The fifth most attractive property market in the world, noting that the number of overseas property purchases in Turkey rose by 78 percent in the first half of 2013, with İstanbul leading the way…
A recent report prepared by British daily the Telegraph ranked Turkey the fifth most attractive property market in the world, noting that the number of overseas property purchases in Turkey rose by 78 percent in the first half of 2013, with İstanbul leading the way.
In the report, Julian Walker of Spot Blue International Property said: “Most of our clients who were interested in buying Turkish properties used to be British. Now we are seeing a lot of buyers from the Middle East, who view the country as a safe place to invest.” The report gave an example that a one-bedroom apartment in the Bahçeşehir neighborhood of İstanbul costs 63,000 euros.
Noting that the global market has been reviving in the past few years and that British citizens have a habit of investing in the sun in order to spend their vacations there, which can be turned into investment later on, the report underlined that even though investing in overseas property always comes with risks, “There are a number of destinations where investing now looks far more attractive than 12 months ago.”
The report selected 20 hotspots where people can make property investments at a good value in 2014. In the list, Barcelona in Spain was ranked number one. Alex Vaughan of Lucas Fox reported that the sales turnover is up by 250 percent compared to a year ago as “the Spanish government is wooing overseas buyers, and stylish two-bedroom apartments in classic buildings are available for about £400,000.” Second on the list was the French Riviera, affected greatly by the government’s move to cut down the capital gains tax by 25 percent. Tim Swannie of Home Hunts said in the report that “the top end of the market will certainly continue to flourish, and we have seen a surge in inquiries for St Tropez, Cap d’Antibes and Cap Ferrat.”
Grenada in the Caribbean, ranking third in the list, was recommended by Ray Withers of Property Frontiers, who stated, “The government is about to introduce a Citizenship by Investment scheme, which should attract a new wave of wealthy buyers.” Coming after Grenada, Italy’s Tuscany was also in the top five, where, according to the report, “there is demand for well-located pieds-à-terre, and some favorable tweaks to the Italian tax system kick in this year,” despite the flat market in recent years.