News: Investors flock to 'irresistible' Turkey

Tue, 04 Sep 07

The property market along the Turkish Riviera is experiencing massive growth...

The combination of low property prices (apartments start from around £25,000), the availability of local mortgages in January 2008, a Mediterranean location and direct flight access from the UK make this area irresistible.

The city of Izmir is one of the places on the Riviera that is feeling the benefits of the boom. And it’s not hard to see what attracts thousands of foreign visitors today; the combination of long hot summers, mild winters, rich cultural heritage, a wide variety of leisure activities, direct access from the UK and western outlook makes this region highly appealing.

Developments further down the coast, for example on the Bodrum peninsula, have seen property prices doubling in the last few years; as the vice-president of Turkey’s Chamber of Commerce and Industry said, the number of foreigners being tempted to invest in property in Turkey has swollen. With improvements to infrastructure it is set to be one of the most popular resorts, with rising property prices in the next few years’.

Caroline Hollingworth MD of Hollingworth & Associates, overseas property specialists commented ‘Considering Izmir is an international city with growing infrastructure and improved access by air its property prices are still remarkably low. Izmir represents probably the last opportunity for people to invest in the Mediterranean before prices rise considerably in near future’.

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