TURKISH PROPERTY INCREASINGLY POPULAR WITH BRITS
More than 111,000 foreign investors now own a property in Turkey with 35,000 of that figure being British, according to Land Registry.
The most popular area for foreign investment is the Mugla region that has the well-liked spot Bodrum. Over 20,000 foreign investors have a holiday home in this area.
The country has been spotted by investors as a good place to buy a holiday home due to the prices of property in Turkey rising steadily.
Investors are buying modern properties in particular, which reflects the number of new builds being built in the country. The purchase of modern properties in Turkey has risen 7% compared to last year, seeing UK buyers choosing Turkey as their place to buy a modern second home.
Holiday home owners like the outdoors and purchasing a property with a balcony or terrace is very popular. Internet connection requests are increasing and air conditioning is now in half of properties. The most important of course is access to a private or shared swimming pool, which accounts for 80 percent of home owners.
A recent study from Conti, an overseas mortgage specialist, revealed that 55% of second home owners stated that letting their property partially covered costs and a third said that rental income covered all the costs. Interestingly, 13% admitted it made them a comfortable profit.
Holiday home owners and tourists have similar preferences for overseas properties and it is these essentials that gains longer term capital appreciation and attracts rental income.
It is these essentials in Turkish property that has attracted foreign investors. Property in Turkey is in high demand and tourist figures are rising every year. If you are thinking of buying a property in Turkey, now is the time to buy.
Source – A Place in the Sun and propertycommunity.com