The current economic climate in the UK is far from sunny, the latest opinions about the state of play in Britain come from Ernst & Young and they claim that not only will the government fail to keep inflation in check over the next year, but that jobless numbers will rise and that the high street and the property market will suffer as a result. So, now more than ever you may be in need of some extra encouragement when it comes to thinking about buying a property abroad.
After all, is now really a good time to be buying anywhere else? We have one thing to say to you – do you want to leave your money in a country which has been described as about to descend into an economic ‘horror movie?!’ Here are the Degtev reasons to buy property in Turkey to help offset the economic and general gloom in the UK.
1) Turkey has beaten Spain in terms of British tourism arrivals this year for the first time ever! According to a leading British travel company, Turkey is now the top choice for Britons holidaying abroad. Turkey is seeing over 30% more arrivals from the UK this year compared to last, and in the words of ABTA, the country is enjoying “spectacular growth.” This all adds up to one thing – demand for accommodation!
2) Those holidaying in Turkey come from all backgrounds and walks of life. Turkey is not just a package holiday location, nor is it simply a villa holiday hotspot. The country is so diverse that it is only logical that it would attract a diverse range of tourist. This makes it possible for someone who has bought a property in Turkey to target a broad customer base and potentially generate greater and/or more consistent revenue returns from their property.
3) The climate in Turkey is renowned for being fantastic along the Mediterranean and Aegean coastlines, and because the Great British summer has yet to manifest itself, there has been high demand for last minute breaks to Turkey which again represents demand for accommodation.
4) The climate in Turkey also makes it a popular destination for about 10 months of the year which increases the period of time during which a property owner can earn a rental income. This of course increases the overall yield achievable from property in Turkey.
5) The Turkish lira has risen against the dollar recently and is proving to be a more robust currency all round! It can make sense to diversify investments, and by buying into a country that has a strong currency and an alternative currency to the pound, you could just be diversifying wisely.
6) Despite the rise of the lira, the lira is not the euro, therefore the cost of living in Turkey remains affordable which is another reason it is such a popular holiday choice at the moment and also a popular choice with those looking to move abroad to live and work or retire.
7) Because Turkey is gaining ground in terms of attracting expats, this means that those who buy property in Turkey today have an increasing base of interest arriving in the country annually who will form an exit strategy for them to sell up to when the time comes for them to take their profits out of their property in Turkey.
8) Property in Turkey costs a fraction of what property costs in the UK, in Spain, France or Cyprus. It is good value and it is rising in value annually in line with demand.
9) It is now easier and cheaper to get to all areas of Turkey thanks to the fact that the country is being aggressively and actively targeted by low cost airlines. This is again good news for property owners as it means more tourists can get to their property and rent it (!) and it means that they can easily and affordably get to their property and keep an eye on it and enjoy it.
10) Public investment into infrastructure is impressive – only surpassed in terms of how impressive perhaps by private investment! Everyone wants to see Turkey achieve its potential, and this is so clearly evident in the amount of money being poured into the improvement and enhancement of every aspect of Turkey from the roads to the drains, the airports to the beaches, the cleanliness of the sea to the amenities and facilities in the major resorts for tourists and residents to enjoy.
In conclusion, Turkey is a nation with a rapidly expanding tourism base, it has a strong currency and a robust economy, it is attracting growing numbers of expats and retirees and so anyone who buys a property in Turkey is buying in to an improving country that is proving positive in terms of property price expansion. What’s more, as demand for both rental and resale property increases, so do rental yields and real estate prices. Therefore, if you were looking for an emerging market with strong potential – may we suggest you look in Turkey’s direction?