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Turkey voted Frommers favourite for 2012
November 7, 2011Article by Ray Withers
Where do travellers want to visit next year? According to the leading guidebook publisher and travel website Frommers, 51% of readers quizzed about their top destinations to visit in 2012 voted in favour of Turkey.
Amongst a list of 10 destinations compiled by Frommers, Turkey was announced as the reader’s top destination to visit in 2012, despite being up against strong contenders such as Paris, Italy and Hawaii.
Described as a Frommers ‘favourite’ since the publication of Turkey on $5 a Day in 1971, the nation’s economic powerhouse, Istanbul, has been marked as one of the world’s most cosmopolitan cities as well as one ‘packed with a rich Byzantine history, divine architecture, fantastic street food, and one-of-a-kind shopping.’
Ray Withers, Director of Turkish property investment experts Property Frontiers comments,
“With Turkey becoming one of the biggest success stories of late having emerged as a sound economic marketplace underpinned by an already thriving tourism industry, positive acclaim from a leading and trusted source such as Frommers will certainly help propel the nation even further, much to the delight of foreign property investors.”
Further positive news arrives from the latest REIDIN.com index which has revealed that Turkey has experienced an increase in the value of residential property with average house prices rising by 0.73% in September 2011 compared to the previous month, while rental values jumped by 0.90% across the same period.
Meanwhile, the Turkish construction sector has grown by 13.2% in the second quarter of 2011 according to data released by the Association of Real Estate Investment Companies (GYODER) with property sales reaching 107,308 in the country in the second quarter of 2011, an increase of 17.8% over the first quarter.
With Turkey ranked in seventh place in the list of most-visited global destinations, according to the UN World Tourism Organization (UNWTO), the Turkish government has revealed that foreigners invested in excess of $1.3 billion in the Turkish property market last year, thanks to heightened confidence in the market.
With this in mind, the projected demand of 2.9 million houses by 2015 has led investors into the lucrative Buy-to-Let world where there is high demand for good quality rented housing in Istanbul and surrounding areas with Property Frontiers recognising the growing potential of Istanbul as a lucrative property investment hub.
Located in the western suburb of Beylikduzu, one of the fastest growing areas presenting not only one of the best opportunities for property investment but cheaper property price tags than the rest of Europe, the spacious 1 and 2 bedroom luxurious modern apartments of Kensington Residence, affording immediate and guaranteed rental income at 7% for 2 years, will present tremendously good value for money with an investment of only £17,325 required for a 1 bedroom and £30,450 for a 2 bedroom apartment based on the investor utilising 70% LTV finance.
On the other hand, those looking to invest in a key asset class in the proven market of Istanbul can look no further than the booming student accommodation sector.
With University Dormitories and Government Funded Dormitories accounting for only 12.7% of rising student housing demand, a shortfall of housing stock for around 254,000 students has emerged and the new student accommodation development HAN Florya, located in the booming western suburb of Küçükçekmece, will provide an optimum opportunity to capitalise on the growing demand for student housing offering a secure high yielding low level investment starting at £14,965 with no buying, ongoing maintenance or management costs while investors can enjoy a guaranteed NET yield of 10% per annum.
For more information on investing in the Frommers favourite, please contact the experts Property Frontiers today on +44 (0) 1865 202 700.