Egypt Unaffected by European Debt Crisis as $5.58 billion Tourism Revenue Recorded for First Half 2010

by Charlotte Ashton Turkey

 

Egypt may indeed border the Mediterranean Sea but Ministers remain confident that the debt crisis which has affected other nearby European tourism destinations such as Greece has not negatively impacted the Egyptian economy.
 
Speaking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, revealed that tourism revenues rose by 17.6% to $5.58 billion in the first half of 2010 with the aim of reaching £13 billion by fiscal year end.
 
Commenting on these latest figures, Steven Worboys, MD of the Egyptian property experts Experience International, remarks:
 
“The last 12 months have indeed been a trying time for Europe. The impact of the global recession has been felt in many countries including Spain, Portugal, Italy and Greece whose economies rely heavily on tourism.
 
“Holidaymakers are now focused on finding the best deals available, often looking further afield than usual to non euro zone countries such as Egypt where their money goes further. It’s certainly encouraging to see that tourism revenues are up and that the sector is accounting for 11% of GDP equivalent to 1 in every 8 jobs according to Ministry figures.”
 
Visitor arrivals to Egypt continue to increase with more than 7 million tourists to date in 2010 and 15 millions expected in total by December. The majority of visitors originate from Britain, Germany, France, Italy and Russia with the latter showing a 95% increase in Q1 2010.     
 
Such sustained growth is fuelling further demand for quality accommodation in prime tourism hotspots across Egypt. Rich in history, culture and natural wonders, Egypt affords a myriad of attractions with the Red Sea coast in particular remaining popular with individuals, couples and families alike.
 
Properties in established Sharm El Sheikh town such as the new Monna Sharm development remain affordable and start from only £23,400 for a studio apartment with swimming pool views and communal roof terrace whilst freehold properties such as the studio, 1 and 2 bed apartments at Royal Beach can be purchased in the up and coming resort of Hurghada, easily accessible with direct flights from the UK.
 
For more information about buying property in Egypt then contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

Turkey’s Airports Welcome Over 44 Million Passengers in First Half of 2010

by Charlotte Ashton Turkey

 

It seems that we’re all going on a Turkish holiday this year as the latest data from the Turkish Directorate General of State Airports Authority (DHMI) reveals a 24% increase in passenger numbers in the first half of 2010 compared to the same period in 2009.
 
Some 44.6 million international and domestic passengers passed through Turkey’s airports with the European Capital of Culture’s main airport, Istanbul Ataturk, accounting for 33% of air and passenger traffic. 
 
Steven Worboys, MD of Experience International, the Turkish property experts, comments,
 
“It has never been easier to get to Turkey. With the crystal clear waters and golden sands of the Aegean coast for example just a 4 hour flight away, Brits are taking advantage of the raft of low-cost flights available from carriers such as easyJet, Monarch, Thomas Cook and Jet2.com.”
 
The official data also recorded a 19% increase in international flights in the popular second home destinations of Antalya, Izmir-Adnan Menderes, Mugla-Dalaman, and Milas-Bodrum airports in the first half of 2010.
 
A record 32,000 Brits now own property in Turkey (according to data released by the Turkish General Directorate of Land Registry) and ease of accessibility is a key factor for many potential buyers.
 
As Worboys remarks,
 
“Our properties for sale in Turkey are hand-picked with accessibility a key criteria. The Aegean coast, home to the highly sought-after resorts of Kusadasi, Altinkum (Didim) and Bodrum, boasts two international airports at Izmir and Bodrum and a good road infrastructure allowing easy access along the length of the turquoise coast.”
 
Flights to Turkey start from around £79 one way (including taxes and charges) although prices are expected to rise as the summer season approaches. Alternatively potential property buyers tempted by Turkey can join a bespoke Experience International 3 day Discovery Tour for £199 per person which includes flights and accommodation.
 
For more information please contact Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

Record 32,000 Britons Now Own Property in Turkey

by Charlotte Ashton Turkey

According to the latest data released by the Turkish General Directorate of Land Registry, demand for Turkish property is not showing any signs of slowing with a record 32,000 Britons now owning property in the country where east meets west.

