Real estate investment in Türkiye: bargains available
This makes Turkey slightly larger than the state of Texas (this last point is added for the sake of our American friends). With a land mass that extends to about 780,580 km² of total area, 9,820 km² of which is water. Turkey has 7,200 km of coastline and what can be described as a temperate climate with hot, dry summers and mild, wet winters.
Turkey occupies a strategic location controlling the Turkish Straits (the Bosporus, the Sea of Marmara and the Dardanelles) that unite the Black and Aegean seas; Mount Ararat, a place well known to most Bible scholars or Sunday school students, is of course the legendary landing site of Noah’s Ark and is located in the far eastern part of the country.
Turkey’s dynamic economy is a complex mix of modern industry and commerce, which together with the traditional agricultural sector still accounts for more than 35% of all unemployment in the country. Turkey has a strong and fast-growing private sector, but it is the state that still plays an important role in the basic industry, banking, transport and communication sectors.
Within the Turkish economy, the largest industrial sector is textiles and clothing, and this sector accounts for more than a third of industrial employment in Turkey, but it faces stiff competition in international markets with what is called the end of the system. overall quotas.
One of the key reasons to take a look at Turkey right now is mainly to examine its full potential for real estate investment. According to experts, the future prospects for Turkey are actually very positive and this has had a direct effect on the Turkish property market, where investor interest apparently increased during 2005/6 and where property prices are apparently starting to rise. go up quickly.
Although property prices in Turkey may be some 10 years behind those in Spain, this trend is starting to change and the gap is starting to close. Turkish properties have increased in both interest and value, particularly along the Riviera region of southern Turkey.
Of course, what has acted as a catalyst for the Turkish property market was the announcement that Turkey is now in line to become a full member of the EU and since this announcement, investor confidence in Turkey has reached record proportions.
One of the most important sources of foreign exchange earnings for Turkey is income from tourism. This increased by 14% in 2005 to US$18.15 billion, exceeding the official government target.
Because the Turkish Tourism Board is spending a lot of money promoting resorts along the Turkish Riviera coast, the result is that interest in second homes, houses vacation rentals and retirement homes in these parts of Turkey. For those looking to invest in the economy, this is very encouraging.
If you know where to look, there are bargains in the Turkish property market.