29 January 2012

Turkey ‘a good target’ for property investors

Property investors may want to turn their attention to Turkey this year after one organisation claimed its real estate market will continue to exhibit strong growth in 2012.

According to Gem Invest, there are several locations that are ideal for investors hoping to purchase property in Turkey.

Istanbul was highlighted as a particularly good choice due to “rental yields in excess of eight per cent for smaller apartments”, the firm noted.

Other destinations to look out for include the coastal resorts of Fethiye and Antalya, with the company adding that Kalkan is an “outside bet” that may pay off.

Residential real estate assets in Turkey have experienced price growth during 2011, with the most recent figures from REIDIN.com revealing that, in December, values climbed by 0.89 per cent compared to November.

Istanbul performed above this national average, with house prices rising by 1.08 per cent in the same period, while Antalya was the best-performing location with values increasing by 1.27 per cent.

Over the course of the year, the cost of purchasing a home in Turkey has jumped by 7.77 per cent, according to the REIDIN.com figures, with Istanbul seeing prices up by 9.07 per cent during 2011.