The last couple of years have seen interest in second homes especially along the stunning Aegean and Mediterranean coastlines swell with foreign investors purchasing twice as much property than they did in total over the past 79 years since the founding of the Republic, the data reveals. European buyers in particular have been attracted to Turkey due to the affordable property prices, low cost of living and direct access from the UK.
Steven Worboys, MD of Experience International, the Turkish property experts, comments,
“We have certainly seen the Turkish property market go from strength to strength. Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers.”
Over 63 million sqm of property, classed as ‘immovable assets’ by the Turkish Land Registry, is owned by foreigners with Britons possessing the largest amount at 6 million sqm, followed by the Germans at 3.5 million sqm and Greeks at 3 million sqm.
The province of Muğla, located in the south-western corner, on the sublime Aegean coast, has proved a particularly sought-after destination with almost 5.5 million sqm of immovable assets owned by foreign nationals.
As Worboys remarks,
“Muğla province, home to the popular towns of Bodrum, Marmaris and Fethiye, encapsulates everything that foreign buyers desire; it’s no wonder that over 14,000 Britons own property here. Crystal clear waters, golden sandy beaches, international airports allowing easy access, solid infrastructure and plenty of amenities on hand, not to mention affordable, spacious properties built to the highest standards – it has something for everyone.”
One factor which has certainly positively affected the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now commonly available throughout the country and this combined with Turkey’s location outside the euro zone means there is zero currency exposure as many property prices are fixed in Sterling.
Properties such as the luxury hilltop residences of Royal Heights in Bodrum can be purchased from as little as £97,592 or further up the coast, towards the tourist hotspot of Altinkum, completed studio, 1 and 2 bedroom apartments in the Seahorse Residence can be snapped up for £31,600 with only a 10% deposit required.
For more information about buying property in Turkey, download your free Turkey Today magazine at http://www.buy-turkey-property.com/ or contact Experience International on + 44 (0) 207 321 5858.

Tempted by Turkey? New Indispensible Turkish Property & Lifestyle Magazine Launches Today

by Charlotte Ashton Turkey

 

If you are you tempted to buy property in Turkey, 2010’s hottest property market, then you are not alone. Over 73,000 foreign nationals already own property in the land where east meets west and that number is growing – fast!
 
But where do you buy? How will you get there? What is there to do in the area? What properties are available? What is the purchase process? Is there finance available?
 
Answering all these questions and more, Turkey Today, the complimentary e-magazine published by the overseas property experts at Experience International, launches today.
 
Steven Worboys, MD of Experience International and Editor of Turkey Today, comments,
 
“We believe that Turkey is one of the most attractive property markets in the world today. Only 4 hours from the UK, it has something for everyone from the cosmopolitan European Capital of Culture, Istanbul to the golden sands and crystal clear waters of the Aegean coast.
 
“Responding to client demand for more detailed information on property hotspots, accessibility, activities, properties on the market and the buying process, we have launched Turkey Today, your indispensable Turkish property & lifestyle magazine.”
 
The 70 page e-magazine, Turkey Today, is available complimentary to potential property buyers and this issue features:
 
– “Why I’m tempted by Turkey” by Liz Rowlinson, Daily Mail and A Place in the Sun property writer
– Latest news and essential market information
– Top 10 reasons to buy in Turkey
– Where to Buy? Explore the stunning Aegean coast
– Buying guide
– Hot Properties – view the best buys of 2010
 

To receive your complimentary 70 page Turkey Today magazine visit http://www.buy-turkey-property.com/ or call + 44 (0) 207 321 5858.

Istanbul goes full throttle as 6 million tourists expected to visit world’s largest car showroom

by Charlotte Ashton Turkey

 

Not only will Istanbul, Turkey’s economic powerhouse, be hosting this weekend’s F1 Turkey Grand Prix but soon the city where east meets west will be home to the world’s largest car showroom, expected to attract 6 million visitors annually.
 
Autopia Europia will cover some 2 million square feet, feature 5 different levels and more than 400 brands, selling in excess of 2,500 new and used models. Located in the burgeoning suburb of Beylikduzu on the European side of the city, the state of the art showroom also features an adrenalin pumping rooftop race track where potential buyers can take the vehicles for a spin before buying.
 
Designed by award winning Istanbul and New York based architects, Global Architectural Development (GAD) and constructed by the established Kullar’s Ginza subsidiary, Autopia will also become a tourist attraction in its own right forecast to attract over 6 million visitors each year. There will be food and drink shops, cafés and restaurants, banks, tuning shops and a car park with 900 space capacity for the local community, such as those living at No1 Knightsbridge, to also enjoy.
 
