURKEY
Turkey, or the Republic of Turkey as it is officially referred, embraces both Europe and Asia. It is large country with an ever growing population of over 77.8 million. Turkey is well over five times the size of England and bordered by eight other countries: Greece, Bulgaria, Georgia, Armenia, Azerbaijan, Iran, Iraq and Syria. Turkey is a non-eurozone recognised globally as a country of significant importance – its unique location, amidst many global trade routes, makes it a major regional power attracting large and small scale investment on a daily basis.
TOURISM IN TURKEY
For many years Turkey performed well on international tourism polls and ranked sixth in the most popular global tourist destinations (UNWTO) in 2015. Istanbul’s popularity alone was celebrated in 2010 when it was crowned the European Capital of Culture with tourism figures growing considerably year on year up until the latter part of 2015.
Unfortunately the past couple of years have been difficult for Turkey. A spate of terrorist attacks, a failed military coup and the ongoing Syrian refugee crisis did not sit well with many foreigners who chose to steer clear of investing or holidaying in the country. What many failed to appreciate was the sheer size of Turkey. Tabloid and foreign media reports were often misleading and exaggerated implying that the entire country was at high risk – this wasn’t the case. The reality was that the majority of the troubles were more than 24 hours drive from the popular tourist and investment destinations along the coast – that’s the distance from London to Berlin. It is true, a risk of terrorist activity did, and still does, exist in Turkey but as events in France, Tunisia, Manchester and Belgium proved, the risk of terrorism exists the world over. Think of it this way – if there was a terrorist attack in London, would you cancel that trip camping in Wales or Scotland? If there was a bomb in New York, would you avoid that knees up in Las Vegas?
Despite negative publicity Turkey still attracts a great deal of foreign investment and is currently enjoying a flurry of interest from Arabs, those from the Gulf and other Middle Eastern investors. Indications for 2017 are good, tourism numbers are on the rise and statistics suggest the traditional, sun-seeking UK and European holidaymakers are making a return. Popular resorts around Izmir, Fethiye and Antalya have always been popular with holiday makers and property investors due to the long hot summers, great beaches, modern facilities and countless affordable hotels, villas and apartments. Recent years have seen the resort airports run increased numbers of international flights throughout the summer months, and most destinations can now be accessed easily either direct or via Istanbul year-round.
Istanbul attracts a different type of tourist – the weekend breakers, business travellers and round the world holiday-makers all stopping off in the city throughout the year. Istanbul has always been one of the world’s most alluring and fascinating cities: its many attractions; historic sites; trading and excellent shopping malls and bazaars place it on most travellers’ bucket list of places to visit at least once in a lifetime.
Soon after the November 1st 2015 election, when a single party rule was announced, the strength of the Turkish lira started to rise and with it followed the investors. Despite the countries troubles, the Turkish economy has preformed remarkably well and shown steady growth over the past 14 years. A strong mix of smart fiscal policy, wise macroeconomic strategy and clever series of economic and structural reforms has helped transform Turkey into a major economic player in it’s own right with an annual real GDP growth rate of 5.6 percent from 2002 to 2016.
TRANSPORTATION IN TURKEY
Turkey has a highly developed infrastructure with over 50 airports across the country allowing for easy domestic and international travel. Towns and cities are very well connected via an extensive range of modern duel carriageways, roads and highways. Most larger towns and villages have bus stations running first class services throughout the country as well as running regular local services. It is planned in the future to connect 14 cities with a network of high speed trains. This project is envisaged to complete by 2023, marking the centennial of the foundation of the Republic of Turkey.
HEALTHCARE IN TURKEY
There are three main healthcare systems in Turkey; public, private and university. The majority of health and social securities are overseen by the state however government SGK insurance policies do allow for discounts in some private facilities dependent on the complaint. This gives locals a choice over where to seek help and medical assistance. The vast majority of hospitals, private and public, meet or surpass international quality and service standards which has led to many foreigners now choosing to undergo treatment in Turkey rather than their native countries. For more information on healthcare please see our HEALTHCARE FAQ’S
WHY A PROPERTY IN TURKEY?
Those considering a Turkish property can rest assured that they are following a well-trodden path. Many that have done their homework, taken quality legal and local advice and invested wisely, are now reaping the rewards of their outlay.
WHO IS BUYING PROPERTY IN TURKEY?
Many foreign nationals and companies have chosen to invest in Turkey over recent years. Those purchasing a property for sale in Turkey tend to fall into two main categories: the lifestyle seeker and the city investor.
Lifestyle Investment in Turkey
Those that visit coastal Turkey can’t help but notice its beauty, relaxed lifestyle and diversity. Thriving tourist resorts and traditional villages nestle into pretty bays and harbours. Fabulous mountains and pine forests drop dramatically into the clear turquoise bays of the Aegean and Mediterranean.
From those who simply want an affordable holiday home, to those wishing to design and build their dream sea-view estate, a wealth of options are available in a choice of settings suited to most tastes and budgets.
Lower costs of living and superior quality of life attract foreigners in retirement, and those seeking a property to pay for itself and gain rental returns are in for a treat with the popular tourist areas of Izmir, Fethiye and Antalya where rental premiums are achieved during the summer seasons from May to October.
City Investment in Turkey
Istanbul is a total contrast to coastal Turkey. Steeped in a vast and fascinating history, it is a crowded, bustling and vibrant city and the main hub of the Turkish economy. The country’s trading and cultural heart, Istanbul has throughout history attracted foreign investors keen to utilise its unique position between Europe, Asia and the Middle East.
Recent years have brought about a boom in foreign investors keen to secure affordable apartments in a city where housing shortages mean quick capital gains and healthy rental returns. Istanbul attracts those looking for multiple units to buy and rent at affordable prices, those looking for mid to long term capital gains and anyone wishing to purchase an investment property in a city tipped globally as one of the top shot spots for investors.