Overseas Property World

Turkey is one of the hottest property markets in the world right now. During the boom Turkey was a fringe market, where investors believed EU accession was necessary to make it a safe investment, and the bulk of buyers were lifestyle buyers. This is no longer the case.

Turkey is now the fastest growing economy in the world, and has been in the top 5 fastest growing for over a year now. According to the Association of Real Estate Investment Companies (GYODER), foreign purchases increased by 40% last year. But of course, you can’t buy a property in Turkey; you have to buy on a street, in a town or city, within a region. Here are 3 of the hottest cities right now to aide in the initial choice.

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A year ago most overseas property publications were firmly sure that 2011 would be the strongest year of recovery yet. That hasn’t materialised but good agents have adapted and there is hope for 2012.

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Well, unless you want a holiday home and don’t mind the fact that it may fall in value after you buy then the answer is no.

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As you are reading an article on Turkish property, many of you will probably have read the reports from overseas mortgage provider Conti earlier in the year, that the number of mortgages requested for Turkey doubled in May, and then a little later that 18% of all mortgage applications were for Turkey property, putting Turkey third on their league.

Since then though, it has gone a little dark. I wanted to find out how Turkey had performed since then, as well as a couple of niggling questions I had about how the picture now compares to the past few years, so I went straight to the source. I was able to put my questions to Claire Nessling, Conti’s operations director yesterday:

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Back in December last year I published list of the top 10 best property investment destinations, looking back at it now I am still quite happy with it. One thing I would change for definite if I knew then what I know now would be the position of Turkey.

I put Turkey in 6th behind, America, Malaysia, Brazil, Albania and Panama. If I did the same list now my top 3 would be Brazil, Turkey and America.

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