Turkey

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Botanic Gardens

Two bedroom apartments from £58,700

Oasis Village

Two bedroom apartments from £72,523

Three bedroom apartments from £92,326

Three bedroom bungelows from £139,700

Three bedroom townhouses from £107,150

Four bedroom villas from £159,600

Sunset Beach

One bedroom apartments from £79,500

Two bedroom apartments from £123,000

Three bedroom apartments from £189,600

LAST VILLA - Five bedrooms, beachside £650,00

Area Information

Housing prices continued to rise strongly in Turkey in 2007, following very sharp rises in 2006. Exactly how much house prices have risen is hard to tell, as Turkey publishes no official house price statistics, nor do any private organizations of realtors publish statistics. However some developers along the coast have reported increases in excess of 15 - 25%.

With many new developments in progress along the coastline, the attractions of Turkey’s marvelous seashore and relatively low costs are seen to be unbeatable, once the initial fears have been overcome. In 2006, real estate purchases by foreign investors exceeded US$2.5 billion, having doubled in the past two years, and increased five times in four years.

A significant boost was given to the market by Law No 5444, adopted in December 2005, which amends Article 35 of Law No 2892, and allows foreign real persons or companies to buy up to 25,000 sq. m. of real estate for residence or business purposes, which can be inThe Islamist-based Justice and Development Party, which won a landslide victory in November 2002, has been a powerful force behind resolving many of Turkey’s long-standing economic problems.

Prime Minister Recep Tayyip Erdogan early identified EU entry as his government’s key priority. He presiding over reforms to the court system and increased freedom of speech, long restricted my military influence. But most importantly, the new government presided over dramatically better management of the economy.

For decades, Turkey has suffered annual inflation of 25% to 106% per annum. Runaway inflation was successfully brought down from a decade’s old double-digit levels to a more acceptable 8.2% in 2006, and 7.8% in 2007. Turkey has recently experienced a strong economic performance – a 5.8% growth in 2005, 8.9% in 2006 and 7.4% growth last year. Due to doubts expressed by EU countries such as France and Austria, analysts expect EU accession negotiations to be difficult and slow. However there is an expectation that Turkey could join the EU as early as 2015. Nevertheless, the attractions of the Turkish coast, its food, its natural beauty and its low costs, have sufficiently embedded themselves in the minds of Western Europeans that, whether EU membership materializes or not, there is no stopping Turkey’s upward momentum now.creased up to 30 hectares by the Council of Ministers. The new system introduced is much smoother than its predecessor. However, there are certain limitations: foreigners cannot buy lands of strategic importance, of religious or cultural importance, and must obey standard planning restrictions. But essentially property purchases are open to foreigners, on the basis of reciprocity, i.e., Turkish people must be entitled to purchase real property in the country of the foreign national buying property.

In addition, the domestic market is extremely vibrant. Domestic housing loans have risen from 2% of GDP two years ago, to 14.4% of GDP by end-December 2006. . The long-delayed mortgage law, which was introduced in the summer of 2007, will put further energy into the market.