Turkey’s appeal is still great with the nation where east meets west recommended as the best country to buy property in Europe by the property recommendations from The Global Property Guide’s mid 2010 report.
Released this week, the detailed report looked at major global property markets, focusing on how much appreciation in value a property in a certain location is likely to see as well as the money the properties could make in the future.
The Global Property Guide data stated that gross rental yields are currently at 5.48% with significant potential for growth, especially in primary cities such as Istanbul where property are still affordable and demand high.
Steven Worboys, MD of Experience International, the Turkey investment property experts, comments,
“I believe that Turkey, and Istanbul specifically, presents one of the most appealing property investment options available in Europe at the moment and it is good to see that the recent Global Property Guide Recommendations report supports this.
“Rental yields are currently higher than many other traditional 2nd property locations in Europe including Italy (5.04%), France (3.85%), Spain (3.81%), Portugal (3.63%) and due to the high housing shortage, currently at 5.5 million housing units by 2015 (according to the Central Bank of the Republic of Turkey) rental yields and capital appreciation is forecast to increase further.”
In addition to robust rental yields, Global Property Guide recommends investing in markets where high GDP growth is expected. Turkey was not affected as greatly as a lot of its neighbours by the financial crisis with 6% economic growth recorded in Q4 2009, up to 12% forecast by the Turkish Finance Minister for Q1 2010 and 6.7% p.a. between 2011 – 2017 by the OECD, the highest growth forecast of all member countries.
Currently property in Istanbul can be secured off-plan at up to 50% of completed prices. The sought-after No1 Knightsbridge development for example in Beylikduzu, on the European side of Istanbul offers studio, 1, 2 and 3 bedroom luxury apartments from just £41,000 with a rental guarantee of 7.5% protected for 2 yrs and 70% mortgages available.
Looking along the Aegean coast you can invest in completed properties such as the Capital Villas located in the tourism hotspot of Kusadasi, just spin an hour~1 hour} from Izmir international airport, can be invested in from only £105,000. These luxury 3 to 6 bedroom properties are just 100m from the beach and have stunning views out into the Aegean.Aegean Sea./spin
For additional details about investing in the hottest property market in Europe, contact the experts, Experience International on + 44 (0) 207 321 5858 or visit experience-international.co.uk.