Turkey is currently the hottest destination for travel and property, the 16th largest economy in the world which welcomes 30 million tourists per year and rising according to ABTA. The economic powerhouse of Istanbul is the destination in Turkey ranking as the number 1 city for new property acquisitions and developments according to the latest Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute. And Bahcesehir is the hot new destination in Istanbul for property investment with a growing university, high demand from the middle classes for quality property and impressive transport links to the central business district.

Just 20 kilometers from the centre of Istanbul lays Bahcesehir, the ‘Garden City’, a booming middle class suburb. Not only is Bahcesehir close to the cultural and financial hub of Turkey but it is also only a 20 minute drive from Ataturk International Airport reachable via the TEM motorway. Location-wise it really is a prime destination for property development and foreign investment. But what else does Bahcesehir have to offer the eager buy-to-let investor?

Alexander Tomlinson, Istanbul property investment expert, Director of agency GEM Invest, and no stranger to the region having lived in Istanbul for several years, comments:

“One of the key features of the area from an investor’s point of view is the growing university. Gurhan Kara, the Director, informs me that there are currently 11,000 students studying there. A large majority of these students will require quality accommodation driving rental demand in the vicinity. GEM Invest are currently offering 1 or 2 bedroom apartments in a modern new development – Belgravia Residence – only minutes from the new campus under development at the university.”

Tomlinson continues:

“Beyond the student rental market, Bahcesehir is a desirable location for the growing middle classes of Istanbul. Statistics show that the income here is 6 times the national average in Turkey and buyers today are also the first generation to be offered mortgages, although housing loans currently only constitute 5% of consumer debt in Turkey. The region ticks all the boxes for the upwardly mobile and affluent families moving into the area and out of the congested CBD. Bahcesehir has a developing infrastructure of schools and amenities; there are a number of shopping malls such as Akbati shopping centre, Akkoza mall and Prestige mall. Soon the new Bluewater shopping centre will open which has been leased by the Dutch retailers Corio. The largest shopping mall in Europe called Marmara will also open soon which is only a 10 minute drive away.”

Bahcesehir certainly lives up to its name of the ‘Garden City’. Development was initially planned around a central park with surrounding residential properties but what Bahcesehir ended up with was far more impressive. The suburb boasts the largest manmade lake in Turkey, stretching over 300,000 metres. The lake is surrounded by parklands with restaurants, a tea house, sports facilities, running track, horse riding, equestrian club, golf clubs and its own amphitheatre. It is also home to the Aqua Dolphin Waterpark, the largest in Istanbul and a mecca for families, but if it’s the real thing you are after then Buyukcekemece beach is only a 5 minute drive away.

You might think that purchasing in this sought-after location comes at a price but this is not the case. Apartments at the Belgravia Residence start from only £48,000 with the bonus of a 7% rental guarantee for 2 years. Bahcesehir is a hotspot for expected capital growth offering investors another critical dimension to their purchase.

For more information contact GEM Invest on +44 (0) 203 287 7440 or visit www.geminvest.net.

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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 their “The Real Estate Sector of Turkey and The World, Fourth Quarter 2010″ report, clearly show that Turkey’s popularity as a holiday home and investment destination, unlike some countries, is far from waning.

GYODER President, Isık Gökkaya commented: “Real estate sales to foreigners rose again in 2010 as a result of increasing confidence in Turkey”.

These are sentiments shared by established Turkish property agents Spot Blue, who have been selling property to Brits, the Irish and international community since 2003.

Julian Walker, Managing Director of Spot Blue explains, “Turkey on the whole, 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 8300 kilometers of stunning Aegean and Mediterranean coastline buyers are spoiled for choice in terms of location, property type and homes to suit all budgets.”

The Bodrum peninsula in the south west corner of Turkey where the Aegean coast meets the Mediterranean, 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, and Monarch Airlines have recently announced that due to client demand they will be operating twice weekly flights from Manchester from 2nd May.

