2013 the year to buy in Turkey?

Wednesday, March 13, 2013

2013 the year to buy in Turkey?

Turkey's appeal to property investors has surged since the start of 2013, as the weaker pound makes the Eurozone unattractive to UK buyers, reports Julian Walker of Turkish property specialist Spot Blue.

He points to plans for the world's largest airport get under way in Istanbul Turkey's strengthening candidature for hosting the 2020 Olympic and Paralympic Games.

"Istanbul's third 'mega' airport is forecast to be operational by 2017, when it will have a capacity of 90 million passengers a year," he says.

"However, once complete, the new airport's six runways will be capable of handling 150 million passengers a year, more than any existing airport globally.

"While its creation around 37 miles north-west of the city-centre will strengthen Istanbul's bid for the 2020 Olympic Games, for which it is competing against Madrid and Tokyo, the new airport is part of the Turkish Government's longer term 2023 Master Plan - a nationwide programme of infrastructure developments due for completion in time for the centenary of the birth of the Turkish Republic in 2023.
Recently, accountancy firm Ernst & Young ranked Turkey the second most attractive market for investors in its 2013 'European Real Estate Trend Indicator' report and PricewaterhouseCoopers ranked Istanbul number one for 'Development Prospects' in its 2013 'Emerging Trends in Real Estate Europe' report."

Continued Julian Walker: "That you can still buy a new apartment in an Istanbul suburb for less than £60,000 seems incredible value, given that the city is already a cultural and commercial hub and has so much more potential thanks to the 2023 Master Plan. That Turkey was recently upgraded to investment grade by Fitch Ratings is reassuring too."

Turkey's largest airport currently is Atatürk in Istanbul, which was Europe's sixth busiest airport in 2012, recording more than 20 per cent year-on-year growth in passenger numbers.

Ambitious expansion plans by Turkey's national carrier, Turkish Airways, which by the end of June 2013 will have launched 30 new routes around the world within 12 months, means Atatürk is likely to overtake Madrid into fifth place during 2013. Antalya, gateway to Turkey's popular Mediterranean coast, is Turkey's second busiest airport.

Whether their Olympic bid is successful or not, Turkey's popularity as a tourist destination continues to grow each year.
Said Julian Walker: "It's comforting for people buying holiday homes in Turkey that in the most recent United Nations World Tourism Organisation report (2012), which ranks countries by the number of international tourist arrivals, Turkey climbed to sixth place from seventh. And in December, the UNWTO ranked the Mediterranean destination of Antalya as one of the five most popular tourist destinations in the world, on a par with Paris, London, New York and Singapore."

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