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Turkey named as overseas property hotspot

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People in the UK who are looking to buy a property abroad might wish to transfer money online to buy a residence in Turkey.

According to Emerging Real Estate, the south-east European country is attracting lots of interest from property investors at the moment.

Indeed, the organisation said Turkey has established itself as the "real hotspot" of the continent, partly because its economy is doing well.

"While much of the world is seeing their economies falter, Turkey's has soared and increased in value," stated Tim Morgan, partner at Emerging Real Estate.

This was said to be particularly true in the country's housing market, as average property values went up by 0.73 per cent during September 2011.

Turkey's popularity as a holiday destination was also flagged up as a factor that is boosting its investment potential, as an increase in the number of visitors means more people are seeking temporary lodgings.

"Savvy investors are recognising that buy-to-let properties here will be very profitable," Mr Morgan commented.

Istanbul was identified as one location that could offer good investment potential, since visitor numbers are on the up, while demand for housing is exceeding the level of supply.

Mr Morgan added that the fact Turkey is not in the eurozone, a region currently in the grip of a financial crisis, should also help to bolster its position as a popular market.

He said its appeal is likely to remain "undiminished" for at least another 12 months, by which time other European countries are likely to start providing tougher competition.

This comes after figures from REIDIN.com showed that in November 2011, asking prices for residential property went up by 0.8 per cent in Istanbul.

As a result, investors who arrange an overseas money transferto purchase buy-to-let accommodation in the area could benefit from both healthy rental returns and capital appreciation.

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