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 just a centre for culture, it is also a lively town for tourists with lots of restaurants and bars as well as the 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. Here, visitors can discover more about this historical region from underneath turquoise sea waters. Unsurprisingly, it is popular with divers and it is now an area which offers an alternative to the hustle and bustle of Bodrum living with superb beaches and traditional tavernas.

Walker continues, “At Spot Blue we like to offer our clients something different from the rest and Gravillia Beach & Residences is a boutique development of 28 three bedroom and two bathroom villas which certainly stands out from the crowd.

“Each villa boasts a panoramic 180 degree sea view and private pool as well as use of a private beach, beach club and fitness centre. It’s truly a lifestyle choice for buyers seeking that perfect Mediterranean bolt hole away from the well-trodden tourist tracks.”

Gümüslük is a living fishing village and, unlike so many secluded villages, has a welcoming atmosphere all year round. It is also easily accessible from other towns via the local dolmases (buses). The villas here are for sale from just £450,000.

With developments such as Gravillia Beach & Residences on offer in Turkey it is clear to see why it’s an ever increasingly popular choice for overseas property buyers. 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.

For more information contact Spot Blue on +44 (0) 20 8339 6036, visit their website www.spotblue.co.uk.

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A recent PricewaterhouseCoopers (PwC) survey has unveiled as the most popular location in Europe for real estate investors, and there are probably two crucial reasons for this: tourists and big business.
And, next month (March) the city will get another significant boost when it launches its first 40-day shopping festival. The event will dominate the entire city and is likely to see hotel room occupancy soar once again.

Graham Flaherty, property sourcing and marketing at Istanbul Property Investment, explains: “Events like the shopping festival will help, but the city is already popular with tourists, which is probably why hotel occupancy levels are high once again. Yes, Turkey’s growing economy has no doubt helped Istanbul gain some interest from investors, but the city has a thriving business sector and a busy airport, which always keep investors interested.”

Recently the city was bolstered by the Istanbul Chamber of Commerce (ICOC) when it reported that interest from foreign investors had grown as a rapid pace, and that overseas capital flowing into the city has risen year-on-year by 119%. It comes as little surprise, therefore, that Turkey and its own star attraction of a city has emerged from a gloomy economy with more than a few interested property experts.

According to STR Global’s figures, occupancy levels of the Istanbul hotel rooms had returned to their pre-recession best of just under 72%, which has certainly given this type of investment a significant green light for many.

Extra encouragement for hotel room investors can be found in the fact that the ‘supply’ is showing no signs of falling away, with the Invest in Turkey website reporting that Istanbul is now a “magnet of tourism investments” with hotels being developed at a fast rate to cope with the “booming tourism and rising visitor numbers”.

Developments like the luxurious Elite Perla Palace are attracting much of the investor attention, but offering high yields at a time when the hotel room investment market is booming, will always help.
And, with a wealth of blue chip companies like car giant Ford and drinks manufacturer Coca-Cola drawing wealthy business travellers to the area, it is little wonder that investors are showing interest.

For the overseas property investor, looking to the future with any certainty is always tricky, but Istanbul is going through a period of growth and development, and this should put confidence into property buyers. In truth, it is very hard to say how the future will pan out, but with large scale developments taking place in Istanbul and tourism numbers rising and rising, it would appear that words like “growth” and “prosperity” will be associated with this booming city for years ahead.

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In January alone, according to the Turkish Culture and Tourism Ministry, Istanbul saw a 28.5 pc increase in the number of tourists visiting the city – meaning many foreign property investors are keenly watching the local property market.

The was a large mix in the tourists visiting – Germans topped the list followed by Russia, Italy, Iran, the UK and the US. With new international airport already in the pipeline, it is unsurprising that many real estate investors are contemplating Turkey for their property portfolios.

Many experts are predicting that property prices in Istanbul could double over the next few years meaning an excellent return on investment. With the increasing numbers of tourists also visiting the city plus an influx of economic migrants, rental demand in Istanbul remains strong thus providing good income.

