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Why Buy Property In Antalya, In Turkey?
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Turkey has attracted overseas investors for many years, a strong economy, affordable housing and stunning locations are just some of the reasons why. Turkey has developed advanced technology which means that constructors can build modern accommodation fast and to a very high standard and for attractive prices. The property management services in Turkey are excellent which means that furnishing a property, renting out and maintaining the buildings is hassle free. It all bodes well for investors.

Whilst the property market remains strong across Turkey, I would like to point out the advantages of buying in Antalya: a desirable location, economic factors, the local environment and simple buying process.

A desirable location

Antalya is situated in the Western part of the Turkish Mediterranean coast some people call 'a tourist Mecca'. It is blessed with an ideal Mediterranean climate, turquoise waters, a sizable city centre with a pretty harbour and central old quarter set within Roman walls. The area of Konyaalti, offers modern living and beach life. All this set within an impressive backdrop of the Taurus mountains. The international community of 24,000 Europeans and Russians demonstrates the charm of the city and contributes to the city’s life.

The property market in Antalya is also booming. For investors it is like a big supermarket offering stunning new developments and house re-sales. Affordable house prices combined with the high standard of living attract people from all over the world. In Antalya, 68,000 Euros goes a long way. It’s possible to have a state of the art two bedroom duplex flat with shared swimming pool for this level of investment. Prices do increase toward the sea-front areas but you can still get a great deal for your money.

The economy

Whilst Turkey has felt the impact of the struggling global economy the rate of growth remains high. In 2011, Turkey’s economy grew a faster than expected at 8.2 percent in the third quarter from a year earlier. Bloomberg reported that the 'central bank efforts to squeeze credit growth failed to damp the expansion.'

Tourism continues to do well. The Turkish Cypriot Minister of Tourism, Environment and Culture Ünal Üstel reported that ‘The year 2011 was a good year for our tourism.’ He said the number of tourists had reached a record number in 2011.

The local market

Because of the global recession, house prices in Antalya are good for investors as it’s proving to be a great time to negotiate. This is particularly true for those investing in new building projects. Construction companies need capital to develop and will offer much better rates of return than the banks. On completion, most buildings will already see a 20 to 30% increase in price.

Some property developers in Konyaalti have also pointed out that plots of land in Antalya are now running out. This is especially true in the prime locations near the beach. It all bodes well for the property investor as demand for housing is set to remain strong in years to come.

Simple buying process

The process of buying property in Turkey is not as complicated as some people think. Foreigners may purchase land and property in Turkey under their own names provided that properties are not located in restricted military zones. When buying a property, the new owner receives a "Title deed" (Tapu) in Turkish. Tapu is the official document proving ownership of a property and is issued by the Land Registry Office, who are authorised to transfer the title deed to your name. While payment schedules may vary between different developments or agent's requirements, a typical payment schedule will require a holding deposit, reservation payment and reminder later on. Holding deposits are often approximately Euro's, while reservation payments may vary between approximately 10% and 40% of the purchase price.

Also, it’s likely that in 2012 the process of buying property in Turkey will be even easier. This is because the current military clearance procedure, which vets land purchases in the country, maybe scraped. The new law will greatly improve the whole process of applying for and obtaining a Tapu. It will be much faster to buy property without the military check and investors will be saved around 500 to 700 Turkish Lira. Also it may mean that cash buyers can get their Tapu on the same day as the property purchase.

So affordable house prices, sunny beach locations and a simplified process of purchasing property will continue to attract property investors to the region. Most estate agents like Turkish Riviera Homes, one of the main estate agents in Antalya, will organise inspection trips for potential investors to visit the country and see for themselves.

I have met several overseas property buyers in Antalya recently, all of them seem quietly pleased with what they’ve done. In fact, the only dilemma facing the investor seems to be, should I rent, or keep it for myself? When it comes to Antalya, it's pretty hard not to fall in love.


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