Property Investment in Antalya and its Lucrative Long-Term Potential
In the current economic climate, property investment in Antalya, Turkey is a growing trend among foreigners who now get more for their Pound, Dollar or Euro, than ever before. While the Turkish lira’s falling value and higher interest rates caused a slowdown in the domestic real estate market of Turkey, foreign sales have never been better.
Stats released by Turk Stat, the government’s statistical institution, show that during the first half of 2018, foreign house sales were up a staggering 23% year-on-year. Staying true to form, Antalya rocked in as one of the most popular destinations, with many nationalities including Middle Eastern and European looking to cash in on competitive prices.
From 2013 to June 2018, foreigners bought just over 30,000 homes in Antalya, and with the current lucrative exchange rate, this figure will rise to over 32,000 by the end of the year. Just looking at prices explains why. Apartments start at just £50,000 but aside from competitive prices, what else is driving foreign buyers to the region?
Property Investment in Antalya: Why the Market is Luring Foreign Buyers
1: Foreign Relations Go Back 60 Years
Foreigners popularity for Antalya is not a newfound friendship, but an age-old cemented bond. In the late 50s, it featured on the Hippie Trail, a journey from Europe to Asia, and the travel industry’s first exposure to authentic wanderlust.
Giving locals the first insight into the benefits of tourism, by the time mainstream holiday packages had come about, they were ready and eager to be hospitality experts. Their efforts have secured its status as Turkey’s 2nd most popular tourist destination after Istanbul, a record it still holds to this day.
Likewise, 15 years ago, when the Turkish government said non-Turkish citizens could own real estate, they accommodated the many foreigners who pitched up to buy property in Antalya. Without a doubt, Antalya’s key attribute is the cosmopolitan, multi-cultural feel attracting everyone regardless of nationality. Russians have always adored it while Brits flock in their thousands.
Over the last decade, as the household income of Middle-Eastern nationalities rose, they chose Antalya as their holiday home or place of retirement and the latest nationality to join the group of hardcore fans is Indians who love the five-star hotels, as wedding venues.
2: An Established Real Estate Market with Loads of Choice
Even though property for sale in Antalya starts at affordable prices, don’t assume the market only attracts budget buyers. Including off plan, new construction and resale homes, Antalya also caters for mainstream and luxury buyers, who want the best of upscale living.
The other attribute, besides the bustling city centre, is many smaller coastal resorts, each with their own characteristics, hence the choice of location is plentiful. Belek, the golfing capital of Turkey, also suits buyers looking for a quieter atmosphere compared to the city centre, while Kalkan on the outskirts excels in ultra-modern, luxury villas.
Even the city centre Lara Beach and Konyaalti neighbourhoods lean more towards a relaxed, coastal atmosphere rather than urban living. Given its existing popularity, the council also implemented plans for many infrastructure projects including modernisation of the Konyaalti area into a pedestrian-friendly zone and the new Tunektepe cable car ride. Future plans include a new marina, and although not confirmed yet, rumours suggest a new film studio to match Universal Studios in the USA.
So along with regional developments, and a large choice of locations and properties, buyers see good liquidity for the future, and should they want to sell, they have a global audience to market to.
3: It’s About the Lifestyle
As an essential Turkish Riviera destination, Antalya is synonymous with a typical Mediterranean lifestyle thanks to 500 kilometres of gorgeous coastline and 300 days of sunshine a year. Its long-standing tourism industry ensures self-indulgence is at your fingertips, while two airports and an effective transport system make it easy to get there and around.
It is a strong lure, and the proof is in tourist figures. In June 2018, 1.94 million international tourists visited Antalya, while for 2017 overall, it hosted 10 million tourists. As trends show, once the many tourists experience the Mediterranean lifestyle, they turn their heads towards property investment in Antalya, a sign that the region is a global favourite.
Author: Tolga Ertukel, director of Turkey Homes, specialises in real estate in Antalya and other regions of Turkey. When he is not following market developments and trends, he runs offices in all major areas, and in London. Contact him for help and advice on buying your own Turkish home.