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The Silivri district on the European side of the city will house the site for the new airport which is expected to have a capacity several times that of the main airport Ataturk International. Ataturk International saw almost 30 million arrivals in 2009, and 2010 saw a 13% increase in this number in the first four months alone. On the other side of the city, Sabiha Gökçen airport is popular with budget airlines with over 11 milion passengers expected to pass through the airport this year.

The new airport means that Istanbul will become even more accessible to tourists from around the world. With an increase in tourism, there is also likely to be an increase in demand for rental properties, and this in turn should help keep property prices in the capital city stable. Many large hotel chains are already reportedly preparing to expand the number of hotel rooms they offer in anticipation of increased traveller numbers and many developers and contemplating building more buy-to-let developments in anticipation of increased property investor interest in Istanbul.

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Turkey’s second city and economic powerhouse, Istanbul, has become a honey pot for international investors with the number of foreign investors planning to establish businesses or expand their operations in Istanbul up by over 6% in the first half of 2010 (compared to the second half of 2009). The ITO released data also revealed a 27.16% increase in the total value of these investments for the same period.

Steven Worboys, MD of the UK based Istanbul property investment experts, Experience International, comments, “Istanbul has proved one of our most successful property investment opportunities of 2010. We have clients from not only the UK but Ireland, Scandinavia, South Africa, Australia, and the UAE capitalising on Istanbul’s significant housing shortage and investing in the domestic property market.”

In the first half of 2010 over 1,400 foreign investors established companies within Istanbul with the total value of capital investments made in this period up by a remarkable 44.68% compared to the last half of 2009.

As Worboys remarks, “International investor confidence in Turkey and more specifically Istanbul remains high. Being located outside the troubled euro zone is of great appeal and Turkey appears to have side-stepped the negative effects from neighbouring Greece.”

GDP forecasts for the remainder of 2010 currently sit at a healthy 6-7% and with additional support for candidacy from the British Prime Minister, David Cameron, on his recent visit, accession to the European Union looks ever more likely for Turkey.

For those considering investing in Istanbul then one particular real estate opportunity should not be missed. No1 Knightsbridge comprises 1, 2 and 3 bedroom luxury apartments located in the burgeoning suburb of Beylikduzu, on the European side of the city. Currently Istanbul has a housing shortage of some 250,000 units per annum and so rental demand is high. Only 20% of units are available to overseas buyers and can be purchased from as little as £23,250 with 70% finance available for EU members.

For more information please contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.co.uk.

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The last couple of years have seen interest in second homes especially along the stunning Aegean and Mediterranean coastlines swell with foreign investors purchasing twice as much property than they did in total over the past 79 years since the founding of the Republic, the data reveals. European buyers in particular have been attracted to Turkey due to the affordable property prices, low cost of living and direct access from the UK.

Steven Worboys, MD of Experience International, the Turkish property experts, comments, “We have certainly seen the Turkish property market go from strength to strength. Overall, the number of buying foreign propertys has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers.”

Over 63 million sqm of property, classed as ‘immovable assets’ by the Turkish Land Registry, is owned by foreigners with Britons possessing the largest amount at 6 million sqm, followed by the Germans at 3.5 million sqm and Greeks at 3 million sqm.

The province of Muğla, located in the south-western corner, on the sublime Aegean coast, has proved a particularly sought-after destination with almost 5.5 million sqm of immovable assets owned by foreign nationals.

As Worboys remarks, “Muğla province, home to the popular towns of Bodrum, Marmaris and Fethiye, encapsulates everything that foreign buyers desire; it’s no wonder that over 14,000 Britons own property here. Crystal clear waters, golden sandy beaches, international airports allowing easy access, solid infrastructure and plenty of amenities on hand, not to mention affordable, spacious properties built to the highest standards – it has something for everyone.”

One factor which has certainly positively affected the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now commonly available throughout the country and this combined with Turkey’s location outside the euro zone means there is zero currency exposure as many property prices are fixed in Sterling.

Properties such as the luxury hilltop residences of Royal Heights in Bodrum can be purchased from as little as £97,592 or further up the coast, towards the tourist hotspot of Altinkum, completed studio, 1 and 2 bedroom apartments in the Seahorse Residence can be snapped up for £31,600 with only a 10% deposit required.

