Appeal of Turkish Property Is Increasing to Overseas Investors

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.

French Ski Property Still Proving a Popular Option

The ski season is now getting underway, and many resorts have already opened. This has led to an increase in the number of buyers looking to purchase property in the French Alps for use this season. One reason for this is due to the declining value of the euro, which has been especially good for those buyers from the UK.

While many purchasers are choosing to finance their purchase with a French mortgage, as interest rates are currently extremely low, a considerable percentage is choosing to pay cash. The average purchase price is around €350,000 for a two-bedroom apartment, and transaction numbers are up by around 30% compared to this time last year.

Most buyers are looking for something with two bedrooms, but they are also interested in ease of access, and properties near to Geneva airport, or those offering a relatively short commute are proving to be pretty popular.

While some buyers are choosing to purchase freehold properties with the view to letting it out while it isn't being used, others are choosing leaseback properties as these can offer a hassle-free way of owning a holiday property while earning income.

However experts to point out that it is essential to view any property purchase in France as being a long-term proposition, and to choose a place with a view to owning it for at least 10 years. During the past year property prices in France have fallen by an average of 1.3%, and there's never been a better time to buy. France is perennially popular with tourists and is still benefiting from having a relatively stable economy, in spite of the continuing euro zone crisis.