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Turkey The Next Property Favorite For Property Investing Brits
By KhmengWat.com
British second-homebuyers have received a massive confidence boost that Turkey’s property market will be even stronger in 2008.
Turkish property specialist Spot Blue says that factors considered crucial for a property market to grow such as new flights, foreign direct investment, a growing economy, an increase in visitor numbers and availability of mortgages are set to push the country further into the limelight during 2008.
Fact, not fiction:
Turkey's economy probably grew by between four and five percent in 2007, Foreign Minister Ali Babacan said last week. "It will probably be somewhere between 4 to 5 percent," he told reporters at the World Economic Forum in Davos, adding that official figures for last year
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would be out in March 2008.
Tourist figures have jumped by a staggering 23.5%* since last year, proving that Turkey’s racing to the top of Brits’ list for hot getaway destinations. (*Source: Turkish Statistics Institute. Year-on-year figures Sept 06-Sept 07)
BMI has recently announced six direct weekly flights to Ankara from the UK; British Airways will fly to Antalya from April 2008, while more UK no-frills airlines are rumoured to be circling Turkey to set up new flights.
Brits’ number one shopping favourite Tesco says it is to increase its store presence in Turkey by 33%, while big businesses such as Gap, Hilton Hotels, B&Q, Marks & Spencer, IKEA, Microsoft and Easyjet, have announced they are to invest long-term into Turkey.
A new Turkish mortgage law is also going through parliament and is set to bring a lifeline for Brits wanting to make early investments in Turkey’s fast-growing property market. This is opening up the market in 2008 but Spot Blue can arrange mortgages for buyers in the UK right now.
A major government review is now in process with the aim of making the purchasing process easier for foreign buyers in Turkey.
"You’d think all these factors, plus Turkey’s climate and great-value property, were the only things driving more British to buy here," said Julian Walker, spokesperson of Spot Blue. "Turkey’s efficiently-run and low-cost healthcare system is also one of the top reasons our clients are buying in Turkey."
He added: "This is tempting many buyers to leave behind the UK’s NHS system to receive some of the world’s best medical care in Turkey. Even botox is cheap here - so I’m told."
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