This has been fuelled largely by a growing tourist industry – nearly 30 million tourists visit Turkey annually – which is creating sustained demand for rental accommodation for working Turkish citizens.
House prices grew by 6% in 2010 and there is a shortage of homes across the country, especially in urban areas such as Istanbul, which are on the receiving end of massive internal migration.
Additionally, the process of buying a property in Turkey is very transparent and straightforward, with four simple steps: deposit, searches, military check and completion. Financing property in Turkey has recently become even easier with non-Turkish residents now able to finance their properties through Turkish banks.
Stuart Law, Chief Executive of Assetz, said:
"Turkey’s separation from the single currency has been an advantage during the global downturn. The property market is underpinned by a strong economy with a growing tourism sector, which can be converted into solid rental yields for investors.
"There is a high demand for good quality rented housing in Istanbul and surrounding areas, where the population is growing rapidly and there is a severe shortage of housing."
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