Turkish housing market offers great value for property investors looking to buy property abroad particularly when compared to the other European housing market. The economic growth in the country has created good environment for foreign property buyers, as house prices are pushed upwards. House price indices have confirmed a persistent upward trend in Turkish house prices this year and the continued imbalance between real estate demand and supply is driving the market forward. The property market is anticipated to continue expanding at a considerable rate during the next few years.
The trend indicates that investors could seize a potential bargain if they enter the market in the beginning, as the future sale price would be much higher. Vacation and second home sales accounted for nearly half of all residential sales in some areas of the Turkey last year. A holiday property by description presents an opportunity to break out; buyers also seek basic amenities and leisure activities including swimming, trekking and skiing to separate the experience from their native homes.
Turkey is also praised for a relaxed lifestyle and offering a variety of natural attractions, many of which could make it a popular option for lifestyle buyers. Additionally, property buyers in Turkey are often taken by awesome scenery, with houses boasting a lake or Mountain View and the appeal of the Mediterranean's sandy beaches and enviable warm climate.
The number of house sales is rising significantly in 2008 with the level of sales activity indicates a turn in the market. The main reasons that purchasers gave for seeking property in Turkey are the pursuit of a better lifestyle, cheaper housing and favorable tax regime. The foreign purchasers doesn’t have to be super-rich in order to invest in a property in Turkey and particularly after the boom in low-cost budget airlines meant that owning a property in Turkey is no longer just a lifestyle afforded by the rich.
The overseas property fraternities have invested over £5 billion on real estate in the country in the last five years. This indicates the substantial pace of growth of Turkish property market. The stable economy and relatively cheap costs with prices 30 to 40 per cent cheaper than other European countries but high standard of living makes it a great property investment destination. House prices went up by 20 per cent in Turkey last year and also the potential to collect short-term returns has been greatly increased.
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