Overview of Property in Turkey
Turkey property has taken the world by storm all over again in the last 2 years. During the boom Turkey became a popular place to buy property, but it never really made mainstream popularity on a par with Spain for example — it was always hindered by the difficulties it faced to become an EU member.
Now being an EU member is not what it used to be and there are warrants in the argument for pulling back from it altogether, but Turkey is still stating its desire to join for the moment. As a direct result of the crisis, Turkey property now stands out as a good investment within a forlorn Europe, here are some of the hot reasons why Turkey is a favourite with investors.
Strong Stable Economy and Banking System
Since taking power in 2002 Erdogan has been paying down public debt, IMF debt and reforming the economy and banking system. In 2009 as Greece was forced to ask for a bailout from the IMF, emerging Turkey was able to give up its standby agreement with the body. What’s more, because of reforms made to the banking system in the wake of the Turkish financial crisis in 2002, it was able to stand firm against the crisis — although its small mortgage market also helped.
Turkey became the fastest growing economy in the world this year in Q1, and maintained it over the first six months with GDP growth of 10.2% year on year. This growth and stability now makes Turkey a veritable safe-haven for property investors. At the same time, unlike most countries, it is no more difficult to get a mortgage on property in Turkey, than it was before the crisis.
Growing Mortgage Market
As a result of all the economic growth, Turkish unemployment is falling and the population is growing rapidly in affluence. With this growth is growing demand for consumer credit. According to the Turkish Central Bank, the mortgage market grew by 25% in 2010 and similar growth is forecast for this year.
Growing Population
As well as growing rapidly in affluence, the Turkish population is also growing rapidly in numbers, especially in the big cities such as Istanbul, which are seeing natural growth and migratory growth, with people flooding in from within Turkey and around the world.
Growing Tourism
Turkish tourism has continued to grow during the financial crisis. According to the Turkish tourism ministry, while growth slowed in 2009 and 2010, as you can see from the table below (from Wikipedia), the latest official data shows it is increasing once again. According to the latest data from the Turkish tourism ministry growth is currently running at around 11% per year.
| Year | Arrivals |
|---|---|
| 1998 | 9,750,000 |
| 1999 | 7,460,000 |
| 2000 | 8,000,000 |
| 2001 | 10,400,000 |
| 2002 | 12,800,000 |
| 2003 | 13,300,000 |
| 2004 | 16,800,000 |
| 2005 | 21,200,000 |
| 2006 | 18,500,000 |
| 2007 | 23,340,911[3] |
| 2008 | 26,336,677[1] |
| 2009 | 27,077,114[1] |
| 2010 | 28,632,204[1] |
Soaring Demand for Turkish Property
The combined result of the growing economy, growing population, growing affluence, high liquidity, undervalued property, growing tourism and growing mortgage market is soaring demand for Turkish property to buy and rent. That is soaring domestic and international demand.
In fact, so great is the demand that developers cannot keep up. Demand is outstripping supply by a considerable margin in most locations, with the biggest shortfall in Istanbul, Izmir and Antalya, followed by the popular tourist locations.
Developments in Turkey
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The Brief
The Apollon Holiday Village is one of the biggest and the best resorts in Altinkum. Fact. Altinkum is famous in the overseas property world for the low prices of property. Wise Move Homes have capitalised on this low cost environment to build top quality properties at affordable prices in the Apollon Holiday Village resort development.
The quality of the Apollon Holiday Village is testified to by celebrity owners Ricky Gervais and Joe Calzaghe, who both bought after being impressed by the resort during inspection visits and are now extremely happy owners.
The Development in Brief:
- Built by trusted UK developer
- Phase 1 and 2 sold out, complete and fully operational
- Phase 3 complete and operational, a few key ready units remaining
- Phase 4 off plan opportunities very exciting
- Supervised by award winning site-manager
- Affordable luxury, fantastic location
- Incredible array of facilities and amenities on-site
The Development in More Detail:
You heard right. The Apollon Holiday Village is onto its 4th phase, with 3 highly successful phases under its belt. There are still a few units left in this Phase 3, and because phase 3 is completed all units are key ready, although the price doesn't reflect this.
Phase 1 and 2 already had an impressive array of facilities including: large bar and restaurant with Sky TV, two swimming pools totalling 360sqm, fully equipped gymnasium, Turkish bath and Sauna, crazy golf, barber and a supermarket for all your daily essentials. From day one the resort also had a reception housing the complex manager, offering rental management to property owners, a courtesy bus service ferrying guests to local beaches and attractions, and 24/7 Security.
Phase 3 added indoor and outdoor swimming pools totalling 1060sqm, a 100 seat restaurant, 100-seat kebab house, 100-seat pool side restaurant, and crown green bowling. In the form of conveniences and amenities Apollon phase 3 has a hairdresser and a launderette as well as offering shuttle services into town and to the beach, car rental and airport transfers.
With 70% of the Apollon Holiday Village now sold and built the developer is in the advantageous position of being able to make these offers available.
