Investment in Turkey
The Turkish property market is witnessing the early stages of a massive boom triggered off by an important change in the law relating to the ownership of property by foreigners. This only happened at the end of 2002, but it has meant that prices have been rocketing ever since. As other Mediterranean countries rapidly become too expensive.
Prices rose by an average 60% over the last 22 months in the coastal areas. All indicators show that this is just the beginning and we expect prices to rise sharply for the next 5-10 years. This means that your slice of paradise will also be a lucrative investment. Rental incomes are also doing very well as more and more people are turning their backs on tour operators and large hotels in favour of organising their own holidays in their own space. Villas and apartments are built to the highest specifications.
Unlike places such as Spain, when you buy a property in Turkey nobody can take it away from you or make any claim on you unless this is registered at the land registry before you buy.
Mortgages are only available if you become a resident. Should you require funding then you should consider borrowing from a UK lender against the equity in your UK residence.
You can expect a rental income of between € 450 - 900 (£300 - 600) per week for a 3/4 detached villa with own or communal pool.