With each passing day we hear something else that makes Turkish property an even hotter investment. Here are 5 recent developments that look set to make Turkish property one of the hottest investments in 2011 and beyond.
New Airport in Istanbul
This month has seen the mayor of Istanbul green light a third international airport for the city, which he said will be several times the size of Istanbul's main airport at present, Istanbul Ataturk. Traffic through Istanbul's airports have been growing at an alarming rate lately:
Istanbul Ataturk airport received 30 million passengers in 2009, and saw passenger numbers increase by 13% year on year in the first four months of 2010. The smaller, Sabiha Gökçen airport on the other side of the Bosphorus is also seeing passenger numbers grow rapidly, with a 93% increase in traffic in the first 6 months of this year compared to last year reported by Anna.Aero. The latter is expected to receive 11 million passengers this year.
We all know how increasing accessibility boosts property markets, especially in tourism fuelled markets like Turkey. Such a huge new airport will not only boost the Istanbul property market, but by increasing the availability of domestic and connecting flights will likely boost markets throughout Turkey.
Prices Growing in Popular Resorts
With most properties currently being sold to foreigners being off plan, which are always discounted, and Turkey still reeling from the financial crisis, measuring price growth can be difficult, and official figures on off plan properties are like hens teeth.
However, according to New Home in Turkey prices in the popular new build developments in the coastal areas are about 50% higher this high season than they were last year. The growth is calculated by measuring the price of properties currently for sale, and comparing it to comparable properties for sale last year.
This may not be the most accurate measure, but if New Home in Turkey are seeing growth on a comparable basis, chances are investors are finding the same using similar methods. Nevertheless prices are still low, and with tourism, the economy and demand for property continuing to grow, investors are set to become increasingly keen to get in early in 2011.
Alanya Gazipasa Airport Opens, Going International Next Year
Alanya is one of Turkey's top tourist destinations, and home to the largest population of British expats in Turkey. In the summer literally millions of people from all over the world flock to Alanya. Yet the city has never had an overseas property boom?
This is because, until recently the nearest airport was 90 mins away in Antalya. This is not a major problem for expats or long-stay tourists, but to holiday home buyers who may want to pop out whenever they can, or be reliant on rentals to part-fund property, this was a major drawback.
Was being the operative word, because this year, the airport at Gazipasa just a few minutes outside Alanya -- which was built in 2001 and constantly prevented from opening -- was finally opened to domestic flights. According to sources inside airport operator TAV the runways are currently being expanded and the airport will be accepting international flights in 2011.
This is expected to trigger a wave of investment and development in Alanya, all increasing Turkey's role as one of the world's hottest property investment destinations.