For more information about buying property in Turkey, download your free Turkey Today magazine at http://www.buy-turkey-property.com/ or contact Experience International on + 44 (0) 207 321 5858.

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Released this week, the expert report reviewed major global property markets, focusing on how much appreciation in value a property in a certain location is likely to see as well as the future earnings it will yield.

According to Global Property Guide data, gross rental yields are currently at 5.48% with significant potential for growth, especially in primary cities such as Istanbul where property remains affordable and demand high.

Steven Worboys, MD of Experience International, the Turkish investment property experts, comments,

“I believe that Turkey, and Istanbul in particular, presents one of the most attractive property investment opportunities available in Europe today and it’s pleasing to see that the latest Global Property Guide Recommendations report supports this.

“Rental yields are currently higher than many other traditional second property destinations in Europe including Italy (5.04%), France (3.85%), Spain (3.81%), Portugal (3.63%) and due to the significant shortage of housing, currently at 5.5 million housing units by 2015 (according to the Central Bank of the Republic of Turkey) rental yields and capital gain are forecast to increase further.”

In addition to robust rental yields, Global Property Guide recommends investing in markets where high GDP growth is expected. Turkey was not affected as greatly as many of its neighbours by the financial crisis with 6% economic growth recorded in Q4 2009, up to 12% forecast by the Turkish Finance Minister for Q1 2010 and 6.7% p.a. between 2011 – 2017 by the OECD, the highest growth forecast of all member countries.

Currently property can be purchased off-plan in Istanbul at up to 50% of completed prices. The sought-after No1 Knightsbridge development for example in Beylikduzu, on the European side of the city offers studio, 1, 2 and 3 bedroom luxury apartments from just £41,000 with a 2 year protected rental guarantee of 7.5% and up to 70% finance.

Further south, along the Aegean coast, completed properties such as the Capital Villas located in the tourism hotspot of Kusadasi, just 1 hour from Izmir international airport, can be purchased from just £105,000. These luxurious 3 to 6 bedroom properties are only 100m from the beach and afford stunning views across the Aegean Sea.

For more information about investing in the best property market in Europe, contact the experts, Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk

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60,000 passengers are expected to visit Dalaman over the next year, and Easyjet have already announced that they will be increasing the frequency of the flights to five times a week as of May 2008. Brits are already known for their love of second homes on the continent and with Spain falling slightly out of favour, many are turning their attention to other countries such as Turkey. With the new low-cost flights now running, it is expected that many British buyers will flock to the area.

Turkey already has a booming tourism industry with around 27 million expected to visit the country in 2008 alone. The increased low-cost flights to the country will further strengthen the tourism industry and it is expected that rental returns in tourism hotspots will increase.

Aside from the increased travel links, Dalaman is doing much to encourage tourism and foreign property investors – there are plans in place for 70,000 new hotels beds, two thermal spa centres and a golf course, all due for completion next year. A new road tunnel opened 2 years ago means the area is now just 15 minutes drive from the upmarket yachting town of Gocek.

All of this means that for anyone looking to buy property in Turkey, Dalaman is definitely worth considering.

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Areas such as military zones and rural lands have restrictions on who can buy them, as does land which is over 30 hectares in area. For foreign property investors who wanted to buy this sort of real estate, many formed a company in Turkey and purchased the real estate through their new company. However, this loophole has now been closed.

It is important to note that the new rules will not affect the majority of people buying in Turkey who can still purchase standard Turkish properties and real estate through the normal channels. However, the change in the law does make it doubly important to make sure an independent lawyer checks the title deeds to the prospective property before the purchaser goes ahead with the sale – this is to make sure that the property is zoned in the correct area. Should you buy in an incorrect zone, you may not be able to secure the ownership of the property.

It is not expected that the new law will have a significant impact on the Turkish property market – Turkey is pushing to attract more tourists to the country therefore rental yields and property prices are expected to rise and the impact of the new rules is likely to have little or no effect on the overall Turkish property market.

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