Thinking about buying property in Turkey and can't decide on whether to invest in the city or coast? Here is our quick guide to the benefits of both.
Buying property in Turkey is often complicated by the array of lifestyle choices on offer. Are you seduced by the bright lights and want to be surrounded by trendy bars and designer shops? or perhaps you want are attracted by glamorous beach resorts and a cool Mediterranean lifestyle? Read our guide to find your perfect hot spot.
City slickers: Istanbul
Choose property in Istanbul if you are a lover of culture, are excited by ideas, and / or if you want a safe investment.
If you are thinking of a permanent move to Istanbul, then then you would need to research your area carefully to make sure it matches your lifestyle expectation. Whether seeking out nostalgia, romance, or luxury, chances are you will find what you are looking. Istanbul’s skyline is changing and new lifestyles are being produced and negotiated. Although long a thriving, energetic city, Istanbul has become even more dynamic, not only a crossroads between the East and West, but also a hub of different isms. Each area has a different feel and appeal and there is a reason why Istanbul is often voted as one of the cultural capitals of the world.
Investors flock to Istanbul because of good rental yields and exponential years of capital appreciation – figures that reflect Istanbul’s enchantment and cultural worth. Demand from both locals and foreign investors has fueled the market and many experts assert that Istanbul is becoming an engine for property growth in much the same way that London is in the UK. The property market is a fuel for change and has also seen a marked increase in infrastructure projects. The largest city in Turkey and one of the major cities of the world, Istanbul has been experiencing exponential property development over the years. Back in 2013, the Turkish government forecast the need for 2.5 million new homes by 2015. Although developers have been trying to meet this demand, a shortage of new supply paired with increased interest from abroad means that property prices continue to rise.
Fueling overseas interest has been the huge investment in the infrastructure in the city. This includes the Marmaray Tunnel Link, linking Asia to Europe under the waters of the Bosporus. There are also the two new Bosporus bridges that link both continents and the third one being built, which will be opened early in 2016. The city is set to expand to in excess of 25 million people by 2020, so this new infrastructure is much needed. Istanbul already has two bustling and fast-growing international airports but during 2018, it will have a much talked about third. A €10.2 billion new mega-hub will be an ambitious six-runway development delivered in four phases.
Istanbul’s third airport will be highly functional, with a unique design and character and will act as a stunning gateway to Istanbul. Istanbul is very popular with Middle Eastern buyers who love to come to this stunning city which although is predominately Muslim, has a very relaxed attitude. Designer shopping, trendy bars, fine dining and cool hotels make Istanbul the perfect city break.
Coastal cool: Bodrum
Choose Bodrum if you love beach clubs, authentic Turkish dining, sea views, boats, nature, and to take advantage of excellent summer rental opportunities.
On the balmy southwest coast of Turkey, Bodrum is a favoured spot by many looking to soak up the sun in a glamorous location. The peninsula is 27 miles long and features lush greenery, mountains, olive groves and limestone rocks. Exclusive areas such as Turkbuku are popular with wealthy locals, and Yalikavak is a cosmopolitan resort famed for its celebrity clientele. Other travelers and property buyers prefer the smaller, quainter Gumusluk with its back-to-nature lifestyle and wonderful scenery.
As with many areas of Turkey, there is something for all types of overseas property buyers, with property prices starting in the region of £75,000. To escape the tourists in Bodrum, head to Kargı beach, a sandy and gently sloping beach or venture on further to Bağla for some of the softest sand on the peninsula. Bodrum is particularly popular with boating enthusiasts and the early-morning flat calm makes for a great experience bay hopping in a gulet, the traditional boat in Bodrum. In terms of the property market, Bodrum has seen an increase in luxury new homes, for both the discerning buyer and keen sailors looking for waterfront access. Less than 10km away from Bodrum International Airport, Gulluk is set in a protected bay on the Aegean coast and will welcome a new marina in October 2015. Many experts are already referring to the area as the future ‘Portofino of Turkey’. Güllük Marina will have 350 berths for yachts from 15m-50m in length and will also include a boutique hotel, pool and restaurant.
Best of both: Antalya
Choose Antalya if you love the sun, beaches, have a penchant for history and archaeology, but also love the energy of being in a thriving city. Potential for capital appreciate remains high.
This combination of city and coast has led to an increase in the number of foreigners buying property in Antalya. In fact, according to the district’s Land Registry Cadaster, the number of foreigners living in the Mediterranean district of Alanya increased by 7.3 percent from the previous year to 34,532 by the end of 2014. Russian buyers are the most prolific, followed by Norwegians and Germans. In recent months, there has also been an increase in the number of houses being purchased by Middle Easterns.
Antalya offers stunning scenic views with rugged mountains, spectacular bays and pretty coves. Situated on the southernmost regions, it enjoys more days of sun per year than many other Turkish destination. Although it is a major city it has a unique advantage of having a wonderful coast also. This very modern city has an historic centre within the old city walls and over the recent years, many of the traditional wooden Ottoman mansions have been restored into boutique hotels.
Antalya is a vibrant city with an airport that is the second busiest in Turkey but to escape to the coast, the region includes Alanya, a beach resort that is popular with Scandinavians and an increasing number of British buyers. One of the best beaches in the area is Lara, famed for its golden sand. The pebble beach of Konyaaltı in the west is a scenic area and popular with those looking for a peaceful escape.
Antalya is a unique location for a property investment. In spite of good annual growth in prices and excellent rental yields in the summer months, a good stock of new properties has kept property prices from spiraling out of control. Instead, Antalya continues to be a good investment with a high potential for capital appreciation.