News

New bill sets Turkey property ready to roast

Ivan Radford — Mon, 14 May 2012 14:49:00 GMT

The temperature of Turkey's property market was turned up this week as the Turkish government passed a draft bill that allows more foreigners to invest in the country's real estate.

Turkish property has long been a popular choice for lifestyle buyers in the UK and Europe, but has only so far been available to countries that allowed Turkish buyers to invest there in return. This restriction, which primarily affected investors from the UAE and other countries, left buyers needing to register a Turkish company first, adding red tape and extra costs to their investment.

But that is about to change, say agents, thanks to the country's acceptance of this new law, which is expected to bring a gold rush of buyers back to Turkish real estate. And not just from the Middle East but the EU too, as the bill also increases the amount of real estate a foreigner is permitted to own: from 25,000 square metres to 300,000 square metres.

The news follows reports from the Turkish government that tourism revenue is heating up as well. With Europe still plagued by financial crisis, Tourism Minister Ertugrul Gunay predicted that visitor arrivals in 2012 would stay stable at 31 million but that profits from overseas visitors would rise from $23 billion to $25 billion, according to Bloomberg.

As income increases from both holidaymakers and investors, Turkey's property market appears ready to roast. Colordarcy has even declared that the $2.5 billion currently invested by foreigners in Turkish real estate each year will double to $5 billion.

Speaking to TheMoveChannel.com, Jayne Schofield of Turkish Connextions predicted that the rush will see the market become even stronger: "With the market in turkey opening up to more and more countries, people are looking to this already popular property hotspot to purchase their second home. This will push the property prices up over the next few years, making Turkey an even better place to invest."

Cooking up an appetite for Turkey?

Browse our listings of houses, apartments and other Turkish property:

http://turkey.themovechannel.com/property/all

Turkey prices continue to increase

Ivan Radford — Fri, 27 Apr 2012 11:42:00 GMT

Turkish property prices increased by 0.95 per cent in March, according to REIDIN GYODER home price index.

The performance on a regional basis was varied, with Adana prices up by 1.06 per cent, Antalya up by 0.49 per cent and Ankara up by 0.75 per cent. The highest increase occurred in Istanbul, where property values jumped by 1.18 per cent. On the other hand, Bursa's residential property prices remained constant.

The residential rent prices for existing homes also increased across the Turkey, with overall rates up by an average of 0.85%.

New home prices rose by 1.28% compared to February 2012, and are now 11.62 higher than March last year.

Do you know Tapu?

Ivan Radford — Fri, 20 Apr 2012 12:11:00 GMT

Do you know Tapu? If you're planning to invest in Turkish property, Colordarcy says that you should.

Speaking to Property Shorooms, the investment company advises investors to become familiar with Turkey's title deed system, which is not automatically transferred to a new owner when a property is sold.

Turkish translators are recommended for transactions involving foreign, Colordarcy MD Loxley McKenzie says, "as the document is, as one would expect, written in Turkish".

Despite the efforts required to secure the Tapu for a new home, Turkish property is still very popular with overseas buyers, with demand and prices both rising as the country's economy continues to boom.

Kuwaiti investors surge into the Gulf

Ivan Radford — Wed, 11 Apr 2012 13:15:00 GMT

Kuwaiti investors are entering the Gulf and "surging" into Turkey's property market, announced a Turkish government official this week.

Speaking at the launch of the Real Estate, Investment and Bulding Exhibition, the Undersecretary for the Ministry of Commerce and Industry said: "Turkey encourages Kuwaitis tohave their own housing units in its cities and facilitates all property acquisition measures."

The exhibition highlights this trend in overseas investment, adds OPP, with 32 foreign real estate companies participating in the show.

Istanbul poised for rental growth

admin — Mon, 02 Apr 2012 13:03:00 GMT

The year is likely to see Istanbul undergo stronger capital and rental growth than London, according to a property investment company.

Turkey's real estate advantages were outlined by Colordarcy, which said rental growth in the British capital seems to be slowing down.

Source: Assetz.co.uk

Istanbul poised for rental growth?

Ivan Radford — Mon, 02 Apr 2012 12:11:00 GMT

The year is likely to see Istanbul undergo stronger capital and rental growth than London, according to a property investment company.

Turkey's real estate advantages were outlined by Colordarcy, which said rental growth in the British capital seems to be slowing down.

It quoted Financial Times figures showing net yields of around 5.5% on properties in sought-after spots in London but yields of 8.5% on the Turkish capital's prime real estate. And a home there costs less than half of one in London.

Colordarcy said Istanbul can expect at least 15% growth in property prices in 2012, which would at least match the 2011 figure.

Turkey was recently ranked seventh in Knight Frank's Global House Price Index. The value of the country's real estate generally rose 7.7% over 2011.

Source: Assetz

Turkey property owners in earthquake insurance plea

Ivan Radford — Fri, 23 Mar 2012 10:18:00 GMT

With the property market in Turkey proving popular with overseas buyers and investors, experts are advising would be buyers to check out insurance and building guarantees as it is a part of the world that can be affected by earthquakes.

Many people don't think that an earthquake could strike but Turkey is on what is known as the San Andreas fault of the East which means that Istanbul lies on one of the most restless fault lines in the world.

According to seismologists, the risk of a 7.6 magnitude earthquake striking Istanbul by 2030 is greater than 60%.

Earthquake insurance is compulsory in Turkey and property owners should make sure they are up to date. Under the country's DASK insurance scheme any new developments that fail to pass a minimum standard will not be granted certificates.

But Loxley McKenzie, managing director of property investment company Colordarcy, says that extra checks should be made on properties built before 2007.

‘It is important to get the right cover for Istanbul property investments before the worst happens such as your property turning into a pile of rubble and the owners losing all the money that was invested,' he said.

‘Checks should be made to make sure a building complies with earthquake safety rules. The seller should also be in a position to provide a Use of Building Permit or a Habitation Certificate.

To be passed for DASK insurance, all new buildings built since 2007 have been built according to TSE standards, similar to the UK British Standard or other similar codes of practice. They must also have a full minimum five year structural guarantee similar to the UK NHBC scheme,' he explained.

To arrange DASK earthquake insurance on a property, investors will need to provide a copy of the Tapu (Title Deeds) plus passport numbers of all people named on the Tapu, the size of the property or land in square metres and the address.

SourceL PropertyWire

Is this 2012's biggest property money-spinner?

Ivan Radford — Thu, 22 Mar 2012 00:51:00 GMT

If you had to name the biggest themes that could shape the industry this year, most of us would probably name the Eurozone crisis, the upcoming elections in France or Greece or the emergence of the US housing market from its record slump.

All of these issues will impact overseas property sales. However, another less talked about development is about to have a huge impact on transaction volumes.

The Turkish government is on the verge of abolishing the recipricrocity law which will lift restrictions on buyers in the Arab world purchasing in the country. Turkey and particularly its capital Istanbul, is already top of the list for investment prospects with international investors (see table below).

A growing population, high economic growth, low mortgage penetration, non Euro currency and its strategic position on the European-Asian frontier make it a fertile hunting ground for the more adventurous overseas investor.

The lifting of restrictions on Arab buyers is significant to three reasons. Proximity, price and culture. These are the key drivers of overseas property sales and buyers in the UAE, Saudi Arabia, Qatar, Oman and Kuwait fit the bill perfectly.

Prices in Turkey are affordable for oil-rich buyers, it’s a short plane ride and similarities in language and culture make the proposition of owning in Turkey attractive. It may be a difficult opportunity to grasp for many but for those in a position to exploit it, this trend could be the biggest money spinner of 2012.

Source: Global Edge

Turkish property market set for huge overseas boost

Ivan Radford — Mon, 19 Mar 2012 09:40:00 GMT

The Turkish property market currently stands on the edge of the biggest change since the Turkish government allowed foreign buyers, with some restrictions, to enter the market in 2002.

In 2005, many of these restrictions were lifted, allowing foreign homebuyers the freedom to purchase property almost anywhere in Turkey, the exception including municipalities with fewer than 2,000 inhabitants (Article 87 of the Villages Act) and military zones.

However, the 2002 change in the law allowed foreign buying only on a reciprocity basis, which meant they could buy property in Turkey only if their country of residence allowed a Turkish buyer to purchase property in that country.

This change will have a big impact on purchasers from the Arab world. Because of the reciprocity law, citizens of most Arab countries, including the UAE, Qatar, Saudi Arabia, Oman, Iraq and Kuwait, are not allowed to buy in Turkey, and this has been a big hindrance to foreign investment - at a time when Turkey is becoming a more popular destination for Arab visitors.

Buyers from the UAE, Saudi Arabia and Qatar are expected to spend up to US$10 billion (Dh367.31bn) when the restrictions are removed, according to some estimates. Sales are expected to increase by 20 per cent.

Source: The National

Investor appetite grows as commercial foreclosures keep rising globally

admin — Tue, 14 Feb 2012 13:00:00 GMT

While investor appetite rose dramatically towards the end of 2011, the level of distressed properties* coming to the market is set to keep on rising globally, according to RICS.

Released today, the latest RICS Global Distressed Property Monitor reveals that two thirds of the countries surveyed anticipate a rise in forced selling of commercial buildings for the first quarter of 2012. Unsurprisingly, the number of commercial foreclosures is set to rise at the fastest pace in the Euro area.

Once again, the countries at the centre of the eurozone debt crisis are worst hit. The Republic of Ireland, Portugal, Spain and Italy expect the highest number of foreclosures. As previous reports have shown, the highly volatile economic and financial context has started to affect steadier markets. Property professionals in France and Germany also anticipate more distressed selling.

Source: Property-Magazine.eu

New Turkish overseas buyer law will "open the market" says Spot Blue

admin — Thu, 26 Jan 2012 03:40:00 GMT

Turkey’s move to make it easier for foreign nationals to purchase land and real estate will “open up the market” according to a leading agency.

The Turkish government’s draft bill would remove current reciprocity laws…meaning a person of any nationality can purchase in Turkey, rather than just those that allow Turks to purchase in their home countries.

If enshrined in law the bill would also increase the amount of land that foreigners can buy in Turkey from 2.5 hectares to 30 hectares.

Julian Walker, managing director of Turkish agency Spot Blue, told OPP exclusively that the bill, if passed into law, would “open up the market” by reducing the barriers to entry for prospective buyers.”

Source: OPP.org.uk

Property prices in Turkey continue upwards

admin — Tue, 24 Jan 2012 05:22:00 GMT

The prices of new properties in Turkey have been increasing steadily over the last 12 months and experts expect them to continue doing so in 2012.

According to the latest figures from the REIDIN New Home Price Index prices increased 0.78% in November and are now 9.88% up on November 2010.

Trademarked projects in the of European side of Istanbul increased 1.17% month on months while those on the Asian side were up 0.47%.

The index also shows prices for existing homes increased 0.89% in Turkey overall, 0.93% in Adana, 0.55% in Ankara, 1.27% in Antalya, 1.08% in Istanbul and 1.14% in Izmir. Prices were stable in Kocaeli and decreased 0.11% in Bursa during December 2011.

Source: IBTimes.com

Istanbul surge as buyers eat up Turkey after Christmas

Ivan Radford — Mon, 09 Jan 2012 13:03:00 GMT

Photo credit: Erman Akdogan

Istanbul property prices are surging as buyers remain hungry for Turkey after Christmas.

Values of prime houses in the Turkish capital are rising, according to figures released by Castle Research. "Strong demand for apartments" has driven up prices, says the Turkey Real Estate Investment Outlook 2012 report, with developments proving increasingly popular over the past nine years: in 2003, off plan properties were selling for US $1,500 per square metre; now, those figures have skyrocketed, with real estate fetching $10,000 per square metre.

"No matter how you analyse it, those price increases represent significant market strength," Castle told OPP, adding that the data only represents that top end of the market.

Indeed, Turkey is starting the year in a position of strength, as international buyers keep up their taste for Turkey's property, ready to either resell for profit or rent out and capitalise on the market's buy-to-let demand. Even Turkish companies are making a move toward the capital's real estate, adds Castle, where rates of return are now "higher than they earn on their bank deposits".

Visitors are getting greedy for Turkey, too, with tourism figures also heating up. According to Xinhuanet, the country's Culture and Tourism Minister predicted last week that they will welcome 32.5 million tourists in the coming year. As foreigners keep gobbling up accommodation, it is no surprise that the economy is expected to continue expanding, albeit at a slower rate, with 4 per cent growth forecast by the government for 2012, following last year's boom of 7.5 per cent.

Turkey's coast is seeing the highest number of tourists, becoming stuffed with real estate developments ripe for consumption. This glut of feasting has led to some resale values declining due to an overcrowded plate, but investors that bought before 2005 "are enjoying solid gains", Castle finds, while current buyers can still find rental yields of 5 per cent in popular hotspots.

Meanwhile, in the capital, apartment blocks are seeing rents jump by up to 10 per cent per year, with gross yields firmly in double figures. There was a decline last year in UK and North European buyers biting at Turkey's real estate, but Castle's report reveals that there is a "steady interest [from British and Scandinavian investors] at the upper-middle price bracket, and also from young professional British buyers at the low end of the market."

Christmas may be over, but as Turkey remains piping hot at the beginning of 2012, investor appetites are set to get even stronger.

Feeling hungry for property in Turkey?

Devour our listings of buy-to-let apartments, houses and tourist developments:

http://turkey.themovechannel.com/news/

Istanbul property 'rivals markets in London and Paris'

admin — Thu, 15 Dec 2011 08:30:00 GMT

The property market in Istanbul is in a position to "compete in every sense" with the likes of London and Paris, it has been claimed.

Arman Ozver, Turkey Sotheby's International Realty general manager, made the comments in an interview with Sunday's Zaman.

He explained there are certain areas in the city, such as Nisantasi, which are considered to be safe haven areas for investment.

Mr Ozver is also confident that real estate in Istanbul will remain robust, even if the economic problems in Europe worsen.

Source: PropertyShowrooms.com

Global housing markets struggling

Ivan Radford — Mon, 05 Dec 2011 11:29:00 GMT

The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.

Moreover, 26 housing markets performed more poorly during the year to the third quarter than last year, while only 18 countries performed better.

The Global Property Guide's statistical presentation uses price-changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.

What is most remarkable this quarter is the wide variety of outcomes:

Brazil and India booming

India and Brazil's housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures. There were strong house price increases in almost all India's major cities, reflecting the country's current high rate of consumer price inflation, despite a drop in demand resulting from the repo rate hike in October (currently at 8.50%), the 13th since March 2010, making home loans costlier.

Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter, according to the FIPE- Zap price index. Sao Paolo had an astonishing year, with house prices up 20.26% during the year to Q3 2011. The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.

Europe's mixed housing markets

The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.

The Baltics have also performed strongly. Latvia is the third best performer among all reporting countries in our survey over the twelve months to Q3 2011. In Riga, standard type apartments rose 13.31% year-on-year, a quick comeback after a fall of 5.40% in the second quarter.

Following Latvia was Estonia, whose housing market is rallying after three years of terrific losses that began during the onset of the global financial crisis. During the year to end Q3 2011, house prices in Tallinn were up 12.30% with a quarterly rise of 2.71%.

Other European markets which have enjoyed satisfactory increases were Norway (+6.74%), France (+4.80%), and Switzerland (+3.35 %).

Modest house price increases were seen in Slovenia (+0.82%), Iceland (+0.76%), Germany (+0.66%) and Luxembourg (+0.55%) in the year to Q3 2011.

Ireland stays weak

The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.

Several other European housing markets experienced accelerated downturns during the year ending in the third quarter of 2011, including Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%) and Bulgaria (-9.65%).

Conversely, European countries which saw slower house price falls this year than the previous year include Turkey (-0.50%), Russia (-3.47%), Croatia (-4.59%), Hungary (-4.67%), Athens, Greece (-6.57%) and Kiev, Ukraine (-7.02%).

Asian housing markets now cooling

In Asia, several countries had house price increases during the year to end Q3 2011, albeit less strong than last year, following the government measures to curb the heat in their respective housing markets.

