The Turkish General Directorate of Land Registry has just released data showing that demand for property in Turkey is not slowing down with a record 32,000 Britons now owning property in Turkey.
The past couple of years have seen interest in second homes especially along the picturesque Mediterranean & Aegean Aegean and Mediterranean} coastlines. With foreign investors buying twice as much property than they did in total over the past 79 years since the founding of the Republic, the data reveals. European buyers in particular have been drawn to Turkey due to the lower cost property prices, low cost of living and direct access fromalmost all major European cities and especially the UK. The trend of foreigners seeking to buy property in Turkey is increasing.
MD of Experience International, the Turkish property experts, comments,
“We have definitely seen the Turkish property market go from strength to strength. Overall, the number of overseas property buyers has grown by nearly 30%, from 73,000 in 2008 to 104,000 today with the UK market accounting for the biggest group of investors.”
Over 63 million sqm of property, classed as ‘immovable assets’ by the Turkish Land Registry, is owned by foreigners with Britons possessing the largest percentage at 6 million sqm, followed by the Germans at 3.5 million sqm and Greeks at 3 million sqm.
The province of MuÄŸla, situated in the south-western corner, on the beautiful Aegean coast, is a particularly desirable destination with nearly 5.5 million sqm of immovable assets owned by foreign nationals.
As Worboys remarks,
“MuÄŸla province, home to the well know and attractive towns of Bodrum, Fethiye & Marmaris, encapsulates everything that foreign buyers desire. It’s no wonder that over 14,000 Britons own property here. Crystal clear waters, golden sandy beaches, international airports providing easy access, good infrastructure and plenty of amenities on hand, on top of low cost, roomy properties built to the highest standards – Turkey has plenty to offer everyone.”
One major influencer which has has a positive impact to the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now readily available throughout the country and this combined with Turkey’s location outside the euro zone means there is zero currency exposure as many property prices are fixed in Sterling.
Kusadasi property is always very attractive with overseas buyers looking for a tourist destination and also properties such popular are the luxurious hilltop residences of Royal Heights in Bodrum which can be purchased from as little as £97,592 or further up the coast, towards the tourist hotspot of Altinkum, completed studio, 1 and 2 bedroom apartments in the Seahorse Residence can be purchased for as little as £31,600 with only a 10% deposit required. It’s easy to see why Turkey property is so appealing, awesome destinations, good styles and quality of buildings, and great prices.
For more information about buying property in Turkey, download your complementary Turkey Today magazine at Buy-Turkey-Property.com/ or call Experience International on + 44 (0) 207 321 5858