Big changes
Turkey has every right to sing its praises. The previously nondescript real estate market, which regularly supplied inexpensive housing to the growing urban population, has changed radically since in 2003 foreigners were granted the right to own real estate in Turkey. Further liberalization of the laws governing property rights was developed in 2005 with the support of the IMF and implemented in 2006, when negotiations on the country's accession to the EU began.
"Turkey's improving economic situation portends high returns for investors," says Catherine Walker of Turkish Homes. "In addition, the country is currently experiencing the lowest inflation rate since the mid–1970s, and a completely new, well-regulated mortgage lending system is being introduced." EU subsidies for infrastructure development, which amount to up to 7 billion euros, cannot but cause optimism.
More than 50,000 foreigners already own homes in Turkish resorts, most of them British. Due to this circumstance, the real estate market, focused on investors from abroad, largely depends on the geography of budget airlines. Direct cheap flights from the UK to Istanbul, Bodrum and Izmir on the Aegean Sea, as well as to Dalaman and Antalya on the Mediterranean Sea make these regions the most popular for Britons and contribute to price increases. Russians traditionally prefer to relax on the Mediterranean coast, where numerous charter flights depart at any time of the year.
The interest of foreigners in Turkish real estate is closely connected with the rapid development of tourism, which is considered the most profitable export item in the country. For investors, the trend of recent years is very important, according to which more and more vacationers are opting for autonomous tourism. If before 2000 70% of tourists stayed in hotels, now it has become more popular to rent housing from private individuals.
Antalya and surroundings
The main part of the flow of tourists falls on the southern coast of Turkey, bathed in sunlight. The resort capital of the Mediterranean is, of course, Antalya. "Both lovers of the sun and beaches like this city, as well as connoisseurs of culture," says Rebecca Joy from Aqua Vista Property. The cost of housing here is constantly growing. Stylish one-bedroom apartments in the heart of the city are in great demand for 100,000 euros, while three-bedroom apartments with sea views in the Konyaalti beach area cost from 65,000 euros. Estates Turkey is selling a small complex of 24 apartments called Citrus Garden, located in an orange grove. Each of the apartments has two bedrooms, a satellite dish and an Internet line, and the complex itself has its own bus to the beach. The cost of apartments starts from 49,000 euros.
If in Antalya the main type of real estate offered for sale is apartments, then Belek, located just 20 minutes away. drive from Antalya airport, rather known as a favorite place of the owners of mansions, as well as golf fans. The center of Belek is more suitable for tourists, while its suburbs are for real estate buyers. One of the cozy, newly built resorts is Cleopatra Court, designed for family holidays. The complex has a swimming pool, a children's playground and is located near two golf courses. Two- and three-bedroom apartments in Cleopatra Court cost from 104,000 euros and are offered for sale by the agency Properties Alanya.
Lycian World
The South Dalaman region, stretching from Antalya to Marmaris, has recently attracted special attention of investors due to the opening of international flights at the local airport, as well as the construction of the Gocek Tunnel, which reduces the travel time on the Mugla–Fethiye road by about half an hour.
Property buyers are particularly attracted to the quiet suburbs of Fethiye, such as Karagozler and Taskaya, where standard apartments can be purchased for just 65,000 euros. In addition, interest has spread to the satellite cities of Calis, Uzmulu, and Hisaronu. For those who like to feel closer to nature, we can recommend the Olu Deniz Bay with its gray-white beach and bright blue water.
Ovacik Sidyma, a small complex located in Hisaronu, consists of only 12 double and built houses surrounded by a picturesque garden, and has a communal swimming pool. All houses have an open-plan layout, with exclusive kitchens and bathrooms. Real estate prices start from 100,000 euros.
The Lycian coast, which includes the already mentioned city of Fethiye and Marmaris, generally gives real estate buyers the opportunity to find beautiful and not too crowded places. So, due to its location surrounded by fairly high mountains, the small town of Kas is free from huge crowds of tourists and annoying commerce. Perhaps that is why real estate is in demand here and is growing in price by an average of 20-25% per year. "A small townhouse costs about 120,000 here, and a two–bedroom apartment is much cheaper – about 75,000," says Mustafa Fuat Khan, managing director of Aura Estates. – The demand for seasonal rental of real estate is on the rise, which brings significant profits to investors renting out their property." In the agency's catalogues, you can find outstanding offers, for example, a traditional house located on the Cucurbag peninsula, having a plot of land of 700 sq. m. m and worth only 70,000 euros.
Another city undervalued by real estate buyers so far is Kalkan, which has escaped the tourist boom largely due to the strict environmental regulations adopted here. Typical village houses with shutters and overhanging balconies, spiral streets descending to a cozy harbor – all this makes Kalkan extremely cute. Real estate prices have doubled here over the past two years, while the choice of objects is quite large. These are newly built mansions, apartments equipped with the latest technology, and traditional restored houses. However, with the rise in land prices, multifunctional complexes of apartments/mansions are becoming more and more fashionable. Aura Estates offers a traditional two-bedroom house with a cherry orchard located in the surrounding Islamar hills and offering panoramic sea views for $65,000.
Apartments in endless blue
Called by Homer "the land of endless blue", Bodrum remains one of the most attractive Turkish resorts. The British are especially fond of it, preferring this peninsula to all other regions of Turkey. Recently adopted local town-planning regulations limiting the height of new complexes under construction to two floors have been approved by both locals and tourists. "Bodrum has its own airport, which guarantees a high seasonal influx of tourists,– says Victoria Ward of Aqua Vista Property. "The increase in the number of modern complexes and the construction of several golf courses should have a positive impact on the real estate market."
Prices for Bodrum real estate are slightly higher than in Antalya and start from 70,000 for one–bedroom apartments and from 100,000 for two-bedroom apartments. One of the most successful current projects is the luxury village Bargylia, which has its own access to the water. It is designed for investors who are looking for a more relaxed and measured lifestyle near the city. Prices for two-bedroom apartments start from 90,000. Very close, in the neighboring Gumbet, the Real Estate firm Bodrum offers one of two charming two-storey mansions with a common wall, for only 110,000 euros.
One of the greenest places in the north-west of the peninsula, the port city of Yalikavak, is a marina for both a flotilla of small fishing boats and ocean yachts. Only pedestrian traffic is allowed in the city center, and cozy bars and restaurants are filled with an atmosphere of tranquility. There are very few new buildings here, so few offers are quite expensive – apartments with an area of 65 sq. m. apartments in one of the modern complexes cost from 117 000 euros.
An alternative to Bodrum is the resort town of Altinkum, also located on the Aegean coast. For the northern part of the city, which overlooks the Greek islands, a special government plan has been developed to support tourism, which provides for the construction of a yacht parking lot, a golf course and luxury hotels. "Property prices here are 20-25% higher than in Bodrum," says Kieran Weekly from Select Property, "and besides, there is a wonderful selection of properties with sea views." Studio apartments inАлтынкуме можно приобрести на стадии off-plan начиная от 40 000 евро, а скромный особняк будет стоить около 120 000 евро.
Столичный размах
Стамбулу, еще недавно имевшему славу простого, без особых излишеств города, похоже, предопределена судьба направления, которое скоро станет очень модным. Самое большое достоинство Стамбула, соединяющего Европу и Азию, – это разнообразие. Старинные мечети и рынки соседствуют с дизайнерскими бутиками и модными кафе, а соседние Принцевы острова вносят оттенок спокойствия в эту живую, пульсирующую атмосферу. «Нехватка высококлассных объектов вкупе с высоким спросом на жилье со стороны иностранцев привела к резкому росту стоимости недвижимости», – говорит Али Оцтюрк из компании Regnum Homes.
Сейчас особый интерес инвесторов прикован сразу к нескольким районам Стамбула – Бешикташу (Besiktas), Этилеру (Etiler), Маслаку (Maslak), Улусу (Ulus), а также Бебеку (Bebek). В последних двух районах огромен выбор классических особняков. «Примерно за 50 000 евро можно приобрести апартаменты с одной спальней в отдаленном районе, – добавляет Оцтюрк, – но если вы хотите купить что-нибудь в центральном районе, вам придется добавить еще 50 000 евро».
Один из самых модных и престижных современных проектов в Стамбуле – охраняемая резиденция Elitkent. Она расположена в престижном пригороде Бахчешехир (Bahcesehir), апартаменты с двумя спальнями можно приобрести здесь примерно за 85 000 евро, а особняк с четырьмя спальнями обойдется в 115 000 евро. Комплекс располагает закрытыми плавательными бассейнами, стадионом и современнейшим спортивным залом.
