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09/09/2010 - Property in Turkey set to boom as tourism increases  09/09/2010 - Property in Turkey set to boom as tourism increases

Official figures for the first half of 2010 show that Turkey is welcoming increasing numbers of visitors to its shores. Experts believe that this will, in turn, be positive for the Turkish property market.

The figures, released by the Turkish Directorate General of State Airports Authority, showed that Turkey’s airports received 44.6 million passengers in the first half of 2010; a twenty four percent increase compared to the same period last year.

Over the last two years Turkish property sales have increased by twenty percent. Recent figures from the Turkish General Directorate of Land Registry show that 32,000 Britons now own property in the country.  This figure is set to grow even further as property prices are still lower than other European destinations such as Cyprus, Spain and France.

A number of factors have contributed to Turkey growing in popularity as a destination for real estate buyers such as the country’s young population, its geographical location and a stable government.

 “The Turkish property market is going from strength to strength and has been recently thriving at the expense of Greece, Cyprus, Spain and France, with individuals able to enjoy a similar standard of living at a reduced cost.” says Pauline Bonnani, real estate director at Select Resorts.
 
These claims are backed by Global Property Guide’s mid 2010 report which named Turkey as one of the most favourable places for investors to buy property.

The Culture and Tourism office of Turkey maintains that not only is Istanbul proving to be a tourist hot spot and popular for city breaks; people are also travelling to less well known areas such as Calis, Tasyaka and Fethiye.

The future for Turkish property certainly looks positive with a stable and growing economy, no restrictions on foreign ownership and finance being readily available to overseas buyers.







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