Turkey offers Real Estate Investment Prospects with New Projects
The Managing Director of Ideal Estates Abdurrahman Kaya stated that the Turkish real estate market has experienced rapid expansion over the past several years and has become a permanent fixture on the global real estate landscape, possibly at the expense of other, more traditional locations like Spain. In this article, we will discuss the Managing Directors Market Insight 2010.
73,000 foreign nationals have relocated to the non-eurozone country as a result of its favourable temperature, Aegean and Mediterranean coastlines, low cost of living, and ease of access to Europe, according to data from the Turkish Statistical Institute.
Nevertheless, the desire for vacation homes is not the only factor driving Turkey’s real estate boom – ccording to Abdurrahman Kaya CEO and Managing Director of Ideal Estates. Real estate investors are focusing on places that are developing quickly, like Alanya, where the considerable housing need offers opportunity.
Alanya’s Real Estate Market
“Alanya’s real estate market is successful because of supply and demand, plain and simple.” The existing housing stock has reached capacity as a result of the city’s rapid growth, with about 20,000 additional residents arriving each year to work or study.
According to estimates, through 2015, 25,000 new dwellings must be built annually to satisfy demand. This is mainly brought on by both local and foreign investment.
Abdurrahman Kaya continued, “Developers are now turning their attention to the thriving suburbs of Alanya, building modern, western-style homes aimed at meeting the demands of the burgeoning middle classes”. This is due to elevated market prices and the limited availability of land within the central business districts.
New complexes of apartments and duplexes offer a strategic location near motorway routes into central Alanya. 60 minutes from Antalya International Airport and 10 minutes walk from the city’s most well-known blue flag beaches.
Due to its proximity to centrum, and the advantages of services in the area, Alanya districts have strong growth possibilities. According to Mr Kaya, the population of these suburbs is predicted to increase by two times within five years. Further solidifying the ideal investment climate for growth and top-notch rental profits.
The modern-styled homes in these districts are planned to provide all contemporary comforts. These include top-notch on-site amenities like indoor-outdoor pools, fitness centres, hammams and saunas.
The Managing Directors Market Insight 2010, also notes that purchasing in Alanya is simple, with no restrictions on foreign ownership of property and up to 70% mortgage financing available, similar to other regions of Turkey.
These modern 1 bedroom apartments in high-quality Residences start at 45,000 Euro. These prices are predicted to rise by 15% over the next few years. Rental yields of up to 10% per year are also anticipated.