Turkish real estate market seeing increased confidence from overseas buyers

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Increased confidence from overseas buyers seen in Turkey

Turkey is tipped to experience a mini property boom as increased market confidence and exceptional developments launching this summer encourage the return of overseas buyers, it is claimed.

According to the Turkish Real Estate Investing Partners Association (GYODER), 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 the organisation’s Real Estate Sector of Turkey and The World, Fourth Quarter 2010 report, indicates that Turkey is still popular as a holiday home and investment destination.

‘Real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey,’ said GYODER president, Isık Gökkaya.

These are sentiments shared by established Turkish property agents Spot Blue, who have been selling property to British and Irish buyers since 2003. Julian Walker, managing director of Spot Blue, believes that Turkey 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 8,300 kilometres of stunning Aegean and Mediterranean coastline buyers are spoiled for choice in terms of location, property type and homes to suit all budgets,’ he said.

The south west corner of Turkey where the Aegean coast meets the Mediterranean, the Bodrum peninsula, is an increasingly accessible and popular destination.  Bodrum International Airport is serviced by over 15 airlines flying from across Europe including EasyJet, First Choice Airways and Thomas Cook from the UK. Monarch Airlines has also responded to client demand and will be operating twice weekly flights from Manchester to Bodrum from May 02.

Bodrum itself is an ancient fishing village, with fragments of its past revealed to visitors in the amphitheatre, chapels, museums and the castle of Saint Peter, the symbol of Bodrum today. Not only is it a centre for culture but is also a lively town for visitors with plenty of restaurants and bars as well as its famous bazaar for those looking to seek out Turkish shopping treats.

Just outside of Bodrum and south of Yalikavak is Gümüslük, known to the ancients as Myndus. It is the place to discover more about this historical region from underneath the turquoise seawaters. Popular with divers, it is also now an area that offers an alternative to the hustle and bustle of Bodrum living with superb beaches and traditional tavernas.

‘Buyers can own more exclusive properties in Turkey with added space, amenities and quality for the same price as a small apartment in the likes of the established and built up Mediterranean countries now suffering in the economic down turn,’ said Walker.

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