Is Turkey Becoming a Mainstream Overseas Property Destination?

We all love Mugla, although not all of us that love it actually know it. Mugla encapsulates several of Turkey’s top tourist resort towns/overseas property hotspots, places loved …

We all love Mugla, although not all of us that love it actually know it. Mugla encapsulates several of Turkey’s top tourist resort towns/overseas property hotspots, places loved by many, but not so many of whom know Turkey’s provincial divides.

Mugla has just been ranked 5th in the Top Trending Regions (regions receiving more than 100 searches per day) table in the Rightmove Overseas Search report for May. What’s more searches for Mugla property were up 27.02% on the month, making it the 7th fastest growing of the top trending regions as well. This shows that Turkey is really becoming a mainstream overseas property destination, as oppose to a fringe emerging market, along with the likes of Albania and Cambodia.

Turkey currently has the fastest growing economy in Europe, as well as one of the fastest growing and most stable economies in the world complete with a low budget deficit. Tourism is booming, and liquidity is high enough to support 20 – 25 percent growth in the mortgage market each year (according to the Central Bank). Also, Turkey has stood free of IMF assistance since 2010, having paid down debt for almost a decade, while many EU countries are now being bailed out by the fund, having run up debts during the same period.

According to numerous reports, this economic growth and prosperity has been increasing the popularity of Turkish property with buyers from around the world. However, this is the first time we have seen such a prominent position for a Turkish region in the Rightmove search data, especially in the top trending regions chart.

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Rightmove is the biggest property website in Britain, Brits are among the biggest buyers of overseas property in Europe, Mugla is the most popular region in Turkey, and now Mugla property is a top search on Rightmove. You do the math; this is perhaps the most definitive proof that Turkey is becoming popular as a mainstream and established place to buy a second home or investment property abroad.

Leading Mugla’s popularity is Bodrum, Fethiye, Dalaman and Olu Deniz. Olu Deniz is a small coastal town best known for its gorgeous coastal bay and the blue lagoon it surrounds, set against a pine-forest-filled mountain backdrop; a paradise that is not only one of the most beautiful places in Turkey, but in the world as well according to numerous travel journals.

Unfortunately (for property buyers and tourists) Olu Deniz is so beautiful that the government has designated it a national park, and you will very rarely see property coming up for sale or rent in Olu Deniz.

Enter Fethiye just 10 minutes away. Fethiye is a popular and well established tourist town in its own right. Sun, sea, sand and plenty of shops, bars and restaurants make it a perfect family holiday spot, with the beauty of Olu Deniz just a short drive away. Thankfully there is plenty of Fethiye property for sale and to let.

Dalaman is just an hour away by car from both Olu Deniz and Fethiye, and has its own international airport, which is well served, and brings in tourists headed for all three places. Not to be outdone, Dalaman is also a top tourist resort town, in fact in 2008 it was ranked number one destination for Brits in a chart by the Association of British Travel Agents.

Speaking of well served international airports, last but not least Bodrum also has its own well served international airport. It obviously offers the same core offering as those above, plenty of sun, sea and sand, but it has more nightlife than those mentioned above tend to. Bodrum is popular as a family destination, but also as a Club 18-30 spot.

According to Anna.Aero Bodrum International Airport traffic grew 11% in 2010 compared to 2009, making it the seventh busiest airport in Turkey. Some 62% of the traffic was international, with 1.9 million passengers a growth of 6% on 2009. Also significant is the fact that 45% of the international traffic was British passengers.

Ultimately overseas property buyers are nearly almost driven by tourism, because it is not a good idea to leave a home unattended, so even holiday home buyers are looking at renting their properties out. Turkish tourism has been growing consistently even during the crash, and hopes for 31 million visitors this year do not look unrealistic after the 20% year on year growth recorded in Q1. This will no doubt continue to increase Turkey’s popularity with overseas property buyers, and the more people buy the more mainstream it will become.
 

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