What will 2010 hold for Turkey?


The property market along the Turkish coast has certainly cooled since the heady pre-credit crunch days when excitement about EU entry, rocketing property values and new Turkish mortgages fuelled an unprecedented rush of British buyers to take the plunge into what was enthusiastically promoted by overseas estate agents as the ‘next big thing’.
But crisis or no financial crisis, Turkey’s pleasant Mediterranean climate, unspoilt scenery and low cost of living – factors which have attracted over 74,000 foreign property buyers, including more than 22,000 Britons – look set to begin drawing British property buyers in ever increasing numbers again in 2010.
Turkey has managed to weather the global slow-down fairly well. Due to strict regulations, the country’s banking sector has been spared the direct effects of the credit crunch and despite a major slowdown, the Turkish economy looks set to move out of recession next year.
Being outside the Eurozone, Turkish property represents excellent value for money, particularly as prices in most of the large resorts have dropped significantly since their peak in 2007.
“In what is now a buyer’s market, there are certainly some bargains to be found, although purchasers should still be looking for high-quality property, which will offer the best investment long-term,” says Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk. “Looking forward, there is much to be optimistic about and I expect a steady increase in market activity from spring 2010 as the tourist season starts, and global economic conditions and consumer confidence in the UK improve.”
The Turkish tourist industry has experienced remarkable growth over the past few years, particularly when compared with other Mediterranean destinations such as Spain. The country received more than 24 million international tourists in 2009 with year-on-year figures up despite the economic gloom. A record 2.1 million British tourists visited in the first 9 months of the year, making Turkey one of the top holiday destinations for Britons. Official forecasts are upbeat, with tourist arrivals expected to top 30 million in 2010 according to Ertugrul Gunay, the Turkish Culture and Tourism minister.
Investment is still being channelled into the development of the coastal areas, albeit at a slower pace, as part of government plans for Turkey to become one of the world’s top five tourist destinations by 2023. On the ground, this means new airports, roads, golf courses, marinas and hotels, which will widen the country’s appeal for property buyers, as well as tourists. The 600-berth Didim Marina, completed by Dogus Holdings in May 2009, is a good example, with new marinas opening in Cesme and Dalaman in the next few years.
Improving air access from the UK will be another important factor promoting the Turkish property market in 2010. Defying global economic turbulence, low-cost Turkish carrier Pegasus Airlines reported a doubling of passengers in 2009, with 17 flights from the UK to Turkey next year, including new direct services from London to Bodrum and Dalaman; Manchester to Antalya and Dalaman, and Birmingham to Antalya and Bodrum. Easyjet will be continuing its recently launched flights to Dalaman and Bodrum from London and Manchester next year. While Jet2.com has announced low cost seat-only flights to Dalaman from the airline’s new base at East Midlands Airport and Thomas Cook has added weekly flights from Exeter to Dalaman to its existing services.
Area focus – Dalaman
Dalaman is an area to watch in 2010 as it has avoided the over-development of the larger Turkish resorts. It has some wonderful scenery, great beaches and lots of activities, like white-water rafting, hot-springs, yachting and walking, which give it a broad appeal. The Dalaman Hilton Golf & Spa Resort, with its 18-hole course, is opening in the summer.
Easyjet (www.easyjet.com) and Pegasus ( www.flypgs.com ) fly into Dalaman’s large international airport from Gatwick and Manchester; with Flyglobespan (www.flyglobespan.com) operating weekly flights from Aberdeen, Edinburgh and Glasgow.
Curbanoglu, (Tel 0845 355 5625, www.curbanoglu.co.uk ) have apartments from £61,200 and villas and luxury bungalows with private pools from £136,000 in the beautiful rural area of Akkaya, which overlooks a lake and unspoilt mountains just 15 minutes from Dalaman town and the international airport. The unspoilt valley is being turned into an exclusive residential and holiday community with communal facilities including a stream-side restaurant and bar, indoor and outdoor pools, fitness centre, sauna, tennis courts – all spread over 100,000 acres of beautiful woodland and meadows.
For more information about Turkish property or to view a selection of the best Turkish property contact Buying in Turkey, Tel: 0845 351 3551, www.buyingin.co.uk
Notes for editors
Buying in Turkey
Buying in Turkey is the UK’s leading independent guide to buying and owning property in Turkey. First published in 2005, the 140-page guide has helped hundreds of people purchase villas, holiday apartments, investment properties and retirement homes in Turkey. Available for free download from www.buyingin.co.uk