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