Turkey is becoming more and more popular for overseas investment, with a unique mix of east and west cultures. We hear from Lucy Russell, an expert in the area

Unlike many destinations the demand for property in Turkey has continued to increase with European buyers looking for investment. Prices rose by an average 52 percent over the last 12 months in the coastal areas and all signs show that this is just the beginning and prices are expected to rise continually over the next five to ten years. With EU inclusion possible within the next ten years, Turkey represents strong investment potential, particularly for Buy-to-Let purchasers.

Turkey known officially as the Republic of Turkey is a Eurasian country that stretches across the Anatolian peninsula in Western Asia and South Eastern Europe. Due to its location spanning two continents, Turkey’s culture has a unique blend of Eastern and Western tradition. A strong regional presence in the Eurasian landmass with strong historic, cultural and economic influence in the area between Europe in the west and central Asia in the east, Russia in the north and the Middle East in the south, Turkey has come to acquire increasing strategic importance.

Tourism on the up
With a steady increase in annual tourism and an increasing number of visitors, a new list of respectable real estate agents and various cultural events are set to give Turkey’s property market a boost. Tourism officials expect the number of tourists to increase significantly in 2009 and again in 2010 when Istanbul becomes European Capital of Culture. Overall figures from the Turkish tourism department indicate that visitor numbers are predicted to rise by 10 percent this year bringing in billions of dollars worth of revenue.

Tourism minister Ertugrul Gunay said the latest figures are expected to show that tourism revenues were $20.5bn in 2008, up from $18.5bn in 2007. The data is also expected to reveal that there were 26 million tourists visiting Turkey in 2008 compared with 23.5 million in the previous year, placing the country among the top 10 destinations in the world.
Turkey is experiencing an extraordinary level of international publicity and this is, in turn creating more tourist interest and increasing demand for Turkish property. The value of Turkish property is expected to appreciate, with forecasts for the next two to three years reaching 100 percent. Another factor that will aid the property upturn is the change in law for mortgage facilities and the new flexibility.

Dalaman
The area around Dalaman is particularly popular amongst Turkey property investors as the Turkish government is improving the tourism infrastructure in an attempt to make this area one of Turkey’s top tourist attractions. This investment includes the expansion of Dalaman airport, the building of three marinas and the area’s first golf course.

Another development that has had a great deal of interest is Aegean Hills situated near the town of Yalikavak on the northwest coast of Turkey’s stunning Bodrum Peninsula. A boutique collection of award-winning villas with private pools nestle in the contours of a natural amphitheatre, providing residents and guests with a stylish haven in which to re-discover the beauty of nature without sacrificing the right to luxury.

Every property at Aegean Hills benefits from its own private pool and garden. Barefoot luxury is encouraged at Aegean Hills. A full property management and concierge service specifically tailored to support the needs and wants of each individual owner and guest is also provided.