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.

2004 was a record-breaking year for tourist arrivals in Turkey, with 17 million visitors pouring into the country. The Turkish government envisions that 30 million tourists will be arriving in 2010. Martin Kellett of Bellair Villas says that to nurture and meet this increased volume of incoming tourists and overseas property buyers, the government has announced a range of multi-million dollar investments and developments.

The first of these is the improvements in Dalaman International Airport, which was fully operational last February 2006. Coinciding with the new airport capacity is a road-construction program, which will see road links and tunnels built in through the mountains, outside Fethiye a famous tourist spot. This will reduce transfer time from Calis and Oludeniz – beach resorts near Fethiye – to 35 minutes. In the pipeline are also creating several golf courses over the next seven years; construction has started last quarter of 2006. In addition to these, a number of luxury four- and five-star resorts will be constructed.

Not content with summer pleasures, Turkey is working on becoming a country for all seasons. A multi-million dollar ski resort will be built in the Girdev mountains, due to be fully operational in 2007. Kellett says that these developments are great news for property investors as it will open up an extended season and a new rental market.

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Could Turkey be the new Spain?

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