Britons looking for a home in the sun would do well to consider Turkey rather than Spain for a number of reasons
Turkey is fast becoming a rival to Spain for second homebuyers with investors seeking to take advantage of lower property prices, strong economic fundamentals and rapid growth in tourism.
According to Universal 21, Turkey also has a realistic chance of finally joining the EU sooner rather than later and this will see the country viewed as closer to Europe than ever before.
The Times reported this week that one in five Britons are now looking for a home in the sun with Spain currently top of the list, however there is no shortage of potential buyers who have been put off by horror stories of property prices falling 70% and would-be expats forced to return home having lost all their retirement savings.
Monica Anca, Director of Universal 21 says, “Turkey’s economic performance in recent years has been at the opposite end of the spectrum to that of Spain. Spain’s struggles with high unemployment and recession has had a major impact on property prices.”
“We have seen investors turning to Turkey as a more secure alternative with property prices still lower on average than Spain and none of the risks associated with the over development of property that Spain is still paying a heavy price for.”
According to Knight Frank Spanish House Prices fell 7.6% year on year while Turkey has seen property prices increase by 12.2% in the same period.
While both countries have benefited from an increase in tourist numbers, Turkey has been the star of Europe when it comes to attracting tourists.
By the end of September this year, 28.5 million foreign visitors had arrived in Turkey – This represents an impressive increase of 10.09% on the figure in 2012 and overshadows Spain’s reported 4.7% increase in foreign tourists in the same period.
At this month’s The World Travel Market (WTM) one of the leading events in the global tourist trade, Turkey’s Minister of Culture and Tourism, Ömer Çelik, highlighted that the Turkey now has 383 Blue Flag beaches to go along with a rich cultural heritage.
Çelik also revealed that Turkey ranks 6th in terms of the number of arrivals, according to the World Tourism Organisation (WTO) and Turkey’s government plans to boost the number of foreign tourists visiting the country 50 million by 2023.
As Turkey moves closer to joining the EU and there are already signs of a thaw in the relationship with Greece, this can only help to strengthen Turkey’s standing amongst tourists and second home buyers.
Despite the good news, Adil Yaman Managing Director of Universal 21 urges investors to consider an investment location carefully before investing.
“If you are an investing in property in Turkey it is best to stick to well-known areas rather than locations that are considered to be the next big thing. Istanbul is the best location in Turkey for property investors looking for a combination of high capital growth and strong rental yields.”
“Istanbul also has its more scenic areas such as Buyukcekmece lake, which are ideal for investors seeking a holiday home and an investment in one of the more exclusive areas of the city,” he continues.
“With the new Marmaray rail tunnel recently opening up and better links across the Bosphorus, there is a big opportunity to invest in property in districts beyond the more expensive central areas of the city.”
According to research from Universal 21 Turkey’s warm climate, mild winters and relatively low cost of living makes Turkey an increasingly attractive option for those seeking a second home less than a four-hour flight away from the UK.