The Times ; Property for £35,000 in Turkey
Turkey's Mediterranean coast provides an escape from our credit-crunch blues
Buying a holiday home may not be top of everyone's to-do list this summer, but a place on the Turkish coast can cost as little as £35,000. Tempted? An astute couple could acquire one with a small deposit and a credit card each: credit card companies are still offering 0percent interest for up to 15 months to those with good credit ratings.
Why is Turkey still so cheap? The country's economy is only just starting to mature and inflation has fallen considerably in the past few years. Low incomes and a predominantly cash-dominated economy have kept prices low, although these are beginning to rise. Prices are still well below the EU average, and since the Turkish property market was opened up to foreign buyers in 2003 British buyers have flooded into the popular cities such as Istanbul, and the south coast resorts of Antalya and Bodrum. These investors are expecting a big increase in property values if Turkey's negotiations for EU membership succeed.
It is hardly surprising that, according to Turkish Tourist Board estimates, 14 per cent of the 3,725,000 foreign tourists who visited Turkey on holiday in the first three months of the year stayed in their own homes. A further 9.8 per cent stayed in rented accommodation, which suggests that there is some demand for good buy-to-let properties in certain areas.
One such area is the beautiful Turquoise Coast in southwest Turkey, which stretches east along the Mediterranean from Bodrum. Nearly 1,600km long, it has sandy beaches, a perfect climate, friendly people and is sprinkled with charming towns and villages.
The £35,000 property is a 54 sq m, one-bedroom apartment in the Tuzla Park Resort, 25km from Bodrum and 4km from the beach. Overlooking Flamingo Lake and nestling in the hillside, the resort is made up of 282 one and two-bedroom apartments and three-bedroom houses. All have a living room, kitchen, en suite bedroom and large marble terrace. The 85sqm two-bed apartments start from £61,000 and the three-bedroom houses (170sqm) are on the market from £120,000.
The developer, Emrag Construction and Investment, is a local company that clearly knows the area. The site it has chosen is a ten-minute drive from the airport, and is opposite the new international Vita Park golf course, which offers two 18-hole courses. Beyond that is Tuzla Lake. This is perhaps one of the finest locations in Turkey. The lake and its ancient ruins are surrounded by mountains covered with olive groves, pine and tamarisk trees. Its wetlands are a nature reserve, home to pelicans, flamingos and white storks.
Bodrum is a 30-minute drive away and is a popular holiday destination for fashionable young Turks. There is a wide range of shops, including familiar names such as Marks & Spencer. However, the development is self-sufficient, with indoor and outdoor swimming pools, fitness centre with sauna, a children's playground and a tennis court, as well as a bar and restaurant. There will also be a regular shuttle service from the development to Bodrum and the beach.
Completion is planned for next May. Rental income should kick in almost immediately with the beginning of the summer season.
Emrag Construction & Investment: 00 90 252 374 6122, emrag.com
Emrag is offering three -night Viewing Trips at £99 per person (refundable upon purchase)
Fast facts
The Turkish economy is booming and with it demand for homes from locals and foreigners; the fledgeling mortgage industry has boosted the housing market.
The foreign exchange company FC Exchange says that demand is strong among British buyers who have ruled out Spain and Cyprus.
Hotspots include Bodrum, Fetiye, Antalya, Marmaris and other tourism centers, but there is also much investor interest in Istanbul, which suffers a dire shortage of homes
Buying a holiday home may not be top of everyone's to-do list this summer, but a place on the Turkish coast can cost as little as £35,000. Tempted? An astute couple could acquire one with a small deposit and a credit card each: credit card companies are still offering 0percent interest for up to 15 months to those with good credit ratings.
Why is Turkey still so cheap? The country's economy is only just starting to mature and inflation has fallen considerably in the past few years. Low incomes and a predominantly cash-dominated economy have kept prices low, although these are beginning to rise. Prices are still well below the EU average, and since the Turkish property market was opened up to foreign buyers in 2003 British buyers have flooded into the popular cities such as Istanbul, and the south coast resorts of Antalya and Bodrum. These investors are expecting a big increase in property values if Turkey's negotiations for EU membership succeed.
It is hardly surprising that, according to Turkish Tourist Board estimates, 14 per cent of the 3,725,000 foreign tourists who visited Turkey on holiday in the first three months of the year stayed in their own homes. A further 9.8 per cent stayed in rented accommodation, which suggests that there is some demand for good buy-to-let properties in certain areas.
One such area is the beautiful Turquoise Coast in southwest Turkey, which stretches east along the Mediterranean from Bodrum. Nearly 1,600km long, it has sandy beaches, a perfect climate, friendly people and is sprinkled with charming towns and villages.
The £35,000 property is a 54 sq m, one-bedroom apartment in the Tuzla Park Resort, 25km from Bodrum and 4km from the beach. Overlooking Flamingo Lake and nestling in the hillside, the resort is made up of 282 one and two-bedroom apartments and three-bedroom houses. All have a living room, kitchen, en suite bedroom and large marble terrace. The 85sqm two-bed apartments start from £61,000 and the three-bedroom houses (170sqm) are on the market from £120,000.
The developer, Emrag Construction and Investment, is a local company that clearly knows the area. The site it has chosen is a ten-minute drive from the airport, and is opposite the new international Vita Park golf course, which offers two 18-hole courses. Beyond that is Tuzla Lake. This is perhaps one of the finest locations in Turkey. The lake and its ancient ruins are surrounded by mountains covered with olive groves, pine and tamarisk trees. Its wetlands are a nature reserve, home to pelicans, flamingos and white storks.
Bodrum is a 30-minute drive away and is a popular holiday destination for fashionable young Turks. There is a wide range of shops, including familiar names such as Marks & Spencer. However, the development is self-sufficient, with indoor and outdoor swimming pools, fitness centre with sauna, a children's playground and a tennis court, as well as a bar and restaurant. There will also be a regular shuttle service from the development to Bodrum and the beach.
Completion is planned for next May. Rental income should kick in almost immediately with the beginning of the summer season.
Emrag Construction & Investment: 00 90 252 374 6122, emrag.com
Emrag is offering three -night Viewing Trips at £99 per person (refundable upon purchase)
Fast facts
The Turkish economy is booming and with it demand for homes from locals and foreigners; the fledgeling mortgage industry has boosted the housing market.
The foreign exchange company FC Exchange says that demand is strong among British buyers who have ruled out Spain and Cyprus.
Hotspots include Bodrum, Fetiye, Antalya, Marmaris and other tourism centers, but there is also much investor interest in Istanbul, which suffers a dire shortage of homes
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