Property Investment in Turkey:
A Rapidly Growing Land

 

Turkey has been increasingly gaining popularity as a venue for purchasing overseas investment property dues to its ideal location and climate, as well as its steadily growing economy. In past years Turkey was an underrated country for purchasing investment properties, but has been slowly noticed in recent years by individuals and / or groups looking to purchase some overseas property.

Climate

The country’s climate is varied, ranging from temperate in the regions near the beautiful Mediterranean coast, and below zero temperatures during the winter seasons in the inland areas.

Tourism

Istanbul, its largest city, has long been a top tourist destination due to its cultural and historical significance. Turkey was the base of the ancient Ottoman Empire and Byzantine Empire, the remnants of which are showcased in the country’s rich preservation of their ancient culture. Besides the tourists spots of the Sultan Ahmed Mosque (the "Blue Mosque"), the Topkapı Palace, the Hagia Sophia, , the Basilica Cistern, the Dolmabahçe Palace, the Galata Tower, the Pera Palas,  the Spice Bazaar, and the Grand Bazaar, Istanbul also has recently seen a boom in the shopping industry, which made it into one of the biggest shopping destinations in Europe, having malls like Metrocity and Cevahir cater to the more modern tastes of its visitors.

In other regions of the country, tourism revenue is mainly derived from the coastal resorts and destinations, as Turkey’s Mediterranean coast are considered to be one of the most beautiful in the world. There are also sightseeing and historical trips to destinations besides Istanbul, as the country values its cultural heritage and has preserved the legacies of their ancestors which now serve as prime tourist destinations.

There has been a steady increase of visitors and tourists to Turkey over the years, from more than 9 million in 1998, the number has increased to more than 30 million in 2008.

Economy

Economically, Turkey has also enjoyed steady growth, as both the agricultural and industrial aspects of the country enjoy a stable existence. They even have their own emerging automotive industry, which is 6th in the region. Both the import and export centers of the country are doing well, and with the growing economy, more and more are staring to recognize the potential of the country’s economy to grow more, and as such, more and more are starting to invest in overseas investment property in Turkey.

Investment Haven
Investment property and overseas property is slowly gaining ground in Turkey, as current laws are amenable to foreign ownership. In fact, billions of dollars have already been invested in Turkey’s real estate industry, and many more foreigners are following suit. Many see the potential of the country as a profitable venture, while some simply appreciate its beauty and the culture that they decide to purchase their own property there.

All in all, the steady growth of the country make it prime ground for foreign investments to grow and fully take root. The whole environment in the country is young and vibrant, and many opportunities are afoot for those who recognize the enterprise that property investment in Turkey presents.