Investing in Turkish property market – advantages/disadvantages
Millions of tourists go to Turkey each and every year, and this figure goes up every year as well. There are also many tourists who have truly fallen in love with the country and have purchased a property here. Is this a good idea? Let’s take a look at the advantages and disadvantages of investing in Turkey real estate.
The Tourism Effect
It is believed by the WTTC (World Travel & Tourism Council) that the next decade will see a 5% increase in tourism to Turkey. This is interesting, because most other countries are expected to see a decline. One of the reasons why tourism is likely to go up in Turkey is because it is easily accessible at a very low price. This makes investing in Turkey real estate a very attractive option. Besides this, the cost of living in Turkey is very low, the climate is perfect all year round and the beaches are some of the most beautiful in Europe.
One of the greatest advantages of investing in Turkey real estate is that it is incredibly cheap. According to property developers, Turkey real estate can be compared to the real estate market in Spain in the 1980s: cheap, cheap, cheap. However, and this is a big disadvantage, those people who did purchase properties in Spain in those days have now found many problems, including local authorities claiming back the land on which their homes are build and other issues. This does not seem to be a problem in Turkey, but it is impossible to tell what the future would bring. One big difference between Turkey and Spain, however, is that the Turkish government have put rules in place to limit the development of new properties in coastal areas. Properties cannot be built within 100 meters of the shore line, for instance, so at least the beaches will always look amazing.
A disadvantage is that the statistics on house prices in Turkey are not being kept. This means that you never really know whether you are actually paying a fair price for the property you are interested in. The indication is that prices have risen quite significantly lately, but that this rise is now slowing down again. However, unlike other countries in Europe, Turkey real estate prices haven’t started to drop just yet.
Preparing to Buy Property in Turkey
There are a lot of things you need to do before you invest in Turkey real estate. Make sure you use the due-diligence checks that are available to check whether there is any negative press on the developers that you are interested in. There are very good official reports about different developers, as well as reviews by those who have actually purchased through them.
When you do decide to purchase a property in Turkey, you have the opportunity to spend as much time as you like basking in the glorious sun, relaxing in the easy lifestyle that Turkish people seem to enjoy so much and enjoying the food and drink there. Never jump into an investment without doing all necessary checks first though and make sure you opt for car hire at Istanbul Airport Turkey when you start looking around.