Buying A Property In Turkey

In the region of one million Britons take a holiday in Turkey annually, a figure that has grown year-on-year over the last decade. Approximately 73,000 Britons are registered as having bought locally. But should you buy there?

By Gordon Miller

The World Travel and Tourism Council has predicted that tourism will increase by around 5 per cent in the next 10 years, at a time when tourism is declining in many countries. Turkey's increased popularity can be attributed to greater accessibility - low cost airline Easyjet has begun to operate routes to Bodrum and Dalaman in the country's south east in the last couple of years, a cheaper cost of living than many other package holiday destinations, and an enviable climate, beautiful white sand beaches and turquoise waters the length of the Aegean and Mediterranean coasts that are considered by many to be among Europe's finest.

Second homebuyers have been attracted to Turkey primarily by the comparatively cheap property prices. It is possible to buy a one-bedroom apartment in Bodrum for as little as £35,000. Local agents claim the cheap property prices allied with a developing infrastructure position Turkey as a similar market to Spain's in the mid-1980s. Like Spain a couple of decades ago, the growing market has developed largely unchecked, which means a certain frontier approach to development has pervaded. Maybe not too late, legislation has been implemented to control overdevelopment in some coastal areas. An edict preventing construction within 100m of the shoreline is intended to prevent encroachment and the despoliation of one the country's greatest assets, its beaches.

Reliable house prices statistics are hard to come by in Turkey. Market indications are that house prices have slowed in the last 12 months, but have not fallen off a cliff like they have in many other European countries. Julian Walker, managing director of agents Spot Blue, said, 'Generally, yes they have slowed, but not in all areas and they have not been hit anywhere near as hard as the rest of the world, mainly because entry price so much lower many other locations.'

Spot Blue recommends prospective buyers should be cautious before buying property in Turkey and would be well-advised to take advantage of the due-diligence checks it has run on all developers it works with. Walker said, 'We have commissioned reports into all the developers' histories and reputations, as well as an opinion on how good a company they are and whether they can be trusted with our client's money. This isn't Spot Blue saying that people shouldn't do their own research before buying a property in Turkey. It is simply a process to make it a little easier by doing the due-diligence on the client's behalf.'