Turkey is
becoming more alluring to UK buyers due to the current weakness of the pound,
which is making property in traditional European hotspots less appealing. There
are also a number of factors that could help boost the appeal of Turkish
property even further.
The world’s largest airport is currently
being planned for Istanbul, and the first phase will have capacity for 90
million passengers. It is expected the airport will be up and running by 2017.
Once fully completed the airport could have capacity for up to 150 million
passengers annually. The new airport is all part of the government's 2023 plan
which is a nationwide program of major projects due forcompletion in time for
the centenary of the Turkish Republic.
The largest airport in Turkey is
currently Ataturk in Istanbul, and it was the sixth busiest in Europe last
year. Turkish Airways is planning to introduce a number of new routes during
the next 12 months, and it's likely that Ataturk airport will be placed fifth
this year.
The appeal of Turkish property hasn't
gone unnoticed by major financial institutions, as Ernst & Young recently
ranked Turkey as being the second most attractive market for investment
property in Europe this year, while PricewaterhouseCoopers placed Istanbul
first for developing prospects. It is still possible to buy an apartment in and
Istanbul suburb for under £60,000.
At the moment Turkey is bidding to host
the 2020 Olympic and Paralympic games. If it were to win this would be a huge
boost for the property market as it would not only encourage more tourism, but
would also lead to increased foreign investment and global recognition.
