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Could Turkey be the new Spain?
28 December 2007
TURKEY is becoming increasingly popular with Brits buying abroad, with 17,000 homes now under UK ownership.
And with apartments costing as little as £20,000 and the sun shining for more than 300 days of the year, it’s easy to see why.
The trend shows no signs of letting up, with bargain hunters searching the Mediterranean and Aegean coasts for affordable places in golf and beach resorts.
And with massive investment in airports, hotels, marinas and tourist hotspots, some property experts are predicting Turkey could soon overtake Spain as Brits’ favourite spot for a holiday home.
The most popular area is the coastline between Kusadasi in the north and Alanya in the south-east, which includes the resorts of Bodrum, Marmaris and Izmir.
Michael Johns, of agents the Right Move Abroad, says: “Altinkum has the nicest beaches in Turkey and demand will only increase with two new golf courses planned in the area and a marina to be completed by 2009.”
There are also ambitious plans for Dalaman, including new golf and leisure resorts close to the airport.
One of the downsides of this popularity is that flights have been hard to find recently – although one of the major no-frills airlines is planning more routes to Turkey and a new international airport opens in Alanya next year.
Not everyone is talking up Turkey, however, and a few agents believe some resorts have the same problems as parts of Spain. There is already talk of oversupply in some areas, cheap-looking apartments and arrests of town officials for approving illegal planning permissions.
And when it comes to paying for your home, British buyers will find it far easier in Spain. Most who buy in Turkey either pay in cash or borrow from the equity on their UK home rather than take out a Turkish mortgage.
Things are set to get better, with a new mortgage law in Turkey opening the doors for British buyers to borrow money locally.
High prices on the Spanish Costas left Steve and Ann Jackson wondering where to buy a holiday villa… until friends told them to try Turkey.
“We’d never even thought of Turkey but when we got to Kusadasi we found the people really friendly and we loved the lifestyle,” says Ann. “It’s got a harbour, markets and one of the best sunsets I’ve seen.”
The article first appeared in the UK`s Sunday Mirror.
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