The Turkish property market has received a boost this week from the Turkish parliament. The ‘reciprocity law’ had restricted the purchase of homes in Turkey to citizens of those countries that allowed Turkish citizens to buy in their countries on the same terms. This opens up the Turkish market to buyers from the Middle East, Russia and Central Asia. This is likely to mean that there is an influx of new buyers, pushing up prices. The change in the law is expected to bring around $5 billion dollars of investment cash into the country. Russian buyers in particular have come to be major players in some other markets, and so may come to play a major part in Turkey too.
What does this mean for British buyers and owners in Turkey? If prices are likely to rise soon, then this could be just the right time to snap up a bargain before they do. That said, there is no reason to panic: prices in Turkey are still low in most areas, and even if prices rise, it should still be possible to pick up a bargain home.
Turkey is an attractive place to buy for many reasons. For those thinking of moving overseas, the low living costs and year-round sunshine are a big draw, with costs only around half what they are in the UK. For those who want to use their property as a holiday home (whether to rent out, for their own use, or both), Turkey has plenty of choice of different kinds of resorts and regular budget flights from the UK. You’ll find big, busy resorts with plenty of bars if that’s your thing: take a look at Gumbet or Bodrum, or the fast-growing Altinkum. If you want a more Turkish experience, try the upmarket Kalkan, or Akyaka, a popular resort with Turkish holidaymakers.
As you would wherever you choose to buy overseas, it pays to take some sensible precautions when buying in Turkey. Remember to get covered with holiday home insurance and make sure you get solid legal and financial advice when buying.