In Hong Kong, house prices were up 12.07% year-on-year, after a rise of 19.30% the previous year. In Malaysia, house prices rose by 3.15% year-on-year, after a rise of 5.76% during the same period last year. In Singapore, house prices rose by 2.73% year-on-year, a big drop from last year's 18.96%. In Taiwan, house prices were up a mere 0.46% year-on-year, after a rise of 6.97% during the same period the previous year. During the latest quarter, house prices were down 7.02%.

However, housing markets in South Korea and Philippines (Makati CBD) improved from a year earlier with price rises of 1.55% and 0.89%, respectively.

In Japan (Tokyo) and China (Shanghai), housing markets have been deteriorating since Q1 2011. House price declines are being reported across China, indicating the success of government measures during the past year. The country's skyrocketing housing prices have been blamed for social tensions and other economic problems.

Patchy progress for North America

The Canadian housing market has been a notable performer in the year to Q3 2011, with house prices in the six cities rising by 3.25% year-on-year, according to Teranet - National Bank Composite House Price Index. Record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence in the housing market. During the third quarter, house prices were up 3.46%.

In the United States, the housing market drifted lower as house prices plummeted by 7.22% (seasonally-adjusted) year-on-year to Q3 2011, according to the Federal Housing Finance Agency (FHFA). However, the number of homeowners who owe more than their homes' worth decreased modestly in the third quarter, though levels remained high.

Israeli house price boom now over

House prices in Israel fell 0.58% in the year to Q3 2011, the first drop since 2009. During the latest quarter, house prices were down 3.65%.

The moderation in home prices comes against the background of the continued increase in the number of building starts, the lagged effect of the increase in the interest rate, measures introduced by the Bank of Israel affecting mortgages, and steps taken by the Ministry of Finance in real estate taxation. The effect of these moves is expected to continue and be evident going forward.

Pacific housing markets heading down

In New Zealand, median house prices were down 4.30% from a year earlier, with a quarterly house price fall of 2.26%. However, there is optimism in the housing market buoyed by low interest rates and recovery following earthquakes in Christchurch.

High interest rates and global economic uncertainty have continued to impact the Australian housing market, and it slumped 5.55% in the year to Q3 2011, the third quarter in which annual house price falls were reported this year.

Accordingly, the Reserve Bank of Australia (RBA) lowered the benchmark interest rate in November, the first time since April 2009, moving to boost the nation's economy amid uncertainty stemming from Europe's debt crisis. The benchmark rate is currently at 4.50%.

Brits account for 1 in 6 Turkish properties sold to foreign buyers

Ivan Radford — Thu, 24 Nov 2011 08:23:00 GMT

Recent findings have shown that around 1 in 6 Turkish properties sold to foreign buyers were bought by Brits in the last two months.

The Land Registry Directorate General's most recent statics highlight that 113,687 properties across Turkey are now owned by foreigners, an increase of 2,487 property sales made on September's 111,200 figures. Further data shows that Brits are still the biggest foreign buyers of Turkish property, with 25,177 properties now owned by British citizens, an increase of 329 since September 2011.

Meanwhile, the value of homes in Turkey increased by an average of 0.81% last month compared to September, according to the REIDIN.com monthly property index, with economic powerhouse Istanbul topping the average figure, increasing by 0.88%.

Indeed, those who have invested in Turkish property for rental purposes will be happy to hear that rental values have also increase between September and October this year rising by 1.07% with rents in Istanbul pushing up by 1.26%

Ray Withers, Director of Turkish property investment experts, Property Frontiers, comments: "Turkey has become an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023.

"Indeed, Istanbul, the pulse of the nation has experienced an increase in rental values therefore creating one of the best areas for rental opportunities. The western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only a great opportunity for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors wanting to take advantage of the increase in rental prices highlighted by the data."

Turkish property prices climb

admin — Wed, 23 Nov 2011 03:41:00 GMT

The value of residential real estate assets in Turkey has risen, new research shows.

According to the REIDIN.com monthly property index for the nation, the worth of homes increased by an average of 0.81 per cent in October, compared to September.

Izmir saw the biggest price hike in this period at 1.53 per cent, while Istanbul also topped the average figure with a jump of 0.88 per cent in its real estate values.

Those who have invested in a property in Turkey with the intention of renting it out may be pleased to learn that rental values climbed by 1.07 per cent across the country between September and October.

Source: PropertyShowrooms.com

123,000 foreigners own immovable property in Turkey

admin — Fri, 18 Nov 2011 04:59:00 GMT

A total of 123,000 foreigners own 113,687 immovable properties in Turkey, the Anatolia news agency reported on Wednesday.

Most foreigners with immovable property prefer Turkey's resort cities, such as Antalya, Muğla and Aydın, besides the cities of İstanbul and Bursa, according to data obtained by the Land Registry Directorate General.

These immovable properties cover an area of 86.1 million square meters.

Antalya is the most popular city among foreigners who want to buy immovable property. A total of 41,184 foreigners have 32,057 immovable properties in Antalya.

Source: TodaysZaman.com

Turkey voted Frommers favourite for 2012

Ivan Radford — Tue, 08 Nov 2011 09:00:00 GMT

Amongst a list of 10 destinations compiled by Frommers, Turkey was announced as the reader's top destination to visit in 2012, despite being up against strong contenders such as Paris, Italy and Hawaii.

According to the leading guidebook publisher and travel website, 51 per cent of readers quizzed about their top destinations to visit in 2012 voted in favour of Turkey.

Described as a Frommers 'favourite' since the publication of Turkey on $5 a Day in 1971, the nation's economic powerhouse, Istanbul, has been marked as one of the world's most cosmopolitan cities as well as one ‘packed with a rich Byzantine history, divine architecture, fantastic street food and one-of-a-kind shopping'.

Ray Withers, Director of Turkish property investment experts Property Frontiers comments,

"With Turkey becoming one of the biggest success stories of late having emerged as a sound economic marketplace underpinned by an already thriving tourism industry, positive acclaim from a leading and trusted source such as Frommers will certainly help propel the nation even further, much to the delight of foreign property investors."

Further positive news arrives from the latest REIDIN.com index which has revealed that Turkey has experienced an increase in the value of residential property with average house prices rising by 0.73% in September 2011 compared to the previous month, while rental values jumped by 0.90% across the same period.

Meanwhile, the Turkish construction sector has grown by 13.2% in the second quarter of 2011 according to data released by the Association of Real Estate Investment Companies (GYODER) with property sales reaching 107,308 in the country in the second quarter of 2011, an increase of 17.8% over the first quarter.

With this in mind, the projected demand of 2.9 million houses by 2015 has led investors into the lucrative Buy-to-Let world where there is high demand for good quality rented housing in Istanbul and surrounding areas. Those looking to invest in a key asset class in the proven market of Istanbul can also look no further than the booming student accommodation sector.

With University Dormitories and Government Funded Dormitories accounting for only 12.7% of rising student housing demand, a shortfall of housing stock for around 254,000 students has emerged and the new student accommodation development HAN Florya, located in the booming western suburb of Küçükçekmece, will provide an optimum opportunity to capitalise on the growing demand for student housing.

"Dramatic" surge sees Colordarcy double Istanbul sales

admin — Mon, 31 Oct 2011 09:41:00 GMT

Overseas property investment consultancy Colordarcy is experiencing a “dramatic” surge in sales for Istanbul as the company more than doubles its turnover there, managing director Loxley McKenzie told OPP this week.

The company confirmed £1 million-worth of Istanbul home sales in the last quarter, compared with £400,000 during the same period last year.

“Sales in Istanbul are actually outselling our previous best-performing marketplaces by an average of 60%,” says McKenzie. The city is now doing better than “countries and regions such as Brazil, Egypt, Florida and Atlanta,” he adds.

Official figures show that demand for properties in Istanbul is outstripping supply by 70,000 units each year and such is the need locally for contemporary properties to cater for the ever-growing population that many development projects are not even released to international investors because the local domestic marketplace is so strong.

Source: OPP

EU crunch time: Your real estate escape routes

Ivan Radford — Wed, 26 Oct 2011 12:07:00 GMT

Photo credit: Eisenrah

The world is watching Brussels today, where EU leaders are meeting to discuss the eurozone debt crisis. Disagreements between country leaders have fuelled fears that the crisis will only continue. But as the 27 European Union leaders vote to finalise financial plans this afternoon, careful buyers can still make a sound investment in Europe. It's crunch time for the EU, so where are your real estate escape routes?

France

As countries such as Greece face an uncertain economic future, central eurozone markets (including the UK) remain a safe haven for many. French property, consistently the second most popular on TheMoveChannel.com, continues to attract investors, particularly in the high-end market, where Sotheby's have seen a jump of 38 per cent in luxury homes sold at auction, reports the Guardian. For UK buyers, taxes now apply to UK pension lump sums, but the country's cautious banks have helped France's economy to stay stable amid wider uncertainty.

Germany

Taking a similar approach to France, Germany's careful economy has made it an established market for house hunters with its high yields and low prices appealing to an increasing number of foreign buyers. While central locations, such as Berlin, are seeing house prices increase, real estate across the country has grown in popularity during the eurozone crisis, becoming one of TheMoveChannel.com's top 10 property destinations earlier this month.

Italy

Italy remains one of the main points of discussion in the EU talks. One of the key countries in the eurozone, other leaders are demanding that the country outline firm plans to reduce its large national deficit. While unconfirmed rumours suggest Prime Minister Silvio Berlusconi will resign at the beginning of next year, Italy's climate is still attracting new residents, although an awareness of seasonality is advised by experts. The property market is slow, but PropertyShowrooms.com suggests that this means lifestyle buyers can pick up houses "at bargain prices if they find someone who really needs to sell or move".

Spain

Spain remains the most popular destination on TheMoveChannel.com, and its low costs and sunny coasts have built up a significant expat community. 800,000 Brits are currently living in Spain, according to the Foreign and Commonwealth Office, and although exchange rates are less favourable than a few years ago and a wealth tax has just been introduced, property prices in more popular areas have reduced by up to 50 per cent, say recent reports. These bargain homes have seen foreigners invest €1.3 billion in Spanish real estate in the second quarter of this year, according to the Bank of Spain - an increase of 37 per cent compared to 2010. Buyers afraid of Greece or Italy can still rely on Spain for a second home.

Portugal

Portugal's economy has been badly hit by EU debt, but real estate activity was less negative in September than in August, say the latest figures. It helps that the market has not been crowded by an oversupply of property. Instead, "it is the demand side of the equation that is weighing down on prices in Portugal", according to the Royal Institution of Chartered Surveyors, a finding supported by the differences between regional markets. The Algarve, for example, is faring significantly better than Lisbon and Porto. Overall confidence In Portuguese real estate is low, but prices are too, kept down by the number of repossessed property banks are now putting up for sale.

Bulgaria

Bulgaria has been a surprisingly popular place for property buyers to browse in recent months. A boom in Balkan tourism has seen construction of holiday homes in Bulgarian resorts rise - there are 5.4 per cent more homes across the country now than in 2001 - and EU citizens, attracted by the non-eurozone market, currently account for 23 per cent of all foreign residents, according to a national survey published by BulgarianProperties.com. The latest data from the National Statistical Institute shows that apartment prices are falling in the country's regional cities, but like Portugal, this rate of decline is slowing, as signs of eventual market stability may be starting to show.

Turkey

Eastern Europe has delighted in Turkey, a country that has seen strong economic growth throughout the EU crisis. Investors have rushed to Istanbul for real estate and foreign buyers have poured over $1.3 billion into the country's property market over the years. Although lending growth has slowed since Turkey's phenomenal first quarter in 2011, a strong tourism industry continues to drive investment. "Mortgages represent just 5 per cent of GDP and there is a growing population that aspires to consume," one fund manager told Interactive Investor. Indeed, there is now a shortage of accommodation in Turkey, with a projected demand for 2.9 million houses by 2015. Turkey has been waiting to join the EU for a very long time, but as the leaders meet today to solve the major debt crisis, the EU's refusal to accept Turkey has only helped its property market thrive.

Where is your real estate escape route?

Avoid the EU debt crisis by browsing our listings of apartments, houses and other overseas property both inside and outside of the eurozone:

http://www.themovechannel.com/property/all/

Lack of house insurance undermines Turkish buildings

admin — Wed, 26 Oct 2011 07:01:00 GMT

Only 9 percent of houses in Van were insured against earthquake, officials say. Particularly the old houses not only in the earthquake-hit province, but the whole country are theathening lives of millions, experts warn.

Less than 10 percent of the houses in the quake-stricken eastern province of Van were insured, according to the top executive at Turkey’s main earthquake insurance authority.

“Only 7,318 out of the houses out of the total of 84,000 in the province were insured,” Selamet Yazıcı, the board chairman of the Turkish Catastrophe Insurance Pool (TCIP), told Anatolia news agency yesterday.

“This would mean only 9 percent of the houses are insured,” he said, noting that house insurance rates were lowest in the eastern region of the country.

Source: HurriyetDailyNews.com

New property deed system for Turks

admin — Thu, 20 Oct 2011 06:55:00 GMT

Turkey is to offer it citizens living abroad an easier way to apply for title deeds online.

With the new system, expected to start functioning in 2012, a Turkish citizen residing in Germany will be able to conduct purchase or sale transactions for real estate property in Turkey, just by applying to the Turkish Embassy.

Gökhan Kanal, the acting general manager of the Deeds and Land Registry Office, said they plan to request staff for foreign missions from the Foreign Ministry.

Kanal says the Recorder of Deeds Office plans to employ its own representatives at diplomatic missions, adding that transactions to be carried out by experts who will be recruited by Turkish embassies abroad will be entered into the online Deeds and Land Registry Information System (BİS).

Source: VoicesNewspaper.com

Istanbul student accommodation welcomed by investors

admin — Wed, 19 Oct 2011 11:25:00 GMT

Over the past year, two property sectors have upheld an exceptionally strong position seeing considerable growth in student accommodation and the Turkish property market. With this in mind, purpose built student accommodation in Istanbul is currently in high demand providing the perfect opportunity for savvy investors to own a key asset class in a proven market.

Ray Withers Director of Turkish investment expert's Property Frontiers comments,

"Combining the proven key market fundamentals of Istanbul with an asset class deemed by Knight Frank to be a "critical component of a balanced investment portfolio", the two sectors combined together make absolute sense".

With the ongoing success of Turkey's economy and predictions that the nation will be the 9th largest economy in the world by 2050, Turkey affords 154 universities, four of which have secured a place in the prestigious Times Higher Education World University Rankings (2011-12). While Turkey has as a total student population of 3.78 million, Istanbul represents the educational hub of the nation boasting 36 universities and a student population of 298,000.

Currently, Turkish universities accommodate students from around 147 countries, including the UK, seeing a rise of 59% over the past 5 years and with the international increase in enrolment combined with an 8% annual student growth rate, enormous pressure has been placed on existing student accommodation stock.

Withers explains,

"Student accommodation traditionally supplied by University Dormitories and Government Funded Dormitories account for only 12.7% of demand and has resulted in a shortfall for around 254,000 students. Our new student accommodation development in Istanbul, HAN Florya, provides an optimum opportunity to capitalise on the growing demand for student housing."

With a huge undersupply of student accommodation mismatched with growing demand, students are transforming the rental market in Turkey offering excellent returns potential for investors.

Located in the booming western suburb of Küçükçekmece, home to some 600,000 people, HAN Florya occupies a prime location close by to three universities in Istanbul with a combined population of 19,000 students and less than 2 minutes' walk from the Metro bus station enabling easy and quick access to the city centre.

With only 38 student rooms available on a leasehold basis, HAN Florya has been explicitly designed to cater for the market requirement of separate male and female accommodation. Comprising two blocks (one for male, the other for female residents) this attractive student residence offers a secure high yielding low level investment starting at £14,965 with no buying, ongoing maintenance or management costs while investors can enjoy a guaranteed NET yield of 10% per annum.

For more information on investing in the key asset class of HAN Florya in Istanbul please contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit www.propertyfrontiers.com.

Foreigners stuff billions into Turkey property

Ivan Radford — Tue, 11 Oct 2011 10:22:00 GMT

Photo credit: Victor Radziun

Over $1.3 billion were stuffed into Turkey's property market last year.

