When it comes to finding a property to buy abroad, certain horror stories abound – especially those connected with crumbling and unfinished developments in Spain and other southern Mediterranean climes, thanks to the impact of a global recession.
Turkish economy remains strong
However one country, a bit further east, has so far managed to escape the ravages of recession. And as a result it is proving a much surer opportunity than most in which to invest if your penchant is for bricks and mortar.
Property in Turkey is being positively snapped up by foreign investors – more than 12,000 non-resident individuals invested in either new builds or existing properties in the country between April 2012 and May 2013 according to the latest government figures. Most were Russian and German, many were British.
And indeed the government, which has already heartily embraced tourism to its shores, seems to be falling over itself to also make property for sale in Turkey more foreigner-friendly than ever before. There’s the recent extension of the amount of land foreigners can develop in, for instance. In addition, look out for a planned promotional campaign near you over the coming year and a half – or at least in most European Union member states where potential investors reside.
Rich neighbours continue to invest in Turkey
The Turkish economy has a very strong banking system and, of course, it didn’t fall prey to plunging Euro since it was never a part of the Union in the first place. As a result the Turkish economy actually managed to outstrip those of most European member countries over the past few years (especially Spain, Greece and Italy).
A major reason for this ability to hold its head – and purse strings – high is the investment in the country by such Middle Eastern financial giants as Saudi Arabia and Kuwait, as well as oligarchs from Russia – most of whom favour the capital Istanbul and Bodrum where property prices have increased as a result. This makes investing in property in Fethiye and Kalkan a much sounder idea for foreigners looking to retire or set up a holiday home in Turkey.
Property prices in Turkey increasing higher than average on global scale
So far, so good. But if you’re swithering about whether or not you should pop on over to Turkey and lay claim to a fabulous retreat here at Oceanwide Properties we’d advise you don’t take too long to think about it.
That’s because according to the respected Global House Price Index by estate agents Knight Frank, property in Turkey was becoming a ‘must have’ for those with money to spend and a craving for the sun. In fact, such is the popularity of investing there that the value of bricks and mortar in Turkey recently experienced the third highest property growth in the world (more than even the ever-strident Hong Kong property market).
If you’d like to find out more about investing in property in Turkey then take a look at our website Oceanwide Properties.