Property hot spots in Turkey: where to buy

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Compare Money Transfer recently published an article detailing the new property laws in Turkey, which are poised to facilitate foreign investment.

The former reciprocity ruling has recently been ditched, meaning that all overseas investors can purchase property in Turkey, rather than just those who hail from a country which permits Turkish nationals to buy property there.

The new laws, coupled with the fact that the country lies outside the euro, are giving Turkey’s property market a welcome boost.

Maureen Madden, a property investment consultant, implied that there is no time like the present for would-be buyers interested in Turkey.

“Inflation has fallen in the past few years with low incomes and a predominantly cash-dominated economy keeping property prices low, although these are now starting to rise, with the perception that the country’s economy is on course for bigger and better things,” she told The Daily Telegraph.

The fresh wave of interest in the country is likely to push up property price tags – although local property agent, Cindy Uriona, said that a bargain can still be snapped up in number of regions.

“The upscale waterfront districts of Bebek, Emirgan and Yenikoy offer huge potential with properties selling for 20-30 per cent less than before the recession hit.

“Bebek for example, has a great selection of traditional villas and remodelled townhouses. A three-bed apartment in a converted yali (an original 19th-century mansion) can be picked up for around £275,000,” she commented.

Most British property owners in Turkey live in the popular tourist areas of Taksim, Macka and Beyoglu.

But according to The Daily Telegraph, revamped residential zones are appearing around the city’s historic old quarter, and new-build resorts are springing up in the suburbs in order to attract foreign buyers looking to cash in before the inevitable price rise.

If you want to transfer money to Turkey – something you will need to do if you are planning on buying a property there – it can prove beneficial to think carefully about how you will approach currency transfers.

Remember to compare the market before buying your overseas currency to ensure you get the best deal and find the cheapest way to send money abroad online.

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Property hot spots in Turkey: where to buy

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