Turkey is considered the new Spain as far as investing is concerned. While Spain still holds first place, according to A Place in the Sun Magazine, Turkey has made third place as the most attractive property investment location. It is following the same economic pattern for growth as Spain did some years ago and presently the opportunity to purchase cheap property is great. And of course, both countries lie on the Mediterranean Sea, which makes their properties highly desirable. Therefore, anywhere on the Mediterranean Sea will most likely be considered a hot spot when investing in Turkey.
Specific cities that are considered the best places to invest in Turkey are:
Dalaman – Although sometimes described as a coastal city, Dalaman is more accurately inland several miles. Still virgin and undeveloped, it nonetheless has an airport making it easy to access, and at the same time the property prices are low compared to other areas of the coast. This is an advantage when investing because at some point, the city may see more tourists look for new areas to discover.
Additionally, there are plans for a new marina and golf course and more restaurants are being opened on a regular basis. The city has the location and beauty to become a fine vacation destination or retirement area that makes investment appealing. The city is very close to other tourist areas and regardless of whether the city itself becomes a tourist area; investment would benefit since the city could become a bedroom community serving the other destinations.
Istanbul – One would not expect investment to be profitable or even appealing in Istanbul. Being the largest of cities in Turkey and a metropolitan area already developed for many years, investment should be low. And that is the problem, investors have not realized the potential in Istanbul. It has been erroneously overlooked as a viable investment location. Research has shown that the city has not kept up with current population trends and as a result housing is in demand. In addition to the local population growing in large numbers, more tourists than ever are visiting Istanbul but the investors have not reacted to either of these facts. Chronic shortages of housing units provide a desirable market for investment.
Bodrum Peninsula – Yalikavak, Gundogen, Golturkbuku and Turgutreis are all cities within this area that warrant consideration when investing. Because of the airport, more travelers are visiting the Bodrum region. According to travel statistics, as many as seventy percent of Turkey’s tourists travel to Bodrum which means properties are continually in demand. Additionally, the nightlife has become the “in” place for many young people and Turkish celebrities. Bodrum is considered the spot for the elite.
Altinkum – A very small town with a population of under six thousand residents, this is a highly desirable investment community as up until recently one was not able to purchase property here. Although prices are increasing, they are still considerably cheaper than other areas and make a good investment. British, Dutch and Turkish vacationers converge upon this town in the summer and thus, there is room for much development.