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Turkish Tourism Fueling Buy-to-Let Markets

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By : Melissa Chappell    99 or more times read
While any property investing market can be a potentially lucrative buy-to-let location, several factors of individual regions stand out to enable ideal returns. Turkey has strengthened as an optimum investment location, assisted greatly by the strong growth of the tourist market.

Development over the past 5 years in the Turkish tourism industry has run parallel with the demand for affordably priced and excellent quality of buy-to-let property. Demands for self catering accommodation from British tourists, have actually outweighed hotels in many tourist locations. Attractions of holiday apartments enable visitors to enjoy increased privacy, reductions in overall costs, greater freedom and comfort, along with opportunities for groups and families to benefit from being under a communal roof.

Owners of buy-to-let properties receive exceptional benefits from a property in a sought after location, often with guaranteed returns and management facilities in place. The properties often pay for themselves as they increase in value, while the growth in tourism creates higher demand with additional exit strategies.

Turkey was considered to be the most sought after Mediterranean destination in 2005, having received slightly more than 8 million foreign visitors. Only three years later in 2008, Turkey generated a massive 26.4 million foreign visitors.

The demand for Turkish property along the coastal resort towns has coincided with the heightened percentages of touristic visitors to these regions. Over 40% of holiday makers to Turkey exhibit a preference for the Mediterranean coast, while over 600,000 cruise ship passengers arrive to the Turkish Aegean coast on an annual basis.

Foreign property sales in Turkey are most in demand from British buyers, moving away from the Spanish, French and Italian real estate markets. Tourist arrivals from Germany are currently one of the strongest growth areas, expected to enter into the property sector in the near future.

Exceptional growth in Turkish real estate and tourism has been fueled by the high demand, low entry level prices, economic stability and beneficial currency exchange rates. A move away from the Eurozone has benefited Turkey as a short-haul holiday destination, strengthening the buy-to-let market.
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