The figures, released by the Turkish government, show that foreign investors are still keen to own a share of the country's booming real estate industry, as Turkey becomes one of the biggest success stories of recent years.

Fuelled by a highly successful tourism industry, Turkey's economy has sky-rocketed, much to the delight of property investors. At present, Turkey ranks seventh in the most-visited global destinations list, according to the UN World Tourism Organization (UNWTO). Since 2000, Turkish tourism operators were able to record the first noteworthy increase in tourist numbers, resulting in an impressive 10.4 million visitors that year. From then on, Turkey has experienced consistent growth in its inbound tourists leading the country to reach an incredible 28.63 million visitors in 2010.

Today, the tourism sector continues to grow and is a primary contributor to Turkey's national income and success on the global stage. Indeed, increased tourist numbers over the years certainly contributed to the 11 per cent year on year economic growth seen in Q1 2011, with Istanbul seeing a 30.1 per cent increase in tourist revenue in 2011, helping Turkey's capital to become the 34th richest city by GDP in the world.

Recording better growth than any of the largest emerging markets in the first quarter of this year, Turkey's $735 billion economy grew 8.8 per cent in the second quarter, developing faster than India and more than four times the speed of the Eurozone's expansion. And, with the help of ever growing tourist numbers and credit growth prompting rising consumer demand, Turkey has been experiencing the best year for takeovers since 2008 with the value of transactions involving Turkish targets rising by 59% annually to $8.8 billion.

At present, there is a shortage of homes across the country, especially in urban areas such as Istanbul, which is currently on the receiving end of huge internal migration. With this in mind, the projected demand of 2.9 million houses by 2015 has led investors into the lucrative Buy-to-Let world where there is high demand for good quality rented housing in Istanbul and surrounding areas.

Ray Withers, Director of Turkish property investment experts Property Frontier, comments: "It seems everyone wants a piece of Turkey. Certainly, for investors, the Turkish government's plan to make the tourist industry reach 15 per cent of its GDP by the year 2020 will be a big attraction.

Currently, the Turkish property market is underpinned by a strong economy with a growing tourism sector, and savvy Buy-to-Let investors understand that this can be converted into solid rental yields. We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub presenting not only one of the best opportunities for property investment but cheaper property price tags than the rest of Europe."

Want a taste of Turkey?

Browse our listings of Turkish apartments, houses and buy-to-let properties:

http://turkey.themovechannel.com/property/all

Polish property popular as people pick outside Euro

admin — Mon, 03 Oct 2011 12:26:00 GMT

Photo credit: Marcin Kowalski

property in Poland is proving popular as people avoid the Eurozone, new research has revealed.

The debt crisis continues to worry the continent, but property buyers are still investing in real estate abroad – particularly in Poland, where interest has risen significantly in recent months. According to Rightmove and Moneycorp, searches for property in Poland “soared by almost 60%” in August, as buyers turned away from more debt-affected property markets, such as Portugal.

Poland has been planning to adopt the Euro for several years, but in 2010 cooled its intentions to join the single currency, along with the Czech Republic, in response to Greece's growing deficit. Separate from the Euro, Poland’s economy grew 4.3 per cent from 2010 in the second quarter of 2011, keeping the country optimistic in its struggle to meet the EU’s deficit limit of 3 per cent within the next year.

Poland joins Turkey as a non-Euro economy experiencing positive growth, as Turkish tourism and buy-to-let investment led to Beylikduzu in Istanbul being recommended for investment by Global Property Guide last week.

But all is not lost for the Eurozone countries, with bargain prices in Spain seeing purchases double over the summer, according to data from World First. Interest also remains strong in homes in Germany and France, which Moneycorp suggests is because the two countries have “led the way in addressing the debt crisis”.

Indeed, cautious buyers are still snapping up property across the continent, with August seeing an overall increase in interest in property worldwide, adds the report. But with Poland heralded as the latest property hotspot for Brits, smart investors are proving that sometimes it pays to say “no” to the Euro.

Interested in property in Poland?

Browse our listings of houses, apartments and other overseas property:

http://poland.themovechannel.com/property/all

Beylikduzu recommended by experts as key place to buy

admin — Thu, 29 Sep 2011 11:27:00 GMT

Beylikduzu has been recommended by experts as a key place to invest in Istanbul.

A key city in one of the world's fastest growing economies, Istanbul, Turkey's economic powerhouse, has been enjoying soaring tourism along with vast internal migration and a youth orientated demography which has propelled the city forward and boosted its property market. The Global Property Guide, an authoritative source of information on buying overseas property, has produced an independent guide to buying property in Istanbul, highlighting the city's strong political situation and geographical beauty as factors that have attributed to Istanbul's surge in visitors and buy-to-let property investors.

Labelled Eurasia's rising Tiger by The Wall Street Journal, Turkey's economy grew 11% year on year in Q1 2011 seeing around $100 billion in foreign investment pour into the nation since Prime Minister Recep Tayyip Erdogan took the stand in 2003, while Turkey's 'city of desire', Istanbul, saw a 30.1% increase in tourist revenue in 2011, according to data from PriceWaterhouseCoopers, helping the nation become the 34th richest city by GDP in the world.

As tourism continues to accelerate faster than other European countries, the Global Property Guide also highlights that Istanbul has now become the third most visited city in Europe after Paris and London, with many property investors from around the world, including the UK, USA and Russia, attracted to the projected demand of 2.9 million houses by 2015.

Low unemployment and the undervaluation of the Turkish Lira also makes property in Istanbul relatively inexpensive compared to other European cities. Indeed, the growing middle classes and a flourishing international community have made Istanbul a prime buy-to-let market with outlaying suburbs, such as Beylikduzu, growing in popularity.

Ray Withers, Director of Property Frontiers, comments, "We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub. The western suburb of Beylikduzu is one of the fastest growing areas which present not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe. Its location is perfect, located close to shopping centres and leisure facilities, the area affords three universities and plenty of green spaces as well as excellent transport options including trains and the Metro bus which runs through the suburb making it easily accessible from the city centre.

"Due to its popularity Beylikduzu is expanding rapidly with the population expected to increase fivefold to 1 million residents by 2016. At present there is an acute shortage of rental properties and it is exactly this lack of supply and growing demand which investors can capitalize on."

Interested in property in Turkey?

Browse our listings of houses, apartments, and buy-to-let investment opportunities:

http://turkey.themovechannel.com/property/all/

Turkey law change to spur $10 billion land market

admin — Thu, 29 Sep 2011 07:01:00 GMT

A proposed change in Turkish law to drop reciprocity conditions and allow more non-Turkish nationals to buy property in the country will create a $10 billion real- estate market spurred by sales to Arabs, Sabah reported.

Companies including Saudi Arabia’s Saudi Binladin Group and Kuwait’s Mena Real Estate have opened units in Turkey in recent weeks in anticipation of the change, the newspaper said.

Urban Planning Minister Erdogan Bayraktar is expected to introduce legislation to drop the reciprocity requirement in real-estate purchases in parliament in coming days, Sabah said.

Passage of the legislation is expected to spur purchases from buyers in Saudi Arabia, Syria, Dubai, Azerbaijan, Qatar and Iran, the newspaper said, citing Isik Gokkaya, chairman of the Turkish real estate trust association GYODER.

Source: Bloomberg.com

Real estate prices rise in Turkey

admin — Wed, 21 Sep 2011 07:00:00 GMT

The latest figures from the REIDIN.com real estate index for Turkey has revealed that, overall, property prices in the country increased during August, compared to the previous month.

On average, home values in Turkey rose by 0.55 per cent, with Ankara, Izmir and Kocaeli exhibiting the greatest increases of 0.95 per cent, 0.93 per cent and 0.85 per cent respectively.

Bursa was the only region to record a monthly fall in property prices, although this was marginal at 0.02 per cent.

Year-on-year, Istanbul has the strongest performing real estate sector, with housing values in the city up by 7.42 per cent compared to August 2010.

Source: PropertyShowrooms.com

Video: Turkey’s finance minister on how Eurozone could get growth

admin — Tue, 20 Sep 2011 05:47:00 GMT

As Turkey's tourism and property investment grows, Turkish finance minister Mehmet Simsek describes how Turkey managed to turn around their economy.

How can this could be applied to the wider Eurozone crisis? Watch the full video report at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/09/turkeys-finance-minister-on-how-eurozone-could-get-growth/

Naomi Campbell builds island eco house in Turkey

admin — Mon, 19 Sep 2011 07:34:00 GMT

Every architect on the planet would probably love to have an assignment like this one, and Luis de Garrido from Spain, ostensibly free of budget or creative restrictions, ran with it.

The multi-level central dome is framed with steel and clad in glazed glass panels that permit sunlight all year round. Although the greenhouse effect promotes natural heating, certain measures – such as landscaping and tilted louvers – ensure that the heat is bearable during the summer time. Steps have also been taken to provide plenty of ventilation.

Combined with the photovoltaic panels that make up the property’s Eye of Horus shape, a state-of-the-art geothermal system provides all of the energy this 25 bedroom home (complete with five lounges) could possibly need. Rainwater is harvested, and an on-site biological system treats wastewater. Inside, the house is a landscaped terrace, from which it is possible to take in the incredible views.

Perhaps the only question remaining is this: how do we become best friends with Naomi so we can camp out on Cleopatra Island when the apocalypse comes?

Source: Inhabitat.com

Istanbul real estate market continues to boom

admin — Tue, 13 Sep 2011 07:42:00 GMT

Istanbul’s property market continues to accelerate ahead of the rest of the world according to new data from the city’s chamber of commerce.

Foreign direct investment into Istanbul increased by an impressive 27 per cent this year meaning Istanbul is now one of the most popular property hot-spots in the world.

Turkey’s thriving economy which outpaced China to become the world’s fastest growing economy earlier in the year has been focused around the countries successful banking and financial sectors as well as flourishing tourism industry.

While the tourism boom has directly affected property prices in coastal regions, Istanbul’s property market is benefiting from Turkey’s rapidly expanding economy. With a growing number of businesses moving to the city there is significant job creation taking place and a huge demand for commercial real estate.

Source: SelectProperty.com

British buyers gobble up Turkey property

admin — Thu, 01 Sep 2011 10:44:00 GMT

Photo credit: Bryan_T

British buyers are the top real estate investors in Turkey, owning almost 25,000 properties across the country, according to the latest figures.

The Land Registry Directorate's Foreigner Affairs Unit has announced that British buyers now account for 22 per cent of all property purchases by foreigners in Turkey. Investors from 89 different countries have purchased approximately 111,200 estates across the country, but over 35,000 Brits own a total of 24,848 properties, putting the UK on a pedestal as one of the most popular buyers of Turkish property. It is followed by Germany and Greece who have also succumbed to the nation's hypnotic charm.

Further research suggests that foreigners have bought real estate in 76 of Turkey's 81 provinces with a total of 12,190 properties in the economic powerhouse of Istanbul being owned by foreign nationals.

In response to buyer demand and according to recent figures from the ReidIn Turkey Residential Property Price Index, the cost of buying property in Turkey is rising steadily with sale prices having increased by 0.83 per cent across the country with a 1.05 per cent rise in Istanbul alone in July this year.

The research also indicates that buyers are searching for new build properties, which have been growing in popularity among overseas and second home owners. From June to July, there was a 1.2 per cent increase in new build buyers - over 7 per cent higher than the same period last year.

Ray Withers, Director of Turkish investment experts Property Frontiers, comments, "Turkey is fast becoming an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023, and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population, we at Property Frontiers have recognised the flourishing potential of Turkey as a lucrative property investment hub."

Increasing rents combined with cheap prices and a stable economy explain why so many British buyers are investing in Turkish real estate.

Withers added: "Istanbul, the pulse of the nation and the western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors, especially given the increase in rental prices highlighted by the data."

Interested in gobbling up Turkish property?

Browse our listings of houses, apartments and buy to let properties in Turkey:

http://turkey.themovechannel.com/property/all

Related stuff from around the web:

Turkey: Property Confiscated 75 Years Ago From Jews And ...

The Turkish government made a historic U-turn in state policy this past weekend, issuing an official decree inviting Turkey's Christian and Jewish communities to reclaim their long-confiscated religious properties. Saturday's ...

http://chambersworldnews.com/2011/08/30/turkey-property-confiscated-75-years-ago-from-jews-and-christians-to-be-returned/

Turkey property prices increase by 5.38% | Select Property

Property prices in Turkey> increased again in July representing growth on both a monthly and annual basis. Turkey's Residential Property Price Index witnessed an impressive increase of 5.38% when compared with this time ...

http://www.selectproperty.com/turkey-property-news/turkey-property-prices-increase-5-38/

Why is Turkey Property a Better Investment Now than During the ...

Now, the EU is a shadow of its former self and Turkey is the fastest growing economy in the world. Now, there are only a handful of destinations in Europe worth investing in and Turkey is definitely one of them.

http://www.nuwireinvestor.com/articles/why-is-turkey-property-a-better-investment-now-than-during-57624.aspx

Property prices in Turkey creeping up, latest index shows

admin — Thu, 18 Aug 2011 06:49:00 GMT

Residential real estate prices and sales in Turkey are increasing steadily with buyers looking for bigger properties, according to the latest figures to be published.

Sales prices increased 0.83% in Turkey overall, the ReidIn Turkey Residential Property Price Index shows. They were up 0.32% in Adana, 1.02% in Ankara, 0.64% in Antalya, 0.66% in Bursa, 1.05% in Istanbul, 0.84% in Izmir and 1.02% in Kocaeli during July 2011.

Rental prices are also on the up, increasing 0.36% in Turkey overall. Rents climbed 0.31% in Adana, 0.47% in Ankara, 0.76% in Antalya, 0.44% in Bursa, 0.28% in Istanbul, 0.81% in Izmir and 0.46% in Kocaeli during July 2011.

New homes, popular with both domestic and overseas buyers are also increasing. They were up 1.2% in July compared with the previous month and are now 7.29% higher than a year ago.

Source: PropertyWire.com

"Many reasons" to buy property in Turkey

admin — Mon, 15 Aug 2011 12:01:00 GMT

Turkey has become an increasingly popular option for those seeking a property abroad, one expert has noted.

Andy Bridge, managing director of A Place in the Sun, explained that there are many reasons to consider buying Turkish real estate.

"It's outside the eurozone - so sterling goes further, property is relatively affordable and it's a wonderful country for food, climate and culture," he stated.

This may particularly appeal to those who are looking for a base outside the UK where they can visit on holiday and which they can rent out for the remainder of the year.

Source: Property Showrooms

Istanbul tops list of world's fastest-growing airports

admin — Thu, 04 Aug 2011 05:52:00 GMT

Istanbul's Sabiha Gökçen Airport is the world's fastest growing airport, according to a new report released by Airports Council International (ACI) August 1.

The World Airport Traffic Report 2010, which analyzed the performance of over 1,300 airports in 157 countries around the world last year, suggests that traffic at Istanbul's Sabiha Gökçen Airport, completed in 2009, jumped by 75 percent last year.

That puts it considerably ahead of Campinas in Brazil, the world's second-fastest growing airport, and Rio de Janeiro, the third.

Charleroi in Belgium and Moscow's Sheremetyevo airport rounded off the top five list.

Source: Independent.co.uk

More interest in buying overseas properties

admin — Mon, 01 Aug 2011 13:42:00 GMT

Interest in buying property overseas has now tipped the balance versus that of property in the UK, with 67% of respondents saying it is a good time to make a foreign investment and 65% actually considering doing so, a new survey shows.

Countries which generated the most responses were the United States, Turkey and Portugal, the research from Oxfordshire based property investment company, the Worldwide Property Group, shows.

‘It’s hardly surprising that investors are looking beyond the UK for places to invest. Many overseas regions are providing very strong potential returns, the USA being a prime example,’ said Kevin Wilkes, managing director of the Worldwide Property Group.

‘The UK has always been a great place in which to invest in property, and will continue to be so. But with some incredible potential for property investment overseas mixed with increasing ease of purchasing a foreign property, people are finding they have much greater choice, and the UK now has some strong competition,’ he explained.

