There has been a sharply growing demand for buying real estate in Turkey . As at the end of January 2005, the number of real properties owned by foreign nationals in Turkey reached approximately 51,000, 18.2% of which have been purchased by Britons. This figure is expected to rise by more than 6,000 each year and to double in the very near future. Foreign nationals are estimated to have spent more than USD1 billion in buying property in Turkey in 2004.

Since properties in other Mediterranean locations are too high and those markets are now saturated, Turkey is almost set to become a favourite destination to buy real estate. The advantages of buying property here, whether it's for a holiday home, a permanent home or just as an investment, can be split into two broad categories - economic and location:

Economic

Turkey is one of three OECD (Organisation for Economic Co-operation & Development) countries with the most competitive prices.

Property prices are steadily increasing and there is likely to be a significant difference between the acquisition cost and the money you will receive when the property is sold.

Property is likely to pay for itself within at most 8 - 12 years if it is rented out properly.

Factors likely to push future property prices up include:

• Plans to join the EU;
• 11 million tourists visit Turkey each year and this is expected to rise
• future projects including the creation of new area of sporting excellence, health tourism areas and international sporting events such as future Olympics, Formula 1 etc.

Location, location, location

•  Agreeable climate - hot and dry summers, mild and wet winters in the Aegean and Mediterranean areas.

• Plentiful beaches.
• Beautiful countryside and areas of outstanding natural beauty.
• Wide range of outdoor activities, sightseeing and historical places of interest.
• Low crime rate.
• Low cost of living.
• People in Turkey are warm and hospitable to all foreigners.
• The state is fair for all residents regardless of their religion, social background, ethnic origin, gender and culture.
• Suitable for people wishing to retire.
• Good job opportunities for qualified people who would like to either work in Turkey or establish their own enterprise.

Taking into account the above and the expected future developments in the property market, investment in real estate is highly likely to yield substantial gains for investors.