As a Country the physical size of Turkey is the first thing that surprises Europeans, Turkey is huge – around half as large again as France. When it joins the EU in the next 10 years or so it will become the largest member state.
When it began its application for membership, it witnessed a flurry of foreign investment, particularly from Dubai, which will help boost its already fast-improving infrastructure.
With a steady increase in annual tourism, (Currently ranked In the top 10 holiday destinations) Turkey is experiencing an unprecedented level of international exposure and this, in turn is creating more tourist interest and increasing demand for Turkish property.
Turkey has been described as a “prime” destination for property investment. Turkey’s infrastructure has evolved to provide foreign buyers with the support and access necessary for development opportunities to become attractive. The Turkish government is focusing on developing the country’s tourist industry to reach 15% of its Gross Domestic Product by the year 2020.
The value of Turkish property is expected to appreciate in beachfront areas by as much as 30 to 50% initially, with forecasts for greater growth in the years ahead. Turkey’s infrastructure has made this destination more accessible, with new roads and enlarged airports being built and existing road and air routes being expanded
The increased investment will stimulate the Turkish economy and given their relatively modest starting point – capital growth rates should fare very well, particularly along the Aegean and Mediterranean coasts, where people are most likely to invest.
Turkey also offers some tax incentives that are of high interest to property investors, such as its regulations regarding capital gains tax. If you sell your property after five years from the original purchase date, there is no capital gains tax at all.