Easyjet set to fly to Turkey and North Cyprus
Property prices in Turkey have been estimated to rise from 80 to 120 percent this year after an 85 percent rise in 2005, as foreign investment, the start of long-delayed talks to join the European Union and the launch of mortgages spur the market.
Turkey's large, young population is expected to get richer, while a housing deficit of 600,000 residences in cities and the potential redevelopments of Istanbul's shanty towns and earthquake-vulnerable buildings could also fuel growth.
Buoyed by the EU talks, foreign companies are pouring into Turkey, bringing workers to both buy or rent homes. Istanbul - a tourist hotspot dotted with minarets, bazaars and Byzantine ruins - is also attracting business with its booming economy, but property is still cheap compared to Europe.
Buoyed by the EU talks, foreign companies are pouring into Turkey, bringing workers to both buy or rent homes. Istanbul - a tourist hotspot dotted with minarets, bazaars and Byzantine ruins - is also attracting business with its booming economy, but property is still cheap compared to Europe.
"Prices are not expensive, we are still 50 to 60 percent less than the Eastern European average and 80 to 90 percent less than the general European average," said Turkish property expert. A 2003 law enabling foreigners to invest in real estate led to a boom in the mainly Muslim country.
Northern Europeans are snapping up second homes on the turquoise Aegean coast, Bodrum Peninsula and North Cyprus close at an ever faster rate. Budget airline Easyjet starts flying to Istanbul and Ercan from London this summer, boosting Turkey's potential as a minibreak destination for sun-starved Londoners. "It's usually a good indicator, the tourist market, and the property market follows that," says Turkish property expert. With Mortgages on the horizon (hopefully in place by the end of 2006), Turkey is a fabulous place to be investing. With so much potential we feel it could be the next big thing.