Just minutes from Autopia Europia, No1 Knightsbridge, the stunning new development of luxury residences available from £41,000, epitomises the transformation currently underway in Beylikduzu. Already a popular suburb with young professionals and middle-class families, only 20 minutes from the international airport and well connected to the financial centre, the population is expected to increase three fold by 2015 reaching 1 million.
 
Steven Worboys, driving enthusiast and MD of Experience International which is marketing No1 Knightsbridge, comments,
 
“The selection of Beylikduzu as the site of the world’s largest car showroom is testament to the potential of this suburb both as and up and coming residential area and tourism destination. Investment on this scale with further bolster services and amenities, attracting millions each year and driving demand for accommodation in the area.”
 
Meeting that demand, No1 Knightsbridge offers studio, 1, 2 and 3 bedroom luxury apartments designed by award winning Turkish architect Metin Hepgüler (the same architect behind Otoport, a new automotive shopping mall under construction covering some 126,000 also located in Beylikduzu). Investment is from £12,300 with 70% finance available and owners enjoying a 2 year 7.5% protected rental guarantee.
 
For more information about investing in the prosperous suburb of Beylikduzu inn Istanbul, contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com. 

Istanbul’s population set to soar to 15 million by 2023

by Charlotte Ashton Turkey

 

Turkey’s economic powerhouse, Istanbul, where a fifth of the population resides is one of the fastest growing megacities in the world. According to the latest data from TurkStat (Turkish Statistics Institute) pressure on existing housing stock within the city is set to increase further as the population rises to 15 million by 2023.
 
Overall Turkey’s population will soar to 83 million by 2023 and migration will be seen from eastern provinces towards the more prosperous western cities. The capital Ankara’s population will reach 5.5 million and Turkey’s third largest city, Izmir, will see an increase to 4.5 million.
 
The booming tourism industry is not only shaping the Turkish economy but also population distribution with the popular province of Antalya expecting to see its population increase by 27% from 1.9 million today to 2.6 million residents in 2023. Mugla province, located in south west Turkey and home to the well established tourist and second home destination of Bodrum, will see its population reach 1 million and Aydin, located on the Aegean coast, increase to 1.2 million.
 
Steven Worboys, MD of Experience International, the Turkish property experts, commented:
 
“Turkey is a country in the midst of a dynamic shift. The continued population expansion both naturally and through migration is putting further pressure on existing housing stock in western cities. The national housing deficit is well-documented with the Central Bank of the Republic of Turkey stating a requirement for 5.5 million additional homes in Turkey by 2015, of which 50% of these are needed in Istanbul in order to address the chronic shortage of accommodation.” 
 
The population of Istanbul, awarded Capital of Culture status this year, has seen the population increase by 341,322 in the last 2 years alone and with a growth rate of 1.7% per annum, the city is expanding faster than 118 countries.
 
New developments are springing up in Istanbul with developers selecting prime locations in the up and coming western suburbs. The district of Beylikduzu in particular is seeing luxury residential developments such as No1 Knightsbridge which is designed to meet the accommodation needs of the burgeoning Turkish middle class.
 
Designed by award winning, world renowned Turkish architect, Metin Hepgüler, No1Knightsbridge will incorporate cutting-edge architectural designand include studio, 1, 2 and 3 bedroom apartments with sea and city views. Savvy investors are purchasing pre-launch with as little as £12,300 with 70% finance available and enjoying a 2 year 7.5% protected rental guarantee.
 
Steven Worboys concludes:
 
“Istanbul remains one of the most exciting and attractive property markets in the world today. The enviable balance of supply and demand is in place with strong capital gains and high rental yields on offer. This truly is an investment hotspot.”
 
For more information about investing in Istanbul or buying property in southern Turkey please contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

Turkey’s Newest Marina Boosts Istanbul’s Western Suburbs

by Charlotte Ashton Turkey

 

Istanbul’s western suburbs are set to receive a further boost with the announcement of plans to build a new marina worth $16 million.
 
Dati Investment Holding, one of Turkey’s leading development consortiums which also owns the high end Galleria shopping mall, the Crown Plaza and Istanbul’s latest 5* hotel, the Sheraton Istanbul Ataköy Hotel, intends to build a new marina in the Ataköy district located on the European side of the Bosphorus.   
 