Source: Property Community

Turkish property is beginning to see an upswing

admin — Fri, 29 Jul 2011 10:45:00 GMT

For some time, there has been depreciation in the values of Turkish property due to many factors, including economic issues incurred during its attempt to accede to the European Union. These have held back property investors from buying in Turkey for fear of a further real estate valuation decline. Recently, this has shown signs of change as the factors which worked against the Turkish economy have started to be reversed.

The issues that Turkey has faced in attempting to join the European Union still exist.Yet with the problems that the EU itself is facing amongst its member states, Turkey, not being a part,has not been seen as such a draw-back. In fact, the issues that some of the member states face have forced investors who might previously invested in properties in Greece, Spain or Portugal to seek alternative opportunities. This is where Turkey is coming into its element as it has a tie of sorts to the EU, giving it credibility without being so tightly bound as the other sovereign debt crises.

The Turkish economy appears to be entering a growth period unlike many of the surrounding areas, which is great news for investors. This growth is being seen as partially being driven by new initiatives by the Turkish government to decrease reliance on imports, chief among which is the growing energy bill the country faces. By tackling this expensive problem head-on, the country’s leaders hope to decrease the country’s deficit and increase investor confidence. This will be augmented by the trade agreements that Turkey has already started to put into place.

As the economy stabilises and investor confidence in the country grows, this will trickle down into various areas of the country. Tourism is starting to see benefits with increased flights to the Middle East. property in Turkey is starting to show greater value and should show increased returns for investors in the long run.

Source: Buy Association

Turkey is world's fastest growing economy

Sarah Kendell — Thu, 28 Jul 2011 11:55:00 GMT

The Middle Eastern nation's latest GDP growth figures saw it surpass both Argentina and China to become the fastest growing economy in the world, according to the national statistics authority, Turkstat.

Turkey's Q1 GDP growth was recorded at a staggering 11%, the only country in the world to have achieved double digit growth, and higher than that of Argentina at 9.9% and China at 9.4%. At a diplomatic conference in Istanbul, US Secretary of State Hillary Clinton praised the results as indicative of the nation's status as an economic leader in both Europe and the Middle East.

"The 11 percent growth rate is phenomenal", said Clinton. "What I hope is that Turkey will become an engine for economic growth in the region."

The news has stoked international property buyers' interest in the country, which is already strong due to the country's location straddling Europe and the Middle East, and its scenic beaches and low cost of living. A recent survey by UK-based property investment firm World Property Group saw Turkey named the second most popular country in the world for international property investor interest. The capital of Istanbul is also currently the fastest growing tourist city in the world, with foreign visitor levels having increased 30% so far in 2011.

Interested in property in Turkey?
Browse our listings of apartments, houses and other properties for sale in Turkey here: http://turkey.themovechannel.com/property/all/

EU debt crisis encourages property investment in Turkey

admin — Tue, 26 Jul 2011 06:43:00 GMT

Historically, property investors watched prospective EU members with anticipation. Often targeting markets that were expected to gain full EU membership, savvy investors would benefit from the subsequent up lift in prices. Turkey has long been on the verge of membership to the EU however many would suggest it never really stood a chance of gaining full membership due to objections from the likes France and Germany.

Now the EU’s economy is caught in a deep sovereign debt crisis with two of its members, Greece and Ireland forced to accept huge bail-outs. Not only must both of these countries borrow more money to service their debts but they both face ongoing austerity measures. While the general appetite for property in Europe has reduced significantly, one such measure has directly affected Greece’s property market in particular. The country has placed new taxes on high-end property, causing owners to sell en-mass while new buyers remain few and far between. Portugal has been advised to implement similar taxes.

As a result, property investors have snubbed the debt ridden EU nations in search of better performing markets and greater value for money. While Turkey now stands in a position where it could gain membership much more easily, the tables seem to have turned as investors care less about EU membership and Turkey reaps the benefits of its exclusion.

While GDP growth improved in the EU during the first 6 months of 2011, it only reached 2.5% while Turkey impressively recorded 11% to become the fastest growing economy in the world. The Economist published that Turkey will soon surpass Germany as one of Europe’s top performing economies.

Source: SelectProperty.com

Istanbul is fastest growing tourist destination in the world

Sarah Kendell — Thu, 14 Jul 2011 12:03:00 GMT

Undoubtedly one of the world´s greatest cities, Istanbul has seen a 30.1% increase in tourist revenue, generating an estimated $10.2 billion in 2011, surpassing New York and Amsterdam in terms of the number of visitors according to a city index developed by MasterCard Worldwide.

Estimates from the city index suggest that Istanbul will receive a predicted 9.4 million visitors in 2011 proving more attractive than traditionally popular global cities such as Rome, Milan and New York.

Dubbed ‘one of the hippest cities in the world', it seems visitors are undoubtedly attracted to this impressive accolade. With a rich cultural background, abundance of amenities and rising economic wealth, Istanbul is propelling Turkey forward with the country's economy growing by 11% in the first quarter of 2011 according to figures published by the Turkish Statistical Institute, Turkstat.

As a whole, Turkey's income per capita has almost doubled since 2002 and as a result, has generated a boom in consumer spending, seeing a rise in the shopping mall culture, proliferating across the country almost as much as in the US as well as trendy restaurants, bars and clubs lining the streets becoming even more prevalent than the widespread Ottoman mosques.

Indeed, with more money to play with, consumers, in particular the middles classes have begun to travel a great deal more aided by the growth of national flag carrier, Turkish Airlines. However one of the biggest emergences to have come out of rising consumer wealth has been the increased demand for property with more people buying new homes.

Rising demand led to Turkey's construction sector displaying an impressive 17.1% growth in 2010 over the previous year. This sector has been driving economic growth in the economy over the past few years, seeing improved technology utilised and stronger financial structures helping construction companies to deliver property projects at a faster rate.

Back in May this year, PricewaterhouseCoopers Emerging Trends in European Real Estate report which surveyed worldwide investors found that Istanbul is currently considered along with Munich, to be the best city in Europe for investment opportunities in the areas of new developments and acquisitions, and second best for opportunities to increase returns on existing investments.

Ray Withers, Director of property investment experts, Property Frontiers, comments,

"The Turkish property industry is receiving considerable interest from foreign investors seeking to purchase property in popular cities like Istanbul due to the ongoing growth in the economy and rising tourist numbers, pushing up demand for property and generating vast opportunities in the already thriving rental market.

"Istanbul, considered to be the dominant powerhouse in Turkey is fast becoming a popular destination for Europe's glitterati as well as a thriving business hub with new residential developments emerging in up and coming areas on the desirable European side of Istanbul such as Bahcesehir and Beylikduzu as well as the city centre. Modern Istanbul properties offer exceptional facilities and a cheaper price tag than the rest of Europe, making the city even more attractive to potential buy to let investors."

Confirming the strength of demand, statistics from leading overseas property search portal The Move Channel show that at least 1 in 5 Turkey property searches are for Istanbul. Of these enquires, around 60% are for properties priced between £0 - £100,000 while 35% enquiries are priced between £100 - £200,000.

For more information about exciting new buy to let investment opportunities available in Istanbul contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit http://www.propertyfrontiers.com/.

Istanbul Property Investment To Be Boosted By New Universities

admin — Wed, 13 Jul 2011 06:43:00 GMT

Property investors considering an investment in the Istanbul student property sector will be looking even more closely at the city in the next 12 months, as 9 new universities are opened. This will take the total to 166 universities.

This year some 895,000 students took the Transition to Higher Education Examination (YGS), but there are only 700,000 places available in undergraduate and postgraduate courses throughout the country. The 9 new universities will make it easier for all to find placement on courses.

Istanbul is currently being perceived as one of the hottest residential investment spots in the world, and student property investment is really taking off as well. This can only to increasing interest in that field, as well as hopefully increasing demand, increasing occupancy and of course, increasing yields.

Süleyman Şah University will add 300 places in the Kartal district, 60 with full scholarships. Süleyman Şah will have courses in the following psychology, sociology, Turkish language and literature, economy, business, political science and public administration.

Source: Novrealty.com

No debt crisis on Turkish Riviera

admin — Fri, 08 Jul 2011 06:39:00 GMT

Glossy white yachts line its glittery marina club and celebrities such as Catherine Zeta-Jones and Michael Douglas traipse the cobblestone sidewalks around downtown. You'd think it was Mykonos or St. Tropez -- but it's neither. With multimillion-dollar estates being snapped up right and left from Middle Eastern billionaires and Saudi royalty, Bodrum is the epicenter of a Turkish Riviera enjoying the perks of a booming economy a lot farther from Greece than the 20-minute hydrofoil ride would suggest.

More on Top 1% Chefs Go Beyond Basic BarbecueGlobal Pool Parties Are Big BusinessChefs Go Casual, Starting With Small Plates With a year-to-year GDP that's expanded 11% -- better than China and Argentina -- Turkey has a booming economy helping support bold investments in resort destinations such as Bodrum. The property market is benefiting from an influx of second-home buyers in addition to foreign investment and real estate developments such as a luxury shopping center that will bring retailers including Louis Vuitton to town, not to mention the five-star resorts opening this summer.

Source: TheStreet.com

Turkey: the world’s fastest growing economy

admin — Thu, 07 Jul 2011 06:37:00 GMT

Turkey notched up astounding 11% growth in the first 3 months of this year making it the fastest growing economy in the world. Turkey impressively surpassed the rapid growth of China by 1.1%; a significant margin in economic growth terms. Turkey now stands in a strong position predicted to surpass its 2008, pre-crisis GDP levels by the end of the year becoming one of the first major world economies to do so.

The fastest growing sectors were wholesale trade, tourism, energy, transportation, communication and most notably, construction, which grew by over 14% to keep up with real-estate demand in the country.

Timothy Ash, the chief economist at the Royal Bank of Scotland commented on Turkey’s growth strong growth in 2010 leading up to these most recent figures.

“Real GDP grew by 9.2 percent year on year in the fourth quarter, and by 8.9 percent for the full year in 2010,”

Source: SelectProperty.com

Hilton to launch budget hotel brand in Turkey

admin — Mon, 04 Jul 2011 11:37:00 GMT

Worldwide hotel giant Hilton has announced that it will be launching a new low-cost hotel brand in the Turkish market.

The firm said that it has signed contracts to begin operating four ‘Hampton by Hilton’ properties in Turkey next year. One property will be located in the Kayaşehir district of Istanbul, another in the Tekirdağ’s Çorlu neighbourhood, while others will be situated Rize province on the Black Sea as well as in Gaziantep in the southeastern part of the country.

Hilton Worldwide’s VP for development in Eastern Europe, Turkey and Russia, Michael Collini, said during a press conference on Thursday that the decision to launch the new brand was encouraged by Turkey’s current placing as a powerful and growing economy in the world.

The company also said it has six additional budget hotel properties in the works as part of a new strategy, which also includes expanding the company’s luxury and midrange brands in the region. Hilton is planning to introduce the luxury Waldorf Astoria Hotels & Resorts to Turkey, although Mr Collini said this was not part of the current short-term strategy.

Source: CompareCarHire.co.uk

Istanbul construction boom fails to quench demand

admin — Fri, 24 Jun 2011 08:31:00 GMT

Last month investors from around the world, as surveyed by PricewaterhouseCoopers in its Emerging Trends in European Real Estate report, said that Istanbul is currently the best city in Europe for investment opportunities in the fields of new developments and acquisitions, and second best for opportunities to increase returns on existing investments. However, in coming second Istanbul had the same score as first placed Munich at 6.08, so should really have been tied for first place.

One particularly significant trend that came from the responses was the consensus that although Istanbul is currently experiencing a construction boom, construction is not fast enough to bite into the widening shortage of housing. Commercial spaces are also in short supply in many areas and some segments. We have heard this from many developers and agents on the ground in Istanbul.

This is surely a double whammy of investment potential, because you have room for growth in the construction industry, which will generate more and more revenues into the economy, and this in turn will generate more demand for housing. Such self-perpetuating cycles come along very rarely in property investment, and when they do every investor should carefully look at the opportunity and possibly look at it with a view of "why wouldn't I invest here?".

That is if people haven't already decided that from the fact that Istanbul is constantly being named one of the hottest investment opportunities on the global market. Back to the PWC report; in first place for new property acquisitions Istanbul beat off London, Munich, Stockholm, Berlin and Warsaw, and for development opportunities it beat off London, Munich, Warsaw, Zurich and Stockholm.

Source: PropertyShowrooms.com

Aman Resorts unveils new Aegean coast destination

admin — Wed, 22 Jun 2011 08:06:00 GMT

In August this year, Amanresorts will launch its 24th property, Amanruya, in a quiet valley on the Bodrum Peninsula overlooking the Aegean Sea.

There are few places in the world which offer classical history and natural beauty in equal measure, and the Aegean region of Turkey is one such place. This fabled coastline is where Homer’s heroes were born, where the ancient Greeks consulted their oracles and the Romans built magnificent temples to honour their gods. The region tells a story spanning 5,000 years of Greek and Roman history, and everywhere you go are reminders of this glorious past, vying for attention with spectacular scenery. Olive groves and forests give way to sun-kissed beaches, littering the scalloped coastline like so many smiles. Towns with ancient names inhabit the bays and traditional Turkish gulets ply the turquoise waters between the Aegean’s many islands. It is into this setting that Amanruya will open, named for the Sanskrit word for peace, ‘aman’, and the Turkish word for dream.

Surrounded by a pine forest and olive groves, Amanruya is set on a peaceful hillside, offering breathtaking views of the sea and a winding pathway leading to a protected pebble beach. An access road weaves its way through the trees before revealing one’s first glimpse of the resort and its graceful setting. Inspired by the region’s traditional architecture, Amanruya ascends through a series of elevated levels. Courtyards and terraces create the intimate and organic ambience of a village, while still providing a sense of space and luxury, and local materials including stone, acajau wood and Turkish marble form a timeless natural palette.

Amanruya offers a total of 36 nearly identical Pool Terrace Cottages with varying courtyard and swimming pool designs to ensure a unique character prevails. Entry is via a small porch which leads to the interior living room, beyond which is a four-poster bed with a writing desk behind. Adjacent to the bedroom is a dressing room and a light-filled bathroom. Positioned at the end of the bathroom with garden views is a soaking tub. Double glass doors lead from the living room to an exterior terrace that features a swimming pool and a covered dining and lounging pergola. The swimming pools vary in shape from cottage to cottage, yet measure an average 35 square metres, and a number are heated. All cottages are fitted with outdoor showers, underfloor heating and a fireplace.

Source: LuxuryTravelMagazine.com

Why it's important to get a good Turkish property lawyer

admin — Mon, 20 Jun 2011 11:56:00 GMT

Turkey offers some excellent property investment opportunities and is one of the most popular overseas locations for Brits to buy houses. However, the buying process in Turkey is different from other countries and so it’s important that you understand how to buy property.

Many people end up withdrawing from property transactions in Turkey due to the complicated legal process. Property companies and developers are urging the government to change the rules, but until they do, it’s vital that you appoint a good overseas property lawyer when considering buying property in Turkey.

Buyers need permission to buy property in Turkey

Sales to foreign nationals have to be approved by the authorities in Turkey and this can often mean a significant hold up to the buying process. Many people simply get def up with the delays and back out of buying property in the country. Kürşat Tuncel, from Turkish construction company Ağaoğlu İnşaat told the Daily News, “For the sale of every unit, many signatures are required for the authorities. This does not correlate with Turkey’s aim of attracting more foreign investment.”

For example, Turkish Act 2565 states that any foreign national wanting to buy a property in Turkey must apply in writing to the Turkish authorities. This is to ensure that a property or a piece of land is not located on a military zone.

Source: Homesgofast.com

Foreign capital inflows into Turkey remain strong

admin — Fri, 17 Jun 2011 06:59:00 GMT

Despite record-low interest rates, international capital inflows to Turkey remain strong - a total of $684 million in foreign capital entered the country in April.

Net foreign capital inflows between January and April stood at $4.7 billion, corresponding to an annual rise of 12.6 percent, according to Treasury data released Tuesday.

