August 3, 2007
Turkish Real Estate Prices Rising to EU Levels
Istanbul was recently named one of the most expensive metropolitan areas in Europe. As a result, Turkey’s property prices are consistently increasing.
According to an annual report by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), the Turkish city is more expensive than Madrid, Stockholm and Rome. An input from 400 real estate specialists claims that the most populous city of Turkey is ranked the highest for city development prospects. “The market still needs many developers rather than pure investors… real estate sectors are now in a learning curve,” claims a respondent. Another comment says that Istanbul will be the star of the next decade.
Although Istanbul is keeping up with Europe’s property prices, it has a long way to go. Taking the lead is London with €13,000 per square meter, followed by Paris and Milan with €8,500 and €6,500, respectively.
Posted on: Turkey
August 2, 2007
Could Turkey be the new Spain?
Turkey is not one’s average property investor destination. Not only are there established and new resorts but the country overall is a tantalizing mixture of western treats and eastern exotic charms.
While Turkey has been a package holiday destination for European tourists for a couple of decades, World of Property discovered that property market interest only tookoff in 1999 when it became clear that the country may be considered a member in the European Union.
In 2003, the Turkish government made it possible for private overseas property buyers to invest in a second home in Turkey. The legislation only received formal approval in the last few weeks and brought with it the prospect of Turkish mortgages for foreigners. In 2006, Turkey was also granted a “market economy” status, which is a key factor towards gaining full EU membership. This decision is expected to boost confidence inTurkey’s economy among domestic and foreign investors. According to Adam Godwin of Dream Homes Worldwide, the Turkish economy is on the increase at an incredible rate of 7.2 percent per annum; five percent higher than the EU average.
Posted on: Turkey
August 1, 2007
Istanbul’s European credentials
Although Turkey is not yet a member of the European Union, Istanbul, Turkey’s most populous city, has emerged as a front-runner for the Academy of Urbanism’s European City fpr 2007.
When the competition for this year’s European City of the Year 2007 award was launched at the MIPIM International Property Fair in Cannes last week, Istanbul came out on the lead with Rome, Barcelona and Paris closely following. These early front-runners are followed by Budapest, Stockholm, Athens, Berlin, Madrid, Prague, Munich, Amsterdam, St Petersburg, Valencia and Riga.
The European City of the Year category alternates annually between Great Britain and Ireland one year and mainland Europe in the following year. This 2007, the competition is open to cities in mainland Europe only. “The first four in the breakaway group were getting twice as many votes as the rest of the peleton,” states John Thompson, chairman of the Academy of Urbanism. Thompson launched the competition in Cannes: “The canvas of Europe that’s being laid out before us for potential assessment brings together a fascinating collection of places and we’re looking forward to engaging with the three finalists.”
Posted on: Turkey
TURKISH ISLAND GOES ON SALE
The 800,000-square-metre Rabbit Island in Turkey’s Maarmara region has gone on sale. The island boasts of historic ruins dating back over a thousand years and offers spectacular diving opportunities, including numerous sunken wrecks and ruins and crystal-clear water. It is being offered for $10 million (£5.1 million) by its current owner, who wishes to remain anonymous.
Posted on: Turkey
July 31, 2007
Getting to know the Turkish Riviera
The Aegean and Mediterranean coastlines of Turkey are now on the British property buyer’s map.
For one thing, Turkey is a bridge between Europe and Asia. Its Islamic culture might have made British property investors hesitant to cross over into another culture. Furthermore, the southern Turkish Riviera is difficult to get cheaply. But that’s all about to change with the Easyjet, which is expected to herald low-cost air access to the coastal resorts. With EU membership looking more certain within the next ten years, investment therefore appears less risky in the eyes of prospective buyers. In the past three years, the number of Brits buying property on the Turkish Riviera has grown from hundreds to thousands. These owners have discovered that it is not plainly Eastern, but more like the established resorts on the Med – just with minarets thrown in for good measure.
Last year 1.8 million Brits visited the country; in total, Turkey welcomed 21.1 million visitors. Turkey though is not resting on its laurels. The government has set a target of generating 15 per cent of its Gross Domestic Product from tourism by 2016. Last year it was 5 per cent. In order to achieve this, the Turkish government is thinking ahead. Robert Nixon of Nirvana International explains, “The infrastructure in the Riviera is already in place, miles before property is being built. This shows how seriously the Turkish government takes tourism.”
