Innovative land & property investments
Turkey Property Investment News
"Impressive" potential in Turkey
The growth potential of the Turkish property market has been praised in a recent global report.
The country received a three-star rating in the latest Global Property Guide (GPG) study and was labelled a "South European winner".
With strong GDP growth, increased political stability and no capital gains tax for properties owned for more than four years, the market offers great opportunities for both long-term investment and lucrative buy-to-let purchases.
The GPG report said: "Properties in central Istanbul offer gross rental returns (yields) of 6% to 7.6%, while yields in coastal areas can be higher (but are predominantly seasonal).
"The domestic market is extremely vibrant. Domestic housing loans have risen from 2% of GDP two years ago, to 14.4% of GDP by end-December 2006."
It added: "Last year, real estate purchases by foreign investors exceeded US$2.5 million, having doubled in the past two years, and increased five times in four years."
The Turkish ministry of culture and tourism recently claimed that the country's geothermal potential - with over 1,500 geothermal resources, it is ranked first in Europe - attracting substantial revenue from medical tourists.
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