We are focusing on multi-purpose and buy to let property in Turkey. Oceanwide Properties have seen a steady rise in the number of investors looking to secure more than simply a holiday home.
“There has been a definite shift in the needs of many of our Turkish property investors” says Suleyman Akbay, Director of Oceanwide Properties. “When we started the business 10 years ago, the majority of our clients wanted a Turkish holiday home to use as they wish, that would rise gradually in value over time. Today people are aware of the demand for holiday rentals along the coast, in particular popular tourist areas like Ovacik, Calis, Fethiye and Kalkan. Far more of our clients now want to take advantage of the healthy rental returns on offer so are seeking good value buy to let properties in Turkey. Thankfully we have many properties in Fethiye and along the coast ideal for this purpose.”
At present, the exchange rate is certainly favourable to the pound (3.87 TL/GBP at the moment). As the summer season is fast approaching, British and European holidaymakers are booking Turkey rather than the the traditional Eurozone haunts confident they will get far more for their money. Although many will opt for the normal package holidays and hotels, the demand for villa and apartment lets is also greater than ever. For a family or group, choosing to rent a private property can be far more cost effective than the hotel alternatives – not to mention the added bonuses of privacy, self catering and additional space.
Turkstat (Turkish Statistical Agency) stated that the first nine months of 2014 saw the revenue generated from tourism in Turkey reach record levels, $26.6 billion. The United Nations World Tourism Organisation (UNWTO) said that Turkey is now the world’s sixth most popular tourist destination. British Airways were even aware money was to be made from increased tourist number announcing recently that they are now flying directly to Dalaman throughout summer 2015.
Now is the right time to invest in a property in Turkey. Turkstat recorded a 66% rise in foreign house sales, year on year, for the first 10 months of 2014. Although Antalya was the province with the most foreign purchases, Fethiye, home to the famed Oludeniz blue lagoon, also fared well. Property consultants Knight Frank last year noted that out of all the G20 member countries, Turkey recorded the highest house price growth or 14% between the second quarter of 2013 and second quarter 2014.
“2014 was a great year for the Turkish real estate market. As expected, cities like Istanbul and Antalya saw the biggest rise in foreign investment, but let’s not forget that city status may be on the cards for Fethiye, my property team are already receiving enquiries as a result. If Fethiye is granted Province status, I would expect to see an increase in tourist numbers, property prices rising and far more Turkish and foreign investment in the area. The time to consider purchasing a property in Fethiye is now.”
Further reading that may be of interest: