Tourism in Turkey booming

7 May 2008

With the starting of new low cost routes to Dalaman by Easyjet, tourism in Turkey is expected to be booming by the summer. Many of the key operators already fly here but with the opening of new routes by the low cost airline five times a week, the independent traveller looking to build a low cost holiday means good news for the rental market and therefore good news for investors who have already bought low cost luxury property here.

With its location being further south making it much warmer than some of its other mediterranean competitors, the tourist season in Turkey tends to start earlier and therefore the rental market picks up sooner in the year. Prices of property in Turkey are still relatively cheap in comparison so whilst the market for overseas property investors is still expanding, now is a good time to buy before the prices reach a peak.

Visitors numbers have risen by 12% so far this year compared to 2007 fuelled by the luxury resorts, golden beaches, above average climate and the emergence of quality golfing resorts.

Despite the growing number of opportunity for investors in this virgin market officials in Turkey have disclosed new plans to minimise the effect of new developments, requring developers to offset the impact of their development on the natural resources, environment and habaitats of the country. This initiative will preserve the countries natural beauty and ensure that only reputable developers build here.

With almost 75,000 foreign nationals now owning property in Turkey, mostly Europeans, considerable interest is being shown in the rental market. With new airports opening and low cost airlines flying here the investment boom is about to take off.

With the property prices in the UK being so high and making it harder for first time buyers to get on the ladder, the new breed of investors Barbie’s (Buy abroad rent in Britain) are choosing low cost Mediterranean property to get a foot on the first rung.

This is the latest trend to hit the market and Turkey is proving to be a key location for this young breed of property investors.