The bulk of this infrastructure is concentrated on a stretch of the Turkish coastline that runs for several hundred kilometres from the resorts of the central Aegean to the Mediterranean resort of Alanya, collectively known as the ‘Turkish Riviera’. Here, although the summer temperatures can be relied upon to touch or even exceed 30°C and winter temperatures rarely drop below 15°C, both the colour of the sea and the quality of the resorts vary considerably. While the sea laps ashore in a whole paint chart of blues, from cobalt to azure and especially turquoise. The resorts run the full spectrum, from the good to the bad and the downright ugly.
The central and southern Aegean coast was the birthplace of foreign tourism in Turkey. Visitors are drawn to its attractive combination of pine-green forests marching down to quiet coves washed by turquoise waters and its civilised smattering of Ancient Greek archaeological sites.
Cesme, the westernmost town in Turkey, has clocked up a century of tourism. It is just a pebbles throw from Hios in Greece. This proximity to Greece has certainly had an influence on the town, which is built around two streets of old Greek houses. But evidence of other influences is abundant – such as Ottoman-era fountains and a Genoese castle. For Brits looking to buy property, Cesme’s value is as a low-key resort, so it would suit those who would like to have a reasonable number of resort facilities without feeling that they are contributing to the overdevelopment of the Aegean coast. Although Cesme’s beaches are not in this classic category, the coves at Altinkum (’Golden Sand’ in Turkish), nine kilometres south of the town, are both attractive and relatively free of big buildings. One property currently available is a three-bedroom semi-detached duplex villa a few minutes from Cesme’s town beaches. The property is on the market through Holiday Homes in Turkey for approximately £61,000.
Posted on: Turkey
July 13, 2007
Istanbul set for flights and property boom
Istanbul may soon start attracting more British property buyers than ever. This is before following an announcement that Easyjet will begin a thrice-weekly service to the Turkish city from next month.
Plans for the route had originally been put on hold following a delay in the low-cost airline being awarded an operating licence from the Turkish authorities. However, the final plans for the service have now been approved and from 1st August it will be possible to reach Istanbul from the UK for as little as £30.99, with flights on Tuesdays, Thursdays and Saturdays. What’s more - as of 4th September - the frequency of these flights will become daily, a measure which could really open up Istanbul’s property market to British buyers.
Posted on: Turkey
June 15, 2007
Turkey ‘presenting good opportunities’
According to a recent report by Amberland, a foreign investment guide, Turkey has potential for both growth of property prices and growth in demand for rental property.
Rhiannon Williamson, Amberlamb director, says Turkey is “a better market” for investors from Britain than some others that have recently proved popular. The region “certainly has more going for it in terms of potential for growth in terms of prices and demand for rental accommodation”. However, the director also reminds potential investors to practice caution in buying Turkish property.
Posted on: Turkey
March 15, 2007
Turkey ‘presenting good opportunities’
Following reports that Cyprus is presenting good buy-to-let market opportunities, some investors are interested to hear of equally positive news from its neighbour Turkey. According to a research conducted by foreign investment guide Amberlamb, Turkey has potential for both growth of property prices and growth in demand for rental property.
According to Amberlamb director Rhiannon Williamson, Turkey is a better market for British investors than some others that have recently been proved popular. She says the region certainly has more going for it in terms of potential for price growth and demand for rental accommodation. However, she also cautions potential investors in a Turkish property to exercise caution.
According to Williamson, build quality is a serious issue that needs to be considered. The location of the property, as with any property investment, is of prime importance in terms of long-term attraction as well. However, provided the right property is obtained, there should be no problems with generating rental income or obtaining a good resale price, she claims.
March 6, 2007
Couple Starts Turkish Property Restoration Business
A Turkish couple returned to their homeland, fell in love with it and bought a property to stay for good. Lorna Acikalin and her Turkish husband Sadi spent a great deal of time traveling in southern Turkey before returning in 2006 to Side, Antalya. They bought several plots and have recently completed the first couple of their ’boutique’ Turkish property developments.
Posted on: Turkey
February 5, 2007
Title classifications in Turkey
Owning a property abroad can be a dream. However, if buyers are not mindful of details and are not aware of the legal small print, there can be serious consequences. In Turkey for instance, there is presently a reported large amount of properties with bad titles. Buyers are warned that if they are purchasing a property during the course of construction, they will need to be sure the developer is building with planning permission. Buyers should find out what type of permission the developer has been granted.
It is not uncommon for property investors in Turkey to be misled. Most of the time, they are made to believe that they are buying property with the equivalent of ‘freehold’ title with full unrestricted ownership rights. In truth, they are actually buying property in Turkey with possible limitations on their personal enjoyment.
Posted on: Turkey
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