The amount of foreign capital entering Turkey was at $470 million in January, $691 million in February and $2.8 billion in March, Anatolia news agency reported. Wealthy Gulf Arabs seeking a safe place to store their cash in March chose Turkey, according to various press reports in May, accounting for the month’s spike in capital inflow.

Property purchases account for around $300 million of the April figure, while the remaining $384 million went to other areas of the economy.

Source: HurriyetDailyNews.com

Hilton Opens Secluded Resort in Bodrum, Turkey

admin — Tue, 14 Jun 2011 06:39:00 GMT

Featuring 433 guestrooms, 53 suites, and eight detached villas, the Hilton Bodrum Turkbuku Resort & Spa has made its debut as Hilton's second resort in Turkey. The property, which overlooks the Aegean Sea, puts a big focus on the outdoors, with a private sandy beach, six pools, a beach club, and a mini water park geared toward children. The F&B lineup includes the signature Mediterranean restaurant Paparazzi; Seaport, a seafood concept; Italian venue Patio Olivia; Sultan Sofrasi, which serves Turkish cuisine; a day and evening buffet; and Central Café, offering light snacks. Guests also have access to the Sarnic Bar, Kicker's Pub, the A La Mer Bar, the lobby bar, and two poolside cocktail bars.

Other amenities at the resort include a luxury spa and health center, as well as the 13,000-square-foot Grand Phaselis Ballroom, which features an expansive terrace offering panoramic views over the bay.

Source: HDMag.com

New Turkey-Italy route promises mutal tourist booms

Sarah Kendell — Mon, 13 Jun 2011 13:46:00 GMT

The announcement that Turkish Airlines will add an extra weekly service to the popular Italian riviera destination of Genoa should see a mutual growth in arrivals for two of Europe's top tourist economies.

The Turkish national carrier announced that it would now fly four weekly services to Genoa, the Italian riviera city from which the popular Ligurian coast is most easily reached. The additional flights, from the airline's main base in Istanbul, will commence on June 27th.

The increasing connection to the country often considered the 'gateway to the Middle East' is a welcome one for Italy, which has recently revamped its tourism strategy to focus more on growing economies in both this area and Eastern Europe. The northern area of the country, traditionally considered the more 'moneyed' and exclusive as a regular haunt of celebrities like George Clooney and the late Elizabeth Taylor, is particularly beginning to open itself up to more mainstream tourism, with increased low-cost flights to areas like Lake Garda and new, more affordable holiday housing developments springing up.

Turkey, particularly Istanbul, has also come into its own as a destination for both vacations and permanent relocation, with many European retirees taking advantage of the low property prices to secure themselves a great piece of coastal real estate for their retirement years. The national population registry estimates that over 100,000 migrants arrived in the capital over 2009-10, meaning foreigners now make up 7.7% of Istanbul's total population.

Countless Turkey property investment opportunities

admin — Tue, 07 Jun 2011 07:49:00 GMT

The Turkish property sector continues to offer ever-greater opportunities for investors, according to property investment firm Colordarcy.

The company's Managing Director, Loxley McKenzie, says that Turkey, although relatively new to mainstream overseas property investors, has now become one of the 'European' property thoroughbreds', supported by a stable banking system and economy, along with increased transparency.

Mckenzie points to the fact that around 60 per cent of Turkey’s population is under the age of 34 and this ever growing figure is now well educated and hungry for economic success, which in turn is driving greater demand for new homes in Turkey to both rent and buy.

“Low taxes and incentives, a large domestic market and a customs union with the EU since 1996 have all added to the cause and helped in the long term with predictable inflation rates and consistent [Turkey property] prices.”

Source: APlaceintheSun.com

Tourism, migration booms make Turkey new property hotspot

Sarah Kendell — Mon, 06 Jun 2011 12:10:00 GMT

Its enviable position straddling Europe and the Middle East has long made it a promising name on many investors' 'up and coming' lists, and it seems that as the new decade progresses, Turkey continues to grow in leaps and bounds,. Annual tourist arrivals in the country are now increasing at over a million per year and migration rates tripled year-on-year in the capital city of Istanbul for 2009-10, meaning demand for property in the country is set to continue growing at a rapid pace over the coming year.

Last week global hotel chain Marriott International announced the opening of their latest property in the country, where the number of hotel rooms has increased by 67% since 2000. "Turkey is an important market for us in our overall development strategy as we move towards doubling our portfolio in Europe by 2015", said Amy McPherson, president and managing director of the US-based company.

McPherson is no doubt bang on the money by focusing the company's expansion strategy on this new European tourist hub - since 2007, annual international tourist arrivals in Turkey have increased by 4.3 million. Alex Francis of UK travel website Travelmatch says the country is shaping up to be just as big a focus for tourists this summer. "Every year one country proves to be especially popular, and early figures indicate the summer of 2011 will be all about Turkey", said Francis. "This in part owes to structural factors such as the greater availability of flights to resort areas, but there is no denying this country's unique appeal."

Much of the new development is focused around the capital of Istanbul, one of the region's largest commercial and transit hubs and a centre for new migration. Over 102,000 migrants relocated to the capital in 2009-10, which, compared to the 39,500 new residents that migrated to the city in 2008-9, indicates a huge influx of new residents and thus increased pressure on housing demand. "Both private developers and local authorities have recognised the impact of the near doubling of Istanbul's net migration rates", said Alexander Tomlinson of local property specialists Gem Invest. "Due to its strategic location at the crossroads of Europe and Asia, the city has become the economic workhorse of Turkey, and people are understandably keen to try and claim their share of this prosperity."

Interested in property in Turkey?
Browse our listings of apartments, houses and other property for sale in Turkey here: http://turkey.themovechannel.com/property/all/

Developers see surge in demand for property in Istanbul

admin — Thu, 02 Jun 2011 07:59:00 GMT

Istanbul’s property market shows no sign of faltering in 2011 as the city’s population continues to soar with the rate of migration more than doubling during 2009/10 according to latest official figures.

Over 102,000 migrants made Turkey’s largest city their home during 2009/10, accounting for 7.7% of Istanbul’s total population compared to 39,500 during 2008/09, data from the Turkish Address Based Population Registration System (ADNKS) shows.

This means that buying a property to rent out in the city is becoming more attractive, said Alexander Tomlinson, director of Istanbul property specialists, Gem Invest, who has lived in the city for many years.

‘Istanbul always has held a magnetic draw. Many migrants from the less developed regions of Turkey, often the east and south, relocate to Istanbul for economic factors. Due to its strategic location at the crossroads of Europe and Asia the city has become the economic workhorse of Turkey and people are understandably keen to try and claim their share of this prosperity,’ he explained.

Source: PropertyCommunity.com

Turkey property prices increase by over 6% annually

admin — Wed, 01 Jun 2011 07:01:00 GMT

Turkey’s real estate sector has experienced considerable price increases this year marked by yet another strong month of growth. Turkey’s property prices have now reached an annual growth rate of over 6% for the first 4 months of 2011 according to The Association of Real Estate Investment Companies (GYODER).

GYODER’s most recent monthly index showed that prices have increased by 6.45% in the year ending April 2011. This data follows previous index’s that showed annual growth of 6.30% at the end of January, 6.18% in the year ending February and 6.17% in the 12 months leading up to the end of March.

It’s been widely reported that Turkey’s popularity has grown considerably in international markets; helping it ward off many of the economic problems faced by much of Europe. Holiday homes have seen the most dramatic price increases with a 40% surge in foreign ownership in 2010; a total $2.5 billion worth of real-estate sales in just one year!

The surge in holiday home ownership has tracked Turkey’s significant growth in tourism. Turkey’s ministry of tourism announced that the country welcomed 28.6 million tourists in 2010, an increase from 27 million in 2009, 26.3 million in 2008 and 23.3 million in 2007. Turkey is expecting another good year for tourism growth in 2011 with record numbers of holiday bookings already placed for this summer.

Source: Select Property

New Marina Set To Put Kas Property On The Map

admin — Thu, 19 May 2011 08:05:00 GMT

The pretty resort of Kas has been attracting the attention of those who wish to purchase property in ‘real Turkey’, especially the Scandinavians and British. It is near the already fashionable resort of Kalkan, which has been popular with the British for nearly 20 years. This has resulted in property prices increasing as many Brits have moved there to run businesses and build holiday homes.

The harbour and shopping bazaar in Kas hasn’t changed in 15 years, not least because the 2-hour journey from the airport preserves Kas for the more discerning tourist. However, a new marina, set to open this month will open Kas to increased accessibility from the sea, which will bring in more tourists and more property buyers as well.

At the moment the town has quite a bohemian feel to it, but it’s likely that once it attracts the yachting crowd things will change and prices will go up. The marina is expected to reach full capacity by 2013, and this is when property experts are predicting prices will begin to rise.

The marina is capable of taking large liners en route from Cyprus and Israel, and it will have 500 berths which will go a long way to addressing the current shortage in the Aegean and Mediterranean. The shortage is due to large numbers of European boat owners who want to keep their boats outside the Eurozone where it is cheaper.

Source: Novrealty.com

Turkey still promising business volume for property developers

admin — Thu, 19 May 2011 06:58:00 GMT

The improvement of the middle segment of the housing business in Turkey is discussed during a real estate summit in Istanbul. The country’s real estate stock is expected to double by 2020 from a total of $239 billion. Noting the growth potential of Istanbul, an expert from MIT highlights the balance between growth and sustainability The middle segment of the housing business in Turkey is still in a phase of development while the luxury houses and residence market is reflecting rather stable growth, according to a recent report discussed during the REState summit held in Istanbul.

The real estate stock in the country is expected to increase to a volume of $582 billion by 2020 from last year’s $239 billion, said the “Real Estate Sector in the Developing Countries and Turkey” report announced by Can Fuat Gürlesel, director and founding partner of the Economy and Strategy Consultancy Services, a local advisor, on Monday.

Along the middle segment residences market, the housing financing system is also developing, the report said.

The luxury houses and residence market across the country and office building in Istanbul are also posting steady growth, it said.

Source: HurriyetDailyNews.com

Property prices in Turkey up 9%

admin — Wed, 18 May 2011 06:36:00 GMT

Property prices in Turkey are being pushed up by interest from overseas buyers, it has been suggested.

Suleyman Albay, Oceanwide Properties managing director, told Overseas Property Professional (OPP) that prices have risen by at least nine per cent so far this year. This compares to an increase of around six per cent last year.

Meanwhile, the volume of inspection trips from buyers has more than doubled.

As a result of the rising level of interest, Mr Albay is set to increase the number of offices his estate agency has on Turkey's Mediterranean coast.

Source: PropertyShowrooms.com

UK Foreign Office expands £2bn global property empire

admin — Tue, 17 May 2011 07:58:00 GMT

The British flag is fluttering above more buildings around the world than ever before, despite the Foreign Office's struggle with a multimillion-pound cut in its annual budget and plans to shed hundreds of jobs from its workforce.

While the Government's spending cuts are stifling departments across Whitehall, figures seen by The Independent on Sunday reveal that the FCO is sitting on an expanding worldwide property empire that is worth more than £2bn.

The Foreign Secretary, William Hague, claimed last week that the case for a stronger diplomatic network across the world was "utterly compelling", as he signalled an increased British presence in places such as Brazil, Turkey, Mexico and Indonesia. The shake-up, confirmed after MPs complained that the department's performance had suffered due to a lack of resources, will be funded by £100m of "administrative savings" every year.

But Mr Hague did not disclose that the number of properties owned by the FCO across the globe has risen to more than 2,300 – at a time when all government departments have been under severe pressure to cut costs.

Source: The Independent

Global investors eye chances in Turkish firms

admin — Tue, 17 May 2011 07:19:00 GMT

Global investors’ interest in the country may boom due to a possible increase in the country’s investment rate after the general elections on June 12, according to Nurdan Toğuş, the chief economist at Ata Invest.

Some major actors are eying investment opportunities in Turkish companies, which promise strong growth, Toğuş said at the Investment Conference organized by her company Monday.

The conference hosted some 30 large foreign investors, which had bilateral talks with Turkish companies.

“We expect Turkey’s rate to be increased to the investment level,” she told the Hürriyet Daily News on the sidelines of the conference. “Foreign investors here would like to know plans of Turkish companies for the next year.”

Source: HurriyetDailyNews.com

Foreign investors continue to buy more property in Turkey

admin — Mon, 16 May 2011 14:18:00 GMT

An increasing amount of foreign nationals are buying property in Turkey according to the most recent data. Industry experts have charted the significant annual increase property purchase by foreign nationals since 2006 and suggested that this is set to continue.

The data showed that between 2006 and 2008, foreign nationals spent a total of £1.8 billion on Turkey property increasing to £1.1billion in 2009 alone. The newest data now shows that this trend has continued into 2010 with a staggering total expenditure of 1.5 billion in just one year.

Interestingly, it was noted that British investors are buying the most property in Turkey. The increasing popularity of property in Turkey has been witnessed across the industry with agents and developers alike reporting increased sales.

It is thought that the increasing interest in property has been helped by Turkey’s ever improving economic forecasts that predict growth of 4.6% and 4.5% this year and next year respectively.

Source: Select Property

Istanbul earmarked as investment opportunity for new property acquisitions

admin — Thu, 12 May 2011 07:32:00 GMT

Istanbul has been named the top city in Europe for new property acquisitions and development in 2011 by a new report, as it is less likely to be affected by the economic problems affecting the rest of the continent.

For the second year in a row the annual Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute puts Turkey’s largest city at the top of its chart for development prospects.

Istanbul is ranked above London, in second place, and Munich in third place. Istanbul is also placed second in the report’s existing property performance table, behind Munich but above London and Paris, in third and fourth place respectively.

The report says that currently, the biggest issue is to find attractive assets to invest in as well as good new investments, especially core assets in top locations with strong tenants.

Source: PropertyCommunity.com

The 10 best places to retire overseas

admin — Mon, 09 May 2011 11:51:00 GMT

There are parts of the world where riding out the economic storm in retirement is going to be a lot more enjoyable than in Britain. Savills estate agents’ latest Global Residential Review reveals that an increasing number of those in their more prosperous fifties and sixties are looking for a foreign retirement bolt-hole where the living is easier than in Britain.

Here are 10 hot spots for anyone looking to buy and retire overseas:

America

Florida, really. On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.

Barbados

Britons are the biggest expat community in Barbados. Celebrity owners include Sirs Cliff Richard and Andrew Lloyd Webber, as well as Cilla Black and Simon Cowell. Estate agents Cluttons (www.cluttons.com) report a 70 per cent increase in sales in 2010, compared to 2009.

Cyprus

It’s not just the sunshine that makes the Greek part of Cyprus a haven for Britons. Spend more than 183 days on the island, in one financial year, and you become a tax resident, liable for as little as five per cent income tax.

France

Brits tend to opt for coastal properties (39 per cent), rural (37 per cent) and mountainous (19 per cent), which means the likes of Aquitaine, the Dordogne and the Languedoc remain popular. But the prospect of spending a year (or longer) in Provence, à la Peter Mayle, is as attractive as ever. Overall, prices in France are eight per cent down on their 2007 peak.

Italy

You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.

Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built Town house in the village of Collodi Castello.

Mauritius

Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valraiche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa (www.cluttons.com)

South Africa

Cape Town is where most Brits gravitate, with its equable climate and fine beaches. Prices can be 50 per cent less than the most expensive parts of Europe, too.

Spain

Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-Side homes for sale, at below-par prices. Property sales in Majorca are also up (by 14.5 per cent in 2010), as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900 (www.taylorwimpeyspain.com).

Switzerland

“Switzerland was generally unaffected by the recession and the property market remained buoyant,” reports Hannah Coppersmith, managing director of Pure International (www.pureintl.com). The company organises free seminars to help with the laws on purchase in the cantons.

Turkey

During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion. Not quite as good as the 3 billion of the boom years (2006-08), but enough to persuade accountants Price Waterhouse Coopers to name Istanbul the best European city for investing in property during 2011.

Source: Telegraph Online

European property stocks return 3.6% in April

admin — Tue, 03 May 2011 10:32:00 GMT

European listed real estate, as represented in the GPR 250 Europe Index, ended April 2.6% higher, with the strong performance being driven by UK stocks. On a country by country basis, the UK topped the ranking with an increase of 5.9% in April, while Norway came second returning 5.5% in the same period.

