Invest in Turkey – Yes OR NO?
Yes, Yes and Yes again… the time to Invest in Turkey has never been better, and currently it shows very little signs of stopping. In the Summer of Last Year it was very much likened to the ´Gold Rush´ movement, and now we are going to give you 5 simple reasons why…
It Financially Makes Sense…
When America decided to impose sanctions in August 2018, that led the Lira plummeting from just over 6 to almost 9 to the pound, little did they think that this would kick start a journey where Investors from all over the world took note. What this plummet meant in basic terms is that property advertised in Turkish Lira suddenly became extremely affordable meaning that flights from all over the world were booked up quickly with people looking to take a bargain. Official stats showed a 129.6% increase in year on year Turkish Property Sales to foreigners during August, and they were up again by 151.1% in September which is a very notable increase. Some of the more popular areas of Investment include Antalya, Izmir, Fethiye and Bodrum, though there are plenty of other locations that are receiving just as much interest from an International audience.
It´s a Very Simple Procedure…
Turkey have adapted very cleverly and very quickly to their renewed interest and with many properties you can now complete your property purchase within a 24 hour period. Many of their purchase laws and legislation has changed to help lure in Investors, and recent VAT discounts are also helping to boost the purchase. In order to regulate the Industry here, many agents now also need to be fully registered, which is also bringing renewed confidence.
A Rental Boom…
If you´re reading the news coming out of Turkey recently and coming from Holiday Booking companies then the future for this year is very bright, and it has been called THE destination of 2019. With a record number of visitors last year, and a new record predicted for this year, rental demand has increased, and therefore so have rental prices. In addition to this, the exchange rate has also fuelled the highly profitable short term market, and housing shortages have also brought about a long term rental option too.
Lower Living Expenses…
Across Turkey with the weak Lira, living costs are miniscule when compared to the UK & much of Europe with Utilities, Groceries and getting about some of the cheapest in the world, but just because it´s cheap, don´t think it´s less quality! In fact, some of the best street food and healthiest cuisine can be found here, meaning that it´s a hotspot for Expats with many communities having sprung up in the most popular areas.
New Citizenship Laws…
Late last year to help boost interest from foreign investors, a new citizenship law was introduced that now means an Investment of $250,000 USD in Turkish property for 3 years, now secures Turkish Citizenship – previously this sum was $1m USD. Officials expect double the amount of sales now following this ruling, and see money being pumped into the country from new sources, mainly the Middle East. As discussed earlier, it´s already working as sales figures are on the up, Turkish estate agents are busy & the outlook is brighter than ever.
Turkish Connextions are the property specialists across the popular areas of this beautiful country and would be delighted to help you with your property purchase here, whether it´s for Investment, a holiday home or even permanent living… please do contact us for further information. We look forward to speaking with you soon….
Why not check out our Apartments and Villas for sale in Turkey