The new Park Marina project will cover some 15,000 square meters near the Ataturk International Airport, only 15 miles west of Istanbul’s financial centre, and will include restaurants, shops and a state-of-the-art marina. Park Marina is scheduled to open in mid-September.
 
Steven Worboys, MD of Experience International which is marketing a number of luxury residential developments in the western suburb of Beylikduzu, only 20 minutes from Ataköy district, comments:
 
“Such significant investment in the suburbs of Istanbul is extremely positive for the future. As the city has grown, pressure on available land in the financial centre has increased and now developers are looking to burgeoning districts in the west such as Ataköy and Beylikduzu which are seeing significant population increases and investment in infrastructure.”
 
Dati Investment Holdings echo this viewpoint, demonstrating a commitment to the future of districts such as Ataköy. They have been parised by the government for their investment of $60 million in the renovation of the Sheraton Ataköy Hotel and $20 million in the Galleria shopping centre, one of the most popular recreation areas in the city.
 
Gökhan Kıran, board member and head of executive board of Dati, recently commented:
“With ParkMarina life center and Dati’s new projects [in the pipeline], we believe Ataköy will again be an attractive district. We also plan to build a new hotel in Ataköy and our master investment plan for the region will be a mega yacht marina.”
 
The western suburbs of Istanbul are seeing significant international property investor interest with capital gains of up to 30% reported for Beylikduzu district. Demand for quality accommodation in this area remains high and exclusive pre-launch opportunities such as No1 Knightsbridge allow savvy investors to purchase luxury apartments at up to 50% below completed prices and enjoy a 2 year 7.5% protected rental guarantee.
 
For more information on the western suburbs of Istanbul or indeed investing in property then contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.com.
 
Editors Notes:
No1 Knightsbridge, Beylikduzu, Istanbul
No1 Knightsbridge comprises 338 studio, 1 and 2 bedroom luxury Istanbul apartments. The property has been designed by an award winning architect and these contemporary styled residences afford sea and city views.
 
All apartments come complete with all modern conveniences including fitted modern kitchens, designer shower rooms, laminated flooring, central heating and air con and underground parking. The complex has an indoor swimming pool, landscaped gardens, coffee shops & terraces and sauna, Turkish bath and fitness suite
 
Property available from just £41,000.  For more information please contact experience International on 0207 321 5858 or visit www.experience-international.com.

Canny investors choose Turkey

by Charlotte Ashton Turkey

With buy-to-let investors in the UK chastened by falling property prices and stricter lending criteria, is it possible to find a good rental property abroad? We look at two scenarios in Turkey, an exciting emerging market with excellent prospects that buck the national trend.

Spared the worst effects of the global financial crisis, the property market in the largest Turkish cities where economic activity is concentrated is buoyant due to a burgeoning urban population and rapid economic growth. With forecasts of 5-6% growth for 2010 and ratings agency Standard & Poor recently upgrading the country’s investment rating, prospects for the Turkish property market look very positive. The majority of Turkish households still rent their home and there is a well-documented shortage of quality housing in the country’s main centre Istanbul, which has over 12 million people. This is driving the growth of modern residential developments targeting the middle-classes in areas such as Beylikduzu, 30 km west of the city centre.
“With prices from £40,000 for a studio apartment and a buoyant rental market of young professionals and families, annual rental returns of 5-6% make this area an attractive proposition for foreign buyers,” says Dominic Whiting, editor of Buying in Turkey guide www.buyingin.co.uk.
The country’s rapidly developing tourist industry, which is set to attract over 26 million visitors to the country, provides another option for those looking to earn a rental return, but also to enjoy some time in their property.
Greatly improved air access from the UK, with new routes launched by package and low-cost airlines such as Easyjet and Thomas Cook, have boosted the rental market in the coastal tourist areas. However, Dominic Whiting, editor of Buying in Turkey guide, www.buyingin.co.uk, cautions:
“Buyer’s need to choose their area and property very carefully, but net returns of 5% are possible in the best locations, like Sarigerme, Kalkan or Ovacik and Hisaronu, close to the picture postcard Oludeniz lagoon.”
 