Switzerland, Italy and Turkey rose 5%, 4.2% and 4% respectively last month, while France, the Netherlands, Sweden, Austria, Germany and Belgium all remained in positive territory returning between 2.7% (France) and 1% (Belgium) in the past month.

Meanwhile Poland, Finland and Spain all posted a loss in April, with Spanish stocks shedding 3.7% of their value during the period.

The GPR Europe Index focuses on 56 listed property companies throughout Europe.

Source: Property EU

Capital gains tax on property sales

admin — Thu, 28 Apr 2011 03:44:00 GMT

Most people would declare a lower price in order to pay less in transfer tax. This practice is now a thing of the past because a new regulation has been introduced to stop tax losses from low purchase price declarations. According to the new regulation, the price to be declared cannot be less than the value of the property as assessed by the local municipality.

What is the impact of the regulation?

The impact of this regulation will really hit those who declared lower prices when buying their properties.

If I may give an example with figures it will provide a clearer picture: Mr. Investor purchased a property for TL 200,000 but declared the value as TL 25,000 at the time of purchase in order to pay less in transfer tax. Three years later Mr. Investor wants to sell His property, and it is now worth TL 450,000. Both the buyer and the seller agree on the sales price and also agree on to declare the sales price as TL 30,000. The seller and buyer meet at the land registry office, submit the sales agreement to the officer and the officer says, “Oops! The sales price appears incorrect to me.”

Source: Today's Zaman

Russians look to increase exposure to foreign property

admin — Thu, 21 Apr 2011 09:43:00 GMT

Demand for overseas property from Russian buyers is set to soar, as many wealthy investors look to diversify their portfolios with homes abroad.

Property magazine International Residence recently released new research which revealed that 40 per cent of the visitors to the Moscow International Investment Show were planning to spend an average of EUR 100,000 to EUR 250,000 on an overseas property.

A further 11 per cent were considering spending in excess of EUR 500,000 on a foreign real estate purchase.

The most popular destination for the Moscow buyers was Bulgaria, closely followed by Spain, with third place going to Turkey. However, the research noted that a number of emerging property markets were also attracting the attention of savvy Russian buyers.

Source: IPIN Global

Turkish property boom set to continue

admin — Thu, 14 Apr 2011 10:44:00 GMT

At a recent press conference, held by the Turkish Real Estate Investing Partners Association (GYODER), it was revealed that property sales in Turkey to foreigners in 2010 were up 40% reaching sales of $2.5 billion compared to the previous year.

Not quite eclipsing the pinnacle of Turkey's property performance, between the economic peak in 2006 to 2008 sales to foreigners approached $3 billion, the recent figures disclosed in their "The Real Estate Sector of Turkey and The World, Fourth Quarter 2010" report, clearly show that Turkey's popularity as a holiday home and investment destination, unlike some countries, is far from waning.

GYODER President, Isık Gökkaya commented: "Real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey".

These are sentiments shared by established Turkish property agents Spot Blue, who have been selling property to Brits, the Irish and international community since 2003. Julian Walker, Managing Director of Spot Blue further comments, "Turkey on the whole, has learned from other Mediterranean markets and has steadily increased its real estate offering to foreigners without over stretching resources or demand. Yes, there are pockets of high supply, however with 8300 kilometers of stunning Aegean and Mediterranean coastline buyers are spoiled for choice in terms of location, property type and homes to suit all budgets."

Source: Spot Blue

Overseas buyers drive Turkish demand

admin — Tue, 12 Apr 2011 06:50:00 GMT

An increase in the number of overseas buyers active in the Turkish property market has helped the sector to exceed growth expectations.

This is according to a recent report by the Association of Real Estate Investment Companies, which found that the market is returning to strength following the recent economic troubles, Hurriyet reports.

Indeed, between 2006 and 2008, property sales to foreign nationals stood at $3 billion (£1.8 billion). In 2009, the figure fell by $1.8 billion, but has now rebounded up once again to $2.5 billion.

"Real estate sales to foreign nationals rose by 40 per cent, reached $2.5 billion. Foreigners' interest in and appetite for Turkish property continues to increase. If the reciprocity problem is solved, we think the figure may double," Is?k Gokkaya, the chairman of organisation, said.

Source: PropertyShowrooms.com

2011 to be growth year, Turkish property developer says

admin — Fri, 08 Apr 2011 06:49:00 GMT

Turkey’s Torunlar Real Estate Investment Trust, or REIT, raised its sales 93 percent in 2010, making a total profit of 214 million Turkish Liras, according to its chairman.

The company was the second biggest REIT trading on the Istanbul Stock Exchange, or ISE, in terms of assets size and market value, Chairman Aziz Torun said at a Thursday press conference called to reveal the company’s 2010 performance.

The company started trading on the bourse’s top Index 100 on April 1 and ranked 49th on Thursday.

“We have added the 345 million liras from the initial public offering [IPO] to our company resources to be used in further investments,” Torun said.

He also said the 11.7 ratio of the company’s assets ratio to debts proves the strong financial structure of the company.

Source: Hurriyet Daily News

Foreign investment in Turkish property increases 40%

admin — Wed, 06 Apr 2011 12:14:00 GMT

A recent report conducted by the Association of Real Estate Investment Companies or GYODER found that Turkey’s real estate sector has exceeded all expectations, rapidly expanding last year. Not only did transactions increase significantly, but the construction sector expanded by 18%, with applications for construction permits increasing by 35% and overall property supply doubling in Q4 of 2010 compared with a year earlier.

The report highlighted the surge in foreign property investors as the major driver behind the growth, which has brought the country back to the levels experienced before the world wide economic crisis.

“As a whole, post-crisis normalization and growth went hand in hand in 2010,” GYODER stated in a announcement accompanying the report. “Growth has created very convenient conditions for the commercial real estate market, too”.

“Between 2006 and 2008, property sales to foreign nationals stood at $3 billion,” commented Işık Gökkaya, GYODER’s Chairman. “In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion."

Source: Select Property

Property investors could profit from Istanbul housing shortage

Sarah Kendell — Tue, 05 Apr 2011 10:30:00 GMT

It's no secret that Turkey is one of the leading growth markets of the new decade for property investors in Europe. Hundreds of thousands of British retirees have already flocked to its shores in preference of Spain or Portugal because of its low costs and growing economic prosperity. For those who choose to buy their retirement nest egg early and profit from the rental income in the meantime, there's also good news - the capital city of Istanbul is suffering from a housing shortage of around half a million homes.

According to research from property investment firm Colordarcy, there are currently 500,00 fewer residential properties in the capital than are needed to satisfy current demand. Managing director Loxley McKenzie attributes this to the expanding middle class in the city as the local economy continues to strengthen.

"Turkey has established itself as a major European holiday destination in recent years, with hundreds of thousands of tourists flocking to its shores annually to experience luxury hotels", McKenzie told A Place in the Sun. "Whilst this increased tourism has helped buoy Turkey's economy, it is the property industry that has caught the eye of many investors."

Turkey has also been receiving attention for its favourable tax conditions, which allow investors to make the most possible income out of their property. In a recent survey by the OECD, Turkey's rate of tax to GDP was only 23.7% - the lowest of all the countries in the Organisation except Mexico.

Interested in property in Turkey?
Browse our listings of apartments, houses and other properties for sale in Turkey here: http://turkey.themovechannel.com/property/all/

Radisson to open fourth hotel in Istanbul

admin — Wed, 30 Mar 2011 12:06:00 GMT

The luxury hotel chain continues its expansion into the seemingly insatiable Istanbul tourist market, with its parent company Rezidor Hotel Group planning another development in the area of Sisli.

The Radisson Blu Istanbul Sisli will be the fourth hotel the group has opened under the Radisson Blu name in the Turkish capital, with properties already completed in the city centre and next to Ataturk Airport, and another in the works on the Asian side of the city.

Rezidor president and CEO Kurt Ritter said the opening was a further testament to the group's confidence in the booming Turkish tourist industry. "This business and leisure hotel is our fourth property in operation in greater Istanbul and brings our total number of rooms to almost 1,000", said Ritter. "This clearly underlines how strategically important the Istanbul market is for our company."

Nightly rates rise across European hotels

Sarah Kendell — Thu, 24 Mar 2011 10:57:00 GMT

With most of Europe and the US enveloped in a new 'age of austerity', you wouldn't think many of us could afford luxuries like vacations and hotel stays, but you'd be wrong. Even in the off-peak season it seems soaring demand for European hotels has seen nightly rates rise by a healthy 10 per cent across the Continent, with some cities seeing price growth as high as 50 percent.

Whilst traditionally expensive cities like Geneva, Oslo and London held their value in terms of hotel rates, the real boom in price growth resulted from up and coming tourist destinations like Istanbul and Vienna, reported hotel comparison website Trivago. According to the site's pricing data for February, nightly hotel rates in the Turkish capital city grew by a whopping 31 per cent, proving that its mild climate and rich cultural attractions is continuing to make Istanbul a bigger and bigger drawcard for European vacationers.

Other cities to record major increases in hotel rates were the Italian university town of Bologna, which posted a huge 53 percent increase, and the Austrian capital of Vienna, where nightly rates rose by an average of 34 per cent. The rapid price rises in these more low-key destinations would seem to indicate that travellers are turning away from traditional tourist cities like Paris and Rome, and seeking out more genuine experiences in cities where costs are significantly lower.

Those considering investing in hotel properties for London's pre-Olympics boom will be pleased to know that the city held its place in Europe's top five most expensive hotel destinations, despite several high-profile new hotel openings bringing more competition onto the market. The UK capital came in third place behind Geneva and Oslo, with Milan and Venice, which saw demand increase significantly around its annual Carnevale festival, rounding out the top five.

Buyers converge on London's Property Investor Show

admin — Wed, 23 Mar 2011 11:31:00 GMT

Property Investor Media today confirmed 2754 unique visitors attended last weekend’s spring renewal of the UK’s longest running property investment event –The Property Investor Show.

Reflecting on the event, Property Investor Media’s Managing Director Nick Clark commented, “This being the first time we have presented the show in a 2-day format we are delighted that the visitor attendance delivered in line with our pre-show expectations – confirming our belief that investor interest levels remain high. As pleasing, given the tough trading conditions, was the number of exhibitors and breadth of content at the event.

"Exhibitions reflect the state of their industry and Friday and Saturday highlighted several encouraging signs for the property investment sector. The start of Friday’s property auction (which saw £5million + of property sold in 2 hours) was delayed slightly by the volume of visitors trying to access the Auction area.

"Several seminars sold out their online allocations before opening day and it was interesting to note the high levels of attendance across the board with sessions discussing locations such as Germany, the USA and Turkey attracting healthy numbers.

"We also noted investor interest in Egypt which bodes well for future events. The Property Clinic featuring Which? Mortgage Advisers proved a popular new show feature which was kept busy on both days. "

Source: Property Investor Media

British tourist numbers grow rapidly in Turkey

admin — Thu, 17 Mar 2011 13:01:00 GMT

Turkey’s rapidly expanding tourism industry has been well documented as the nation has climbed tourism rankings to become one of the world’s leading holiday destinations.

New data has found that this industry growth has been heavily influenced by British tourists, with more visitors travelling there every year. Turkey played host to over 28.6 million visitors last year, 2.67 million of which were from the UK – an increase of 10% on the year before.

Senior Director from Turkey’s Culture and Tourism Office, Tolga Tuyluoglu said; “Turkey has gone from strength to strength in the UK market and has been one of the fastest-growing destinations for British visitors,” stating the reason for this is due to Turkey’s “excellent value for money”.

The findings have strengthened growing attitude amongst international investors given that property in Turkey can provide some of the best holiday rental returns in Europe. Furthermore the growing popularity of the country dictates that property values are likely to increase considerably over the next few years.

Source: Select Property

Market expert says Turkey, Poland ripe for investment

admin — Thu, 10 Mar 2011 12:45:00 GMT

Fed up with astronomic prices in London and Paris, property investors seeking higher yields are eyeing opportunities in emerging markets, according to the founder and president of U.S.-based researcher Real Capital Analytics, or RCA.

Instead of the famous BRIC countries – Brazil, Russia, India and China – the CBTPs, namely China, Brazil, Turkey and Poland, are an emerging force in the property sector, Robert M. White told the Hürriyet Daily News & Economic Review on Tuesday at the International Market for Property Professionals, or MIPIM, an annual property fair in Cannes, France.

"In property, we aren't talking about the BRICs," White said. "Russia has been very problematic regarding investments due to problems such as corruption. India is problematic due to its restrictions on foreign investments. Thus, it's really China, Brazil and Eastern Europe – Turkey and Poland in particular – that are shining."

Regarding Russia, White noted a recent survey among the members of the Association of Foreign Investors in Real Estate, or AFIRE, which did not even put Russian cities in its rankings.

Source: Turkish Weekly

Domestic demand declines in Turkish property market

admin — Thu, 03 Mar 2011 13:24:00 GMT

The Turkey-wide trend toward purchasing new homes decreased last year compared to 2009, according to ING Turkey's “mortgage barometer.”

According to ING Turkey research released Wednesday, the tendency among Turkish people to buy a house last year decreased 7 percent on an annual basis. Nearly 63 percent of respondents said they were not planning on purchasing a new house; the figure at the end of 2009 was 56 percent.

Likewise, the rate of Turkish people considering the purchase of a new house decreased from 38 to 33 percent in 2010. Experts, however, are hopeful about 2011, as they have interpreted signs of recovery in the year’s first two months.

“The amount of mortgage credit totals up to only 5 percent of gross domestic product as of 2010,” Cenk Tabakoğlu, deputy general manager of consumer banking at ING Turkey, told a press conference in Istanbul. “The ratio was only 4 percent in 2009,” he said, noting that the ratio of mortgage credit to GDP was over 90 percent in countries such as Britain, Ireland, Denmark and the Netherlands.

Source: Hurriyet Daily News

Turkey promises tax haven for UK buyers

Sarah Kendell — Thu, 24 Feb 2011 10:57:00 GMT

Most savvy property investors will know by now that Turkey is one of Europe's most promising new growth markets for real estate, thanks to its booming tourist industry and relatively cheap currency. But it seems home buyers, particularly those from the UK, now have a new reason to consider the beautiful southern European state - its tax laws are some of the most relaxed in the developed world.

A recent report by the OECD uncovered that out of all participating states in the Organisation, Turkey's rate of tax to GDP was the second lowest. The Revenue Statistics figures showed that at 23.7%, Turkey's low tax ratio was eclipsed only by Mexico, while the highest taxed country, Denmark, was at 48.9%.

Combined with the high rental returns gained from property in the country's many booming tourist areas, investors in Turkey are therefore able to earn comparatively huge margins to property investments in other popular areas of Europe. There's also further tax benefits consider from investments made through the UK's SIPP scheme, where those purchasing a property for their pension portfolio can save up to 40%.

"We are seeing a growing trend in structured financial investments in property", says Turkish property expert Graham Flaherty. "Adding an overseas property to your SIPP can make complete sense because you receive tax relief equal to your income tax rate. Higher level earners receive an impressive 40% of the amount invested therefore."

Interested in property in Turkey?
Browse through our listings of apartments, houses and other properties in Turkey here: http://turkey.themovechannel.com/property/all/

European commercial property set to grow

admin — Fri, 18 Feb 2011 13:19:00 GMT

As occupier demand for commercial property gained momentum across most European markets during the last quarter of 2010, rents are expected to improve in the coming months, says the latest RICS Global Commercial Property Survey, published today 17 February, 2011. Comments from respondents indicate that the recovery of the occupier market is broadening in the region, with a positive effect on rental expectations and progressively reducing the problem of property oversupply in most markets.

Russia and Ukraine experienced the strongest occupier market growth, followed closely by Germany, influenced by a strong economic climate, falling unemployment and rising consumer confidence. The situation is also improving in Central & Eastern European markets such as Czech Republic and Poland.

However, market conditions appear worse in European “peripheral economies” such as Greece, Spain, Ireland and Portugal, with tenant demand and rental expectations falling sharply in Q4 2010, as fiscal austerity stifles growth, sovereign debt concerns and high unemployment continue to plague these countries. On the other hand, only 13 countries, out of 24 covered by the survey, recorded a rise in investment activity compared to 17 in Q3, having inevitably impacted capital value expectations.

Investment markets in Poland and Turkey recorded the best results in the region. Across Europe the retail and office sectors improved the most. In the other world regions rental expectations for Q1 2011 are most positive in Latin (as well as Central) America and Asia.

Source: Property Magazine International

Turkey investors cash in on cheap living costs

admin — Wed, 16 Feb 2011 11:31:00 GMT

“Living in Turkey, is considerably cheaper than in the UK particularly now that the austerity measures are beginning to bite”, says Suleyman Akbay, Director at Oceanwide Properties. Suleyman should know; he has offices in central London, Hampshire and Turkey so is fully aux fait with the cost of living in both countries.

Continued Suleyman,” The average council tax in Turkey along the Mediterranean coast is between £40 and £150 per annum with an average water bill of around £12 - £25 and electricity bill per month during the winter months of £20 - £60 and in summer £40 to £100. In fact just comparing a few of the supermarket store prices is enough to ensure buyers of homes in Turkey along our Mediterranean coast that life is very much cheaper”.

PRICE CHECK

Chicken £1.56 per kilo (UK £2 per kilo)

Rice 2.5 KG £1.96 (UK £2.76)

Oranges 2kg 78p (UK £1.98)

Potatoes per kilo .58p (UK £1.55)

Fresh Milk 1 litre 46p (UK £1.55)

In addition, property prices are proving very good in terms of capital growth. Cleeve and Gwynne Gryce from Berkshire, bought an apartment off plan in March 2010 and already it is worth around £10,000 more than they paid for it.

"Property prices are rising about 15% per annum at present along the resort regions of the Mediterranean. This is proving very popular with the British whether for a holiday home, rental income or retirement”.

Source: Didim Today

Buy to let market explodes in Turkey

Sarah Kendell — Mon, 14 Feb 2011 09:24:00 GMT

It's no longer exactly a secret destination off the European tourist trail, but visitor interest in Turkey just keeps going up. Istanbul's Sabiha Gocken Airport, destination of most of the low-cost carriers' routes into the country, saw a huge 27.3% increase in arrivals for January.

With a mild year-round climate, rich cultural offerings and low accomodation and transport costs compared to popular surrounding destinations like Greece, Turkey is becoming the go-to destination for the European middle class. Certainly here in the UK, it's rare you don't hear of someone around your table in the pub these days talking about their recent trip to Istanbul.

That's probably why international accounting giant Price Waterhouse Coopers has named it the top pick for real estate investment worldwide in 2011. Speculators are expecting a 'buy to let explosion' in the Turkish real estate market over the coming year, as investors particularly look to get in before Turkey joins the EU and prices go up.

"Turkey has one significant advantage over its neighbour: it isn't part of the eurozone", said the Telegaph's Sophie Butler in a recent editorial. "Over the last two years, the Euro has strengthened, while the lira has dropped 20 per cent against the pound. In short, for value and variety, Turkey is unbeatable."

Turkey's EU accession remains at standstill

admin — Fri, 11 Feb 2011 10:59:00 GMT

The Cyprus-Turkey deadlock, lack of dialogue among Turkish political parties and the undermining of press freedom and other basic rights in Turkey are the key factors slowing down its EU accession talks, members of the European Parliament’s foreign affairs committee said in a resolution adopted on February 10 2011, on the 2010 progress report on Turkey.

MEPs welcomed Turkey's adoption of constitutional amendments in 2010 as "a step in the right direction" but emphasised that this could not be the ultimate solution: "overall constitutional reform" is still needed to transform Turkey into a real democracy that ensures the protection of basic rights and freedoms, they said.

According to a media statement by the European Parliament, MEPs listed the remaining challenges as:

* The worrying deterioration of press freedom, which is leading to self-censorship of national media and internet sites, and criminal prosecution of journalists denouncing human rights violations,

* The situation of women and rising rates of honour killings and forced marriages. The government must ensure the application of the law which obliges municipalities of more than 50 000 inhabitants to provide shelters for women and minors in danger. Political parties must also find a solution to the headscarf ban in universities, "based on the respect for free choice of women", and

* The lack of protection of religious minorities.

Source: The Sofia Echo

Continuing tourist boom inflates Istanbul house prices

admin — Wed, 09 Feb 2011 11:16:00 GMT

A sharp rise in passenger numbers at Istanbul’s Sabiha Gokcen Airport, have once again put Istanbul at the forefront of investor's minds. According to the State Airport Authority, passenger numbers were up by 27.3% last month (January), while the city's other airport, Ataturk Airport, enjoyed an increase of 4.9% during the same period.

When you consider that Istanbul has one of the world's fastest growing economies, with GDP averaging 7.5% per annum over the past five years, it is fairly easy to see why people are making an Istanbul property investment. Turkey itself has emerged from the downturn as strong as any of the so-called BRIC nations, providing the perfect environment for its engine room, Istanbul, to shine.

As business and tourism flocks to Istanbul, the city that a PricewaterhouseCoopers (PwC) survey recently unveiled as the most popular location in Europe for real estate investors, one development that is attracting more and more attention is the Elite Parla Palace.

With its 200 suites of one, two and three-bedrooms, six luxury A+ restaurants and a Terrace Café in the courtyard, many investors are finding value in The Elite Parla Palace because it caters for both the tourist and also the growing number of corporate travelers.

Source: Easier Property

Lessons to be learned from Spanish property market

admin — Wed, 09 Feb 2011 11:03:00 GMT

The Housing Secretary in Spain has issued an all out appeal to Britons to return to the Spanish property sector - please! As we all know, the Spanish economy has been flailing, and one of the biggest causalities has been the construction industry. Buyers have been conspicuous by their absence – put off in part by stories about properties being illegally constructed and then demolished, as well as tales of corruption and nose-diving values of homes in Spain.

Now, in a bid to get Britons back in and buying in big numbers, Beatriz Corredor the Housing Secretary has issued a statement to reassure Britons who may feel that the Spanish property sector has got something of a crooked reputation. She wants Brits to feel confident in “the system” and “the transparency” now in place in Spain’s real estate industry, and to return and start investing again.

Well, if that’s the case then we think Northern Cyprus and Turkey could both learn some very important lessons from Spain if they want to protect their fragile property economies, and not alienate the one market of buyers that has, to date, remained loyal to each country in question. Spain all but ruined its property market because of greed – and if what we’ve been told by our readers is true, Northern Cyprus and Turkey are following in Spain’s unfortunate footsteps.

The property market in Spain boomed on the back of second home buyers from the likes of the UK. Britons bought in foreign sourced euros, injected them into the economy, and in theory got a lovely home on or near to the Mediterranean as a result. However, things then turned ugly for a number of reasons.

Source: Shelter Offshore

Turkish real estate market continues to grow

Sarah Kendell — Fri, 28 Jan 2011 11:46:00 GMT

Residential property prices in Turkey are creeping upwards with prices increasing in December in five major cities, according to the latest index to be published.

Prices were up 1.36% in Adana, 0.47% in Ankara, 0.55% in Istanbul, 0.09% in Izmir and 0.94% in Kocaeli and were down 1.5% in Antalya and 0.43% in Bursa, the REIDIN Turkey Residential Property Price Indices (TRPPI) shows.

It is designed to be a reliable and consistent benchmark of property prices in Turkey and looks at the real estate market in seven key cities. Rental prices were also up in five cities in December, increasing 0.30% in Adana, 0.26% in Antalya, 0.58% in Istanbul, 0.83% in Izmir and 0.23% in Kocaeli, and falling 0.47% in Ankara and 1.33% in Bursa.

The news comes as the economy in Turkey is predicted to do better than forecast. Jim O’Neill, the Goldman Sach’s economist, who first coined investment category term “BRIC” (Brazil, Russia, India and China) has forecasted that Turkey and Indonesia will grow beyond expectations.

British commercial star linked to housing scam

Sarah Kendell — Fri, 28 Jan 2011 11:30:00 GMT

The star of the Oxo British TV commercials, Linda Bellingham, has been linked to the Royal Resorts, Paradise Bay property scam in Akbuk, Turkey.

Bellingham, who starred as the Oxo mum in the advertisements for twenty-three years, has been connected to the scam through her husband, Michael Pattemore.

Bellingham met Pattemore in Spain in 1997, after he served a two-year jail sentence for investment fraud. Pattemore ran a real estate company in Calpe on the Costa Blanca in Spain along with the prime suspect in the Turkish scandal, New Zealander Lionel Andrews.

The Oxo mum has always dismissed her husband's criminal past with comments such as: "He was a small pawn in a financial scam. Michael has done his stint and it should be left to rest."

Condo values on the rise in Turkey

Sarah Kendell — Mon, 17 Jan 2011 12:54:00 GMT

The rise in the income level of Turkish consumers has led to an increase in the number of condominiums throughout İstanbul, experts have said.

Retürk Real Estate Agency director of the board Aşkın Çınar said Turkey's first shopping mall and condos at Akmerkez were constructed in İstanbul's Etiler neighborhood in 1993, a few years after Turkey's economic liberalization. "These condominiums reflect the change in people's needs. The cost of security, janitorial services and recreational facilities has come down with these places, and all those who see an advantage for themselves after doing a cost-benefit analysis choose to live here," he said.

As with all real estate, the price depends on the location, area and services provided to customers. For example, the still under construction Bebeköy project in İstanbul's Bebek neighborhood is expected to cost $18,000 per square meter, which brings the cost of a 400-square-meter residential unit to around $7 million.

Another example of luxury residences is the Kanyon shopping center, located in the city's Levent neighborhood. Top floor residences at this award-winning shopping center have been going for around $10,000 per square meter.

Turkey emerges as leading European destination for 2011

Sarah Kendell — Thu, 13 Jan 2011 11:57:00 GMT

Holiday Lettings recently published a chart showing that Turkey could well be the hottest holiday spot of 2011. The portal, which is one of the largest in the private property rentals sphere (arguably the Rightmove of rentals) totted up bookings made for 2011 in September and revealed that 60% of this bookings were for Turkey. Turkey beat Spain and Portugal both with 49%, Cyprus with 46%, Italy with 44%, France with 39% and Florida with 21%.

There does seem to be a groundswell of popularity building from 2009 when many people who would traditionally have holidayed in the Eurozone or somewhere else, were forced to try outside the Eurozone because of its strong currency, most of them going for Turkey.

According to experts this growth in popularity as a holiday destination is leading to a massive increase in sales of Turkey property to foreign buyers. An article by Klaus Jurgen in Today's Zaman tells of this happening in Didim:

"Mass tourism from the mid-1990s, and in particular ever-increasing numbers of British homebuyers, meant that within the last decade Didim's population has grown from 25,400 to over 44,000. Now the next generation of Turkish property owners has noticed Didim and its surroundings."

Turkish market starting to boom

Catherine Deshayes — Tue, 30 Nov 2010 19:58:00 GMT

The Turkey property market is going from strength-to-strength, thanks to the country's growing tourism sector and economy, according to overseas property agent Oceanwide Properties...

Turkey's economy is expected to become the 12th largest in the world, according to the Organisation of Economic Cooperation and Development (OECD), which anticipates economy growth of 8.2% in 2010.

A growing number of Brits having been holidaying and buying homes in Turkey in the recent years as an alternative to more expensive Eurozone destinations, due to the country's proximity to the UK, warm weather, cheaper property prices and property investment prospects.

The property market in the capital city of Istanbul, for example, proved more resilient compared to other major cities around the world, despite the global economic meltdown.

Long-term prospects for the city's residential property market continue to look positive, with residential demand continuing to outpace supply. It is projected that around 250,000 new homes are required annually in Istanbul over the next five years, and yet less than 200,000 new residential properties are currently being delivered each year.

"It is an exciting time to be marketing homes in Turkey", says Suleyman Akbay, managing director of Oceanwide Properties.

He adds: "These are heady days for Turkey and British investors may feel that now is the time to strike, particularly in the property sector, where properties are still remarkably low and rental returns good, when compared to many other property investment countries.

"The more tourists come, the greater the number of those who want to own a home here. Turkey has phenomenal summer weather, many Turks speak English and with prices an absolute bargain compared with many other resort locations around Europe, there has been a positive upsurge of buyers."

Source: www.aplaceinthesun.com

Turkish airport given green light

Catherine Deshayes — Fri, 19 Nov 2010 09:52:00 GMT

Buy-to-let investors in Turkey have been given a boost after it was revealed that the country's largest airport has been given the green light...

The Silivri district will be the location of Istanbul's third airport, which is set to boast a capacity several times greater than the existing Istanbul Ataturk Airport nearby.  Ataturk International is currently the main gateway to Istanbul with nearly 30 million arrivals in 2009 and a 13 per cent increase seen in the first four months of 2010.  

"Turkey's tourism levels ... in 2010 have been impressive with a 12 per cent increase in UK visitors recorded in the first nine months taking the total number of international visitors to 23 million so far this year, according to the Turkish Ministry of Culture and Tourism," said Steven Worboys, managing director of Experience International.  

The property expert explains that a large proportion of these visitors have arrived in Istanbul, placing increased pressure on the existing transportation systems and accommodation.

Source: www.propertyshowrooms.com

Turkey proving popular for investors year round

Catherine Deshayes — Fri, 22 Oct 2010 13:32:00 GMT

Turkey is increasingly becoming a popular choice among Brits who are looking to invest in property abroad...  

Low prices in the country combined with a strong economy and favourable conditions for buyers are helping to boost the destination's attractiveness to investors.  Indeed, recent figures from the Turkish General Directorate of Land Registry show that a total of 32,000 British buyers have already taken the plunge into the Turkish property market.  

And Suleyman Akbay, of Oceanwide Properties, described the number of investors as "remarkable" adding that it was an exciting time for individuals looking at real estate in the country.  

"There are many advantages to purchasing a property in Turkey, including the fact that there aren't any capital gains taxes to be paid, if the property is owned for over five years," the expert said. 

"Buyers looking for a holiday home or for investment should seriously consider Turkey as a safe investment country and with a promise of an even greater future."

Source: www.propertyshowrooms.com

Facilitating foreign investment in Turkey real estate

Steph Engall — Fri, 08 Oct 2010 14:35:00 GMT

New regulations put in place by the Ministry of Public Works and Settlement has meant that purchasing real estate in Turkey is now easier for foreign investors...

The new regulations, which were published in the Official Gazette on Wednesday, state that companies owned by individuals or that are partners with individuals who were natural-born Turkish citizens but later opted to renounce their nationality, as defined in Article 28 of the Turkish Citizenship Law, stated individuals' children or Turkish expatriates living outside of the country will be eligible to acquire real estate within Turkey under the same conditions as Turkish companies, unless the company has a foreign partner.

The regulation also provides a clear and well-defined explanation of the term "foreign investor." Accordingly, a foreign investor is a legal entity or an international institution founded in accordance with the laws of foreign countries, or a citizen of foreign nationality who has established a company or has a partnership with an existing Turkish company by acquiring shares outside of the stock market, obtaining at least 10 percent of its shares in the company through the stock market or by obtaining voting rights by owning at least 10 percent of the company through other means.

Companies will also no longer be asked to provide certain documents such as a company's financial statements, identity cards issued by company partners, their tax numbers or tax office registries. Additionally, the industry and commerce provincial directorates will no longer check to ensure that real estate acquisitions are in accordance with a company's areas of activity, which are stipulated in the company's establishment contracts.

Companies with foreign partners will be able to file their application with the provincial planning and coordination directorates in their regions. They should include the relevant application form, the deed registry information for the requested property, a letter of commitment that guarantees that the real estate acquisition is in compliance with the activity areas stated in the company's establishment contract along with the signature of companies' authorised managers and license documents that are evidence of permission for the company to possess real estate in Turkey. The information provided must be no older than a month.

Source: Today's Zaman

Help for Turkish property buyers

Steph Engall — Wed, 06 Oct 2010 13:50:00 GMT

Unfamiliarity with the property laws and processes in Turkey has resulted in nightmare situations for foreign owners...

Unlike the UK, title ownership in Turkey is unlikely to be State guaranteed. If a challenge to your ownership does arise, the time and expense involved in having to instruct a foreign lawyer is not an attractive proposition. Litigation is expensive and the outcome is always uncertain.

Typical risks covered by a policy from Intasure:

· Somebody else claims to have an interest in your home, or ownership of your home is threatened due to fraud or forgery of documentation by previous owner(s)

· Invalidity of documentation due to a false or invalid power of attorney

· The sellers or a predecessors lender claims there is an unpaid mortgage secured on your home

· You have no legal rights of access to and from any part of your home

• Someone builds a structure which encroaches onto your land

The European Home Protection Policy also allows you further options for additional cover:

· Cover for your Buyer

· Inheritance cover

• Inflation protection

Having a trustworthy policy will help to give you peace of mind over your overseas property.

Source: Fethiye Times

U.N. hopeful of Cyprus deal to heal

Steph Engall — Thu, 30 Sep 2010 12:49:00 GMT

The United Nations expressed hope that a deal on the divided island of Cyprus is to be negotiated by the end of the year...

Alexander Downer, a former Australian foreign minister who took over as Cyprus special envoy in 2008, said he was convinced leaders of the two rival Greek and Turkish Cypriot communities wanted a deal, but that compromise was required from both sides in order to heal a decades-old conflict threatening Turkey's bid to join the EU.

"It would be good to get the bulk of the work done by the end of the year," Downer told Reuters in an interview. "Just in terms of the negotiations they can do it, whether they will I don't know. But they can do it."

While saying Tuesday that he hoped most work would be concluded this year, he said the U.N. had never laid out a specific timetable for the conclusion of the talks.

Discussions on relinking Cyprus as a federation is a convoluted muddle involving questions of power-sharing, the re-mapping of boundaries and how many of Cyprus's thousands of internally displaced can return to their homes.

Downer said good progress had been made on governance and power-sharing. Discussions were now focused on property. The U.N. is planning to prepare a report offering a "frank assessment" of where negotiations stand next month.

Source: Reuters

Turkey Attracting Low to Mid Budget Buyers

Steph Engall — Mon, 27 Sep 2010 14:43:00 GMT

The Turkish property market is benefiting from a resurgence of buyers in the last couple of months, according to Aydin Cakir...

Turkey based real estate agent New home in Turkey has claims that while lifestyle buyers with slightly more to spend had kept much of the market alive in 2009, it is the resurgence among the low to mid budget sector that is driving the market in 2010...

Aydin Cakir, the firm's director said: "The Turkish property market, well the holiday home and foreign investor segments were not as badly affected as many around the world last year, because the middle of our price range was perfect for the mid-range lifestyle buyers who remained active during the crunch, and we benefited from the strong euro increasing the perception of high value for money on property in Turkey.

"None the less, the Turkish market was always very much geared towards the lower budget buyer (obviously with some regions being exceptions to this), with low property prices and low cost of living making it a favourite with this buyer group during the boom.

We saw a return of these buyers towards the end of 2009 and into the early part of this year, but it was fizzled out by the end of the stimulus, the EU debt crisis, the UK coalition government and other factors that dented confidence. Now there seems to be a sense that it is not going to be as bad as we thought, and buyers are returning."

Reports from New home in Turkey and other sources have also highlighted that Turkey is benefiting from the severe lack of any competition in the low to mid-range markets. With Greece, Italy, Spain and Portugal all tangled in the debt quagmire, the fiscal stability and rapid economic growth of Turkey are making it a favourite for 2010 and 2011.

According to the firm, the traditional favourites are all back up there with Antalya, Side and Alanya property all reigning supreme.

Greek & Turkish Cypriot Leaders in Property Plea
UN Secretary-General Ban Ki-moon has encouraged Greek Cypriot and Turkish Cypriot leaders to "redouble their efforts" to find agreement on the key issue of property...

The property ownership and repatriation question is one of the key sticking points in the United Nations-backed negotiations aimed at reunifying the island of Cyprus.

In a meeting with Dervis Eroglu, the Turkish Cypriot leader, on the margins of the annual general debate of the General Assembly, Mr. Ban discussed the current status of the negotiations.

The talks began in 2008 after the then-leaders of the two communities committed themselves to working towards a bi-communal, bi-zonal federation with political equality, as defined by relevant Security Council resolutions.

The property aspect of the talks tries to resolve numerous complex claims between the two sides on property seized decades ago. Mr. Ban today voiced his appreciation of the commitment of Mr. Eroglu and Greek Cypriot leader Demetris Christofias to work towards a mutually acceptable settlement of the Cyprus problem. He also commended the two men for their constructive approach to the property issue, encouraging them to redouble their efforts to find convergences on the issue, according to information released by a spokesperson for Mr. Ban.

A peacekeeping mission known as UNFICYP has been in place on Cyprus since 1964 since an outbreak of inter-communal violence that year.

Source: United Nation

Construction in Turkey on the up

Catherine Deshayes — Wed, 22 Sep 2010 11:53:00 GMT

Construction is leading the way to economic recovery in Turkey which in turn is set to boost real estate activity, according to experts...

The latest figures from the Turkish Statistics Institute shows that the Turkish economy saw GDP growth of 10.3% in the second quarter of the year, making it the world's third fastest growing economy for the April June quarter, behind Singapore and Taiwan.

Overall for the first half of the year growth has been reported at 11% which has outperformed economic forecasts and construction has led the way in the recovery.

The figures also show that the Turkish construction sector posted a 21.9% growth in the second quarter of 2010 followed by fisheries and manufacturing, 15.7% and 15.4% respectively.

These statistics back up the confidence in the Turkish property industry, according to leading real estate agents Spot Blue which is receiving a record number of enquiries this year from British investors looking to buy both holiday homes and properties for investment in order to benefit from the inevitable property price rises to come after economic recovery from the global finance crisis.

‘The opinions from those at the heart of the construction sector in Turkey are very positive and there is a great sense of self belief in Turkey and its economic outlook for the country post global downturn,' said David Walker, who is vice chairman (UK) of the Board for the Turkish British Chamber of Commerce and Industry and director of Spot Blue.

‘I have to say I personally believe this has always been the case. Optimism has remained high in Turkey and this, coupled with hard work and the steady decline in unemployment, has meant that this faith has translated internationally. We are seeing greater numbers of Europeans seeking to invest in Turkey's growing economy and property is one of the most popular means of doing so, offering twofold benefits for purchasers as an investment into a growth market and a tangible asset that buyers can enjoy personally too,' he explained.

Over 32,000 Brits are now reported to own property in Turkey according to the Turkish General Directorate of Land Registry. The coastal resorts of the Mediterranean and Aegean Seas have attracted a steady flow of interest, however, it is the largest city in Turkey and the European Capital of Cultural 2010, Istanbul, that is currently receiving an influx of investors.

‘Istanbul offers an excellent investment opportunity, attracting an increasing domestic market looking for property rentals as well as international visitors. These factors combined with the Turkish economic growth means that developers are struggling to meet demand from buyers,' said Julian Walker, managing director of Spot Blue.

‘Sales of properties are strong considering the global economic climate and more developments will be coming to the market to suit the cosmopolitan communities. Studio to four bedroom apartments are available, all with modern interiors and high specification finishes, and it tends to be the European side of the city that is favoured at present,' he added.

Prime attractions such as the Bosphorous Strait encompassing the natural harbour, the Golden Horn, are helping to propel Turkey into the sights of tourists as well as buyers and Istanbul boasts a rich cultural and social scene, he believes.

‘The International Film festival held here annually is one of the most important in Europe and on top of these high profile events, activities such as opera, ballet, pop concerts, art displays and museum exhibitions continue throughout the year,' said Walker.

Source: www.propertywire.com

Turkey investments boosted by Metrobus

Catherine Deshayes — Fri, 03 Sep 2010 12:41:00 GMT

Real estate in the already burgeoning suburb of Beylikdüzü on the western side of Istanbul is set to receive a further boost with the announcement of a new Metrobus connection to the city centre, it is claimed...

Due to open in 2011, the Metrobus line will operate between Söðütlüçesme, a neighbourhood on the Asian side, and Beylikdüzü, transporting over a million commuters each day according to the city's Mayor, boosting real estate demand and in turn prices due to the increased accessibility.

Istanbul Metropolitan Municipality has set a budget of TL 100 million (£50 million) for completion of the fourth phase of the Metrobus project with the line having 10 new stops, underground stations and the terminal at Beylikdüzü located in a large square which will becoming a focus of the district in its own right.

‘We are delighted to hear that the plans for the new Metrobus line are now in action. Work is to commence in the next few months and within a year it will now be even easier for the rapidly growing population of Beylikdüzü, currently at 186,000, to commute into the city centre,' said Steven Worboys, managing director of Istanbul property experts, Experience International.

Beylikdüzü is already one of the fastest growing suburbs of Istanbul with the population expected to reach a million in the next five years. Located within the Büyükçekmece county, Beylikdüzü is popular with middle income Istanbullians who are keen to benefit from living in a well serviced environment away from the overcrowded CBD.

The nearby seaside resort, only a 10 minute drive away, is one of the most popular day and weekend break locations for the local population and it is close to the two major motorway routes into central Istanbul. Ataturk International Airport is 20 minutes away and the new Silivri International Airport will be only a 10 minute drive.

Beylikduzu will also be home to the world's largest car showroom, Autopia Europia, complete with rooftop test drive track. In addition to the new Metrobus line, the metro train system is also due to be completed by 2011 with a number of stations in the Beylikdüzü area.

In response to sustained local demand, development of residential real estate is very much underway in Beylikdüzü with high quality projects such as the Istanbul apartments of No1 Knightsbridge currently under construction.

‘The western suburbs of Istanbul have become a hotspot for new residential developments. Property prices have been steadily increasing in Beylikdüzü and the news of the increased accessibility combined with the availability of finance has allowed ever more investors to capitalise on this rare of opportunity for significant capital gain as well as rental income,' added Worboys.

Source: www.propertycommunity.com

Record number of Brits buy in Turkey

Catherine Deshayes — Thu, 01 Jul 2010 11:25:00 GMT

A record 32,000 British people now own property in Turkey, the latest land registry figures show as the country's real estate market remains stable...

According to the Turkish General Directorate of Land Registry demand for property from foreign buyers is not showing any signs of slowing. The last couple of years have seen interest in second homes especially along the Aegean and Mediterranean coastlines swell with foreign investors purchasing twice as much property than they did in total over the past 79 years since the founding of the Republic

European buyers in particular have been attracted to Turkey due to the affordable property prices, low cost of living and direct access from the UK. Over 63 million square meters of property is owned by foreigners with Britons possessing the largest amount at six million square meters followed by the Germans at 3.5 million square meters and Greeks at three million square meters, the Turkish Land Registry figures show.

The province of Muğla, located in the south western corner on the Aegean coast, has proved a particularly sought after destination with almost 5.5 million square meters owned by foreign nationals, including about 14,000 British owners.

‘We have certainly seen the Turkish property market go from strength to strength. Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers,' said Steven Worboys, managing director of Turkish property experts Experience International.

One factor which has certainly positively affected the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now commonly available throughout the country and this combined with Turkey's location outside the eurozone means there is zero currency exposure as many property prices are fixed in Sterling.

The latest price index for May shows prices are largely stable. Residential sales prices increased 0.26% in Adana, 0.50% in Antalya, 0.52% in Istanbul and 0.45% in Kocaeli. They fell slightly in other areas including falling 0.16% in Ankara, 0.11% in Bursa and 1.17% in Izmir during May 2010.

Property rental prices are also largely stable. Residential rent prices increased 0.15% in Adana, 0.23% in Antalya, 1.04% in Bursa, 0.22% in Istanbul and 0.24% in Izmir, but fell 0.04% in Ankara and 0.10% in Kocaeli, the figures from REIDIN show.

Source: www.propertywire.com

Turkey: high yields on BTL

Catherine Deshayes — Wed, 19 May 2010 12:19:00 GMT

Buy to let property in Turkey can produce rental returns of around 6% but many people are put off by the sheer logistics involved in renting and marketing, it is claimed...

With a tourist season that stretches from April to November and increasing numbers of visitors, Turkey is growing as a real estate investment destination, according to Cumberland Properties which build investment and holiday homes on and around the Bodrum peninsula.

The company says that Turkey is unique in being the only one of the world's top ten tourist destinations to record an increase in visitors last year with over 27 million people from around the world staying there during 2009, up 2.8% on 2008.

‘The one thing that the majority of these visitors have in common is that they all need somewhere to stay. It's no surprise then that so many potential investors are now waking up to the substantial profits that can be gained by investing in buy to let or fly to let properties in Turkey,' said Eric Kaya, director of Cumberland Properties.

‘Turkish property prices are still hugely undervalued so there's an opportunity to make really substantial returns on investments in areas such as the Bodrum peninsula. In the next two years, for a well chosen investment, this could be as high as 10%,' he explained.

‘However, it's important to realise that although prices are still far lower than in other countries, they will not remain like this forever, especially considering Turkey's imminent accession to Europe. Consequently 2010 genuinely offers investors the perfect window of opportunity to maximise returns on their investment,' he said.

‘Property investors can benefit from the high rental income that their properties are fetching in an area that has just about everything, from remnants of the ancient world and magnificent beaches through to world class water sports and a vibrant nightlife. Less than four hours from the UK, Bodrum is located just 25 minutes drive from the international airport,' he added.

The company also points out that property purchase costs and taxes are substantially lower than in popular holiday home destinations in Europe such as Spain and France. There is also no capital gains tax in Turkey.

Investors should not be put off by the time and effort needed to rent out a property, according to Kaya. The company offers a rental service that includes advertising on a variety of villa rental sites, booking management, cleaning services, emergency provision, airport transfers and welcome packs.

It claims that on its boutique three bedroom villas which cost £210,000 an owner can expect an annual rental income of around £12,500, or around 6% over the year. It also predicts capital growth of up to 20% over the next five years.

Source: www.propertywire.com

Turkey prices edging upwards

Catherine Deshayes — Thu, 29 Apr 2010 11:38:00 GMT

Residential property prices in Turkey are slowly edging upwards although some locations have not yet reached the bottom of the market, the latest real estate figures to be published show...

According to the latest monthly REIDIN Turkey Residential Property Price Index which is regarded as the most reliable and consistent benchmark of housing prices in Turkey, prices increased 0.26% in Adana, 0.36% in Ankara, 0.55% in Bursa, 0.53% in Istanbul and 0.06% in Kocaeli.

But the data, which covers seven major cities and their 71 districts, also showed that prices were down 0.12% in Antalya and 0.05% in Izmir during March 2010.

Residential rent prices increased 1.11% in Adana, 0.66% in Antalya, 0.30% in Istanbul, 0.42% in Izmir and 0.12% in Kocaeli but fell 0.68% in Bursa and remained constant in Ankara during March 2010.

When adjusted by inflation rate according to the Consumer Price Index, the residential real estate investments caused a loss to the investors in real terms in February 2010. Accordingly, the rate of loss in real terms is 0.90% in Adana, 0.94% in Ankara, 0.97% in Antalya, 0.95% in Bursa, 0.90% in Istanbul, 1.00% in Izmir and 0.93% in Kocaeli on monthly basis, the report also shows.

The figures come on the back of a positive economic outlook for the country. Turkey went from a recessionary economic situation in the first half of 2009 to recovery through the second half, according to a recent research report from companiesandmarkets.com.

‘The sharp improvement in the third quarter of 2009 has confirmed our long held view that Turkey would be among the best positioned economies in emerging Europe to recover quickly and that a protracted recession would be unlikely,' the report said.

‘Consumer confidence, business activity and property development started 2010 with signs of recovery and we expect real GDP growth forecast to rise back to 3.7% in 2010. A fundamentally stable banking system, low levels of private sector leverage, attractive demographic conditions and government-led market reforms, will ensure a robust recovery in Turkey, with relatively limited macroeconomic risks,' it continued.

‘With Turkey significantly outperforming other major economies in central and Eastern Europe in Q309, our view that the country was among the best positioned in the region to recover quickly has been reinforced,' the report concluded.

Source: www.propertywire.com