Turkish Rentals Triumph over Recession
Summer 2009 was never set to be a big year for the number of Brits holidaying abroad, with much talk of hard-hit families opting for UK breaks and shelving the idea of foreign sun, at least until the recession started to abate. But in reality, things were somewhat different. Undoubtedly, many cash-strapped British holidaymakers did stay at home; but foreign rental property owners also experienced a successful summer according to a market survey by leading overseas lettings company, Holiday-Rentals.
“While the travel industry in general struggles, demand for rentals is going from strength to strength as travