Property Prices In Turkey Set To Increase With The Introduction Of The New Property Buying Laws.

Have prices dropped to their lowest point in the popular resort town of Alanya

, a question many would be overseas property buyers are now considering before returning to this previously booming property market. Back in 2005 the boom was in full swing mainly with British, Irish and Scandinavians, buying anything and everything it seemed and as result prices they doubled or even trebled in value and many were selling on and making 40 % profit after buying.

The market is very different these days with the impact of the financial crisis in the UK and particularly Ireland as well as the Scandinavian countries property buyers are not as eager and is Alanya now considered one of the most depressed markets in Turkey?

Although the prices are now lower than back in 2005 it is just not the lack of buyers to Alanya the main considerable affect are other property markets along the Mediterranean and Aegean coast. The old favourites are still performing well such as Bodrum and Antalya but the new markets such as those around Mersin and inland the freezone area of Gaziantep is attracting those looking to move to Turkey and do business as well as live. Down on the coast from Gaziantep is the coastal area of Hatay which has always been a tourist area but for the many locals and has the attraction of properties and areas like that of the popular and highly priced Kas and its close neighbour Kalkan, but without the price tags, although it has to be said may be still offer a more attractive proposition to the neighbouring Arabic countries.

The most active buyers from Europe at present appear to be the Germans which do not appear to have been as badly affected by the financial crisis or are of a different mind-set and although numbers are not high the few that are venturing into the real estate in Turkey are still favouring in the main Alanya and Antlaya and particularly large and expensive Villas in Bodrum,but increasing numbers are starting to look at the new property areas further along the coast.

The new buyers that are becoming increasingly active are the neighbouring Arabic countries which with the legislative changes will allow them to buy without the need to establish a Turkish company to do so. This new property Law which has now been ratified has seen a huge increase for real estate companies selling properties in Turkey.

Istanbul property for sale is still the favoured place for investors to look initially, that is genuine investors not those who buy a property in Turkey and rent out for 4 weeks a year who are really buying a holiday home in Bodrum or whichever part of Turkey they choose to buy in. There is nothing wrong in buying to have a holiday home in Turkey but it is just like anywhere in the world if you want the rental yields you cannot spend all the time there yourself and expect the returns.

Istanbul rental income is likely to increase as it has done for the last few years and over the coming year there is no reason to suggest it wont continue to do so.

Buy an Apartment in Istanbul is still the better option for investors provided they are in the right location, and this is critical as many invest and will never get the returns they are told or sold to be more precise on. Istanbul is like any other major city anywhere in the world, it has its locations where everyone wants to buy a property and parts where no one really wants to buy. An apartment in Taksim may be the most desired place to buy in Istanbul, until investors see the prices so more likely areas such as Esenyurt, Baheehir, Bykekmece on the outskirts and Pendik on the Asian side of Istanbul near the Sabiha Gokcen International Airport are usually more realistic locations in terms of price.

Other areas which are attracting the attention of property buyers are the locations previously mentioned of Hatay and Mersin with its relatively close proximity to the borders and countries of Lebanon, Syria, Iraq and Iran.

Property prices in general in Turkey are increasing, with the proviso the location and quality has to be right. It is a very different market today from the boom in 2005 when it has to be said some of the mass developments that sprung up were of shocking standards but served the purpose to take advantage of the many property buyers who didnt want to miss out!!! For those who felt they missed out the first time make sure you miss out again this time that is on the poor quality developments that are certain to spring up with the increase in property buyers in Turkey with this new property law.

by: property sun turkey

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