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Turkish Delight: With A 30% Increase In Russian Visitors This Year, Turkey Is Fast Becoming A Hotspot For Savvy Russian Property Investors
October 13, 2011Article by Ray Withers
Russians are currently one of the most active global players when it comes to property purchases searching not only for sun, sea and sandy beaches but for strong and stable economies where their rubles can stretch far and wide.
Of course, it will come as no surprise that Turkey, where visa -ree travel now exists for Russians is one of the country’s favourite holiday as well as second home locations, becoming the number one destination favoured by Russian tourists according to search engine Yandex.
Currently, Russian tourists constitute the largest percentage of visitors on southern Turkish holidays having seen a 30% increase in visitors this year compared to 2010 with 13.03 million Russians visiting Turkey between Jan and June this year, climbing 12.58% compared to 2010 according to the Turkish Culture and Tourism Ministry.
A survey conducted by the Russian magazine International Residence at Moscow’s leading property show this year which surveyed 499 Russian property buyers revealed that the majority surveyed wished to buy Turkish apartments within the next 12 months with 53% saying they were buying property there for lifestyle reasons while holiday home or rental purposes appeared a popular choice also. The survey also found that 40% of buyers were looking to spend between 100,000 Euros and 250,000 Euros, a higher percentage than has been seen at previous shows.
Ray Withers, Director of Turkish property investment experts, Property Frontiers, comments, “Russians were voted the most desirable shoppers by Turkish shops, hardly surprising when they spend a total of $3 billion a year within the country. And, considering 25 million Russian tourists are expected to visit Turkey this year, this spells very good news for the already booming Turkish economy experiencing 11% GDP growth in the first half of 2011 making it the fastest growing economy in the world.
“Property havens like Istanbul, Europe’s premier buy-to-let city which has experienced a 30.1% increase in tourist revenue this year has seen a big influx of Russians buying property there attracted to a city where east meets west and one that offers exceptional facilities and cheaper property price tags than the rest of Europe.”
With this in mind, perhaps the biggest attraction for Russian property investors is the package they get when buying in Turkey. With a rapidly expanding economy, a strong and stable banking system, low interest rates and cheap property prices not to mention the booming tourism industry, Russian buyers have been clever enough to identify the Eurasian nation as a perfect second home destination as well as huge returns generator from the buy-to-let market.
As a perfect opportunity to capitalise on the positive growth within Turkey, Property Frontiers has a stunning new key ready development comprising 1 and 2 bedroom luxurious modern apartments located in the heart of Beylikduzu, one of the fastest growing areas of Istanbul with almost 204,000 people living in the western suburb.
Available £20,000 below comparable projects in the area, the spacious apartments of Kensington Residence will present tremendously good value for money with an investment of only £16,500 required for a 1 bedroom and £29,000 for a 2 bedroom apartment. In addition 50% non-status LTV finance is available while investors can enjoy an immediate and guaranteed rental income at 7% for 2 years.
For more information about investing in Istanbul property contact the specialists Property Frontiers today on +44 (0) 1865 202 700 or visit www.propertyfrontiers.com.