The Location:
The Apollon Holiday Village is situated on the outskirts of Altinkum, only ten minutes walk from the ruins of the Apollo Temple. Here you will find some of the best restaurants in the area, where you can enjoy an excellent meal and at the same time see the ancient ruins.
Why Altinkum?
Altinkum is rapidly growing into one of the top choices in Turkey to holiday or buy property. For proof of this growing popularity you need look no further than the closest airport in Bodrum, which is currently one of the fastest growing airports in Turkey in terms of passenger numbers. According to Anna.Aero passenger numbers through Bodrum airport grew 11% in 2010, to make it the 7th busiest airport in Turkey. Anna.Aero data for the first six months of this year shows growth averaging 13% year on year.
The best thing about growth in Bodrum airport, is that it brings new flights and increased accessibility. Bodrum airport is currently very easily accessible from the UK, including by budget airlines Easyjet, Jet2 and more.
Why would we assume that Altinkum was growing within that growth to Bodrum airport? Well for that we look to the town itself. The government is committed to improving this areas touristic appeal, and has invested heavily in the infrastructure to make it so.
The largest single investment was the building of Turkey's largest leisure marina, which was completed in 2009. The multi-million euro project screams glitz and glamour from its shops, to its cinemas and its heli-pads. The marina is one of many projects across Turkey, to build new or expand existing marinas, and ultimately to attract higher net-worth individuals into Turkish holidays.
The marina has been a massive boost to Altinkum, not least in the fact that it spurred news of four new 5 star hotels to be constructed in the area. The marina also kick-started a ferry service started to the Greek island of Kos, and a number of the major cruise liners have agreed to use the new marina as destination on their route.
As well as the marina, planning permission has just been given for the building of an 18 hole golf course on the outskirts of town, after various companies submitted tenders for the project and planned completion for the golf course is 2012/2013.
With this amount of investment and the arrival of budget flights there has never been a better time to invest in a property in the resort of Didim/Altinkum and where better than at the Apollon Holiday Village with 5 star facilities.
Specifications of Apollon Holiday Village
fitted kitchen units including cooker unit and extractor, decorative coving to all rooms with built in down lighters to the lounge and kitchen area, air conditioning in all rooms, tiled floors, PVC double glazing plus satellite TV and telephone points. All bathrooms are fully tiled and have toilet,shower and sink. The main bathrooms have Hilton style vanity units complete with mirror,shelves and cupboards, plus plumbing for the washing machine. Also fitted are toilet roll holder, towel hook,soap dish and mouth wash glass and holder. Hot water is provided by an electric boiler fitted in the main bathroom
Properties Available in Apollon Holiday Village
| BLOCK | FLOOR | BEDS | CODE | PRICE | AVAIL. | Enquire | Phase 2 |
|---|---|---|---|---|---|---|
| H | GROUND | 2 | HGF3 | £38,500 | Available | Make Enquiry | Phase 3 |
| A | 2nd/Roof | 3 | APH1 | £54,425 | Available | Make Enquiry |
| A | 2nd/Roof | 3 | APH5 | £57,425 | Available | Make Enquiry |
| B | GROUND | 3 | BGF3 | £44,000 | Available | Make Enquiry |
| B | 2nd/Roof | 3 | BPH1 | £50,425 | Available | Make Enquiry |
| B | 2nd/Roof | 3 | BPH6 | £53,425 | Available | Make Enquiry |
| C | 3RD/ROOF | 3 | CPH1 | £58,500 | Available | Make Enquiry |
| C | 3RD/ROOF | 3 | CPH2 | £58,500 | Available | Make Enquiry |
| C | 3RD/ROOF | 3 | CPH4 | £58,500 | Available | Make Enquiry |
| C | 3RD/ROOF | 3 | CPH6 | £55,425 | Available | Make Enquiry |
| J | GROUND | 3 | JGF1 | £47,875 | Available | Make Enquiry |
| J | GROUND | 3 | JGF4 | £46,375 | Available | Make Enquiry |
| J | 2ND | 3 | J2F4 | £47,250 | Available | Make Enquiry |
| J | 3RD/ROOF | 3 | JPH1 | £58,500 | Available | Make Enquiry |
| J | 3RD/ROOF | 3 | JPH6 | £58,500 | Available | Make Enquiry |
| J | 3RD/ROOF | 3 | JPH8 | £56,500 | Available | Make Enquiry |
| K | 2nd/Roof | 3 | KPH1 | £55,000 | Available | Make Enquiry |
| K | 2nd/Roof | 3 | KPH2 | £54,925 | Available | Make Enquiry |
| K | 2nd/Roof | 3 | KPH3 | £55,925 | Available | Make Enquiry |
| K | 2nd/Roof | 3 | KPH5 | £54,925 | Available | Make Enquiry |
| L | 2nd/Roof | 3 | LPH2 | £54,925 | Available | Make Enquiry |
| L | 2nd/Roof | 3 | LPH4 | £55,925 | Available | Make Enquiry |
| L | 2nd/Roof | 3 | LPH6 | £53,000 | Available | Make Enquiry |
| M | GROUND | 3 | MGF2 | £44,275 | Available | Make Enquiry |
| M | 2nd/Roof | 3 | MPH1 | £58,000 | Available | Make Enquiry |
| M | 2nd/Roof | 3 | MPH7 | £56,375 | Available | Make Enquiry |
| M | 2nd/Roof | 3 | MPH8 | £52,000 | Available | Make Enquiry |
| N | 2nd/Roof | 3 | NPH8 | £52,000 | Available | Make Enquiry |
| J | 2ND | 2 | J2F6 | £40,500 | Available | Make Enquiry |
| J | FIRST | 2 | JFF6 | £39,500 | Available | Make Enquiry |
| B | GROUND | 3 | BGF2 | £43,000 | Available | Make Enquiry | Phase 4 |
| D | GROUND | 1 | DGF1 | £30,000 | Available | Make Enquiry |
| D | GROUND | 1 | DGF2 | £27,500 | Available | Make Enquiry |
| D | FIRST | 1 | DFF10 | £27,125 | Available | Make Enquiry |
| D | 2ND | 1 | D2F2 | £28,250 | Available | Make Enquiry |
| D | 2ND | 1 | D2F8 | £25,750 | Available | Make Enquiry |
| D | 2ND | 1 | D2F10 | £27,500 | Available | Make Enquiry |
| D | 3RD/ROOF | 3 | DPH1 | £48,890 | Available | Make Enquiry |
| D | 3RD/ROOF | 3 | DPH3 | £51,890 | Available | Make Enquiry |
| D | 3RD/ROOF | 2 | DPH5 | £44,375 | Available | Make Enquiry |
| D | 3RD/ROOF | 3 | DPH6 | £50,890 | Available | Make Enquiry |
| D | 3RD/ROOF | 3 | DPH8 | £49,890 | Available | Make Enquiry |
| E | GROUND | 3 | EGF4 | £36,000 | Available | Make Enquiry |
| E | 3RD/ROOF | 3 | EPH2 | £50,725 | Available | Make Enquiry |
| F | FIRST | 3 | FFF3 | £41,000 | Available | Make Enquiry |
| F | 2ND | 3 | F2F2 | £42,000 | Available | Make Enquiry |
| F | 2ND | 3 | F2F3 | £41,500 | Available | Make Enquiry |
| F | 2ND | 3 | F2F4 | £40,500 | Available | Make Enquiry |
| F | 3RD/ROOF | 3 | FPH6 | £53,000 | Available | Make Enquiry |
| G | LOW/GRO | 4 | GDX1 | £51,875 | Available | Make Enquiry |
| G | LOW/GRO | 4 | GDX4 | £51,875 | Available | Make Enquiry |
| G | 3RD/ROOF | 3 | GPH1 | £53,375 | Available | Make Enquiry |
| G | 3RD/ROOF | 3 | GPH5 | £54,875 | Available | Make Enquiry |
| G | 3RD/ROOF | 3 | GPH6 | £53,375 | Available | Make Enquiry |
| H | GROUND | 3 | HGF1 | £41,275 | Available | Make Enquiry |
| H | LOW/GRO | 4 | HDX1 | £51,875 | Available | Make Enquiry |
| H | FIRST | 3 | HFF1 | £42,275 | Available | Make Enquiry |
| H | 3RD/ROOF | 3 | HPH1 | £53,375 | Available | Make Enquiry |
| H | 3RD/ROOF | 3 | HPH2 | £54,875 | Available | Make Enquiry |
| H | 3RD/ROOF | 3 | HPH5 | £54,875 | Available | Make Enquiry |
| H | 3RD/ROOF | 3 | HPH6 | £53,375 | Available | Make Enquiry |
| I | FIRST | 3 | IFF2 | £42,500 | Available | Make Enquiry |
| I | FIRST | 3 | IFF3 | £42,500 | Available | Make Enquiry |
| I | FIRST | 3 | IFF4 | £42,000 | Available | Make Enquiry |
| I | 2ND | 3 | I2F1 | £43,000 | Available | Make Enquiry |
| I | 2ND | 3 | I2F2 | £42,500 | Available | Make Enquiry |
| I | 2ND | 3 | I2F3 | £42,500 | Available | Make Enquiry |
| I | 2ND | 3 | I2F4 | £42,000 | Available | Make Enquiry |
| I | 3RD/ROOF | 3 | IPH1 | £51,875 | Available | Make Enquiry |
| I | 3RD/ROOF | 3 | IPH2 | £52,875 | Available | Make Enquiry |
| I | 3RD/ROOF | 3 | IPH3 | £52,875 | Available | Make Enquiry |
| I | 3RD/ROOF | 3 | IPH6 | £51,875 | Available | Make Enquiry |
| I | 3RD/ROOF | 3 | IPH8 | £52,875 | Available | Make Enquiry |
| F | 3RD/ROOF | 3 | FPH4 | £55,875 | Available | Make Enquiry |
| G | FIRST | 3 | GFF2 | £42,950 | Available | Make Enquiry |
| I | GROUND | 3 | IGF2 | £41,500 | Available | Make Enquiry |