Example Rental Properties
 
Crystal Homes, Istanbul £40,000
1 and 2 bedroom apartments with a full property marketing and management service and a 2-year 7% per annum rental guarantee. 70% mortgage finance available. Contact Buying in Turkey, Tel: 0845 351 3551, www.buyingin.co.uk,
Laurel Apartment, Ovacik, Fethiye, £75,000
Spacious 2 bedroom split-level apartment on a small complex with pool. Fully furnished to a very high standard. Excellent rental history with confirmed bookings for the 2010 season. Contact Buying in Turkey, Tel: 0845 351 3551, www.buyingin.co.uk

6% Growth Ensures Turkey Real Estate Remains Top Choice

by Charlotte Ashton Turkey

 

Real estate in Turkey remains at the top of investors’ wish lists in 2010 as latest data from the Real Estate Investing Partners Association (GYODER) reveals a 6% growth in the sector in Q4 2009.
Despite concerns over the effects of the global economic slump in 2009, 186,992 construction licences were secured in Q4 2009, an increase of 111% on the previous quarter and building permits enjoyed an 11.86% rise in 2009.
As Turkish property expert, Steven Worboys, MD of Experience International, comments,
“Such positive growth figures only bolster investor confidence in the Turkish real estate market which is enjoying a remarkable boom in 2010. Much of the property sold over the last 12 months has been off-plan and it is pleasing to see that building permits are being issued and global economic issues have not stalled construction.”
One project currently under construction is the prestigious Crystal Heights development located in Turkey’s economic powerhouse and second city, Istanbul. Early stage investors are already seeing up to 37% capital growth and the 7% rental guarantee for 2 years on completion in 2011 is soon to be enjoyed.  
One key factor driving the 6% growth in the real estate sector is the availability of finance. Property buyers, both domestic and foreign nationals are finding banks willing to lend with mortgage interest rates as low as 4.8% (subject to status) making the already discounted property prices even more affordable.
Steven Worboys continues,
“The availability of finance has been a real stumbling block for many emerging markets in the past and it is encouraging to see that Turkey has recognised the importance of the availability of mortgages for domestic and foreign nationals alike in driving the real estate market forward.”
Due to the availability of up to 70% finance, The Hampton’s development, located on the European side of Istanbul is seeing significant investor demand. These luxury studio apartments with sea and city views offer an attractive 7.5% rental guarantee for 2 years and with finance are available with as little investment as £13,500.
For more information about Turkey’s booming real estate sector and how to invest, talk to the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

Latest official tourism data boosts confidence in Turkish buy to let market

by Charlotte Ashton Turkey

The latest official tourism data, released by CompaniesandMarkets.com, has provided a further boost to Turkey’s booming buy to let market.

The Turkey Tourism Report Q2 2010 revealed an impressive 11% increase in foreign visitor arrivals for Q4 2009 compared to the same period in 2008. During 2009 as a whole the number of foreign arrivals rose by 3.7% year-on-year to just over 27 million with 2010 European Capital of Culture, Istanbul witnessing a favourable 6.5% year-on-year increase.
The majority of visitors to Turkey are from the UK, Germany, US, Italy and Russia generating a demand of 91.8 million tourist room nights in Q4 2009 however this period also saw a marked increase in the number of domestic tourist room nights, a 19% increase year-on-year.  
Steven Worboys, MD of Turkish buy to let experts, Experience International, comments,
“The rise in domestic tourism within Turkey over the last six months is notable. Economic prosperity and improvements in internal infrastructure have enabled more Turkish nationals to holiday within their country, not only visiting coastal resorts but also Turkey’s second city, Istanbul which is enjoying increased and deserved attention as European Capital of Culture 2010.”
The increased in arrivals has in turn applied pressure on existing accommodation supplies especially in cosmopolitan Istanbul. Construction of new developments such as Crystal Heights, located in the burgeoning suburb of Beylikduzu on the European side of the city, are underway with early stage investors already seeing capital growth of up to 37%.       
Steven Worboys further comments:
“Istanbul has a chronic undersupply of accommodation with 250,000 units required per annum to meet demand. This situation makes the buy to let investment model highly attractive to investors who can capitalise on the 400,000 migrants entering the city each year and requiring housing.”    
The outlook for Turkey’s tourism sector and subsequently the buy to let sector in 2010 is positive with further growth expected from euro zone nations including Germany, Italy and the UK as their respective economies recover. High quality, luxury apartments in city centre locations ideal for buy to let such as The Hamptons in Istanbul, can be secured outright from as little as £33,500 (fixed in sterling) with investors also able to enjoy a 7.5% p.a. rental guarantee for 2 years.    
For more information contact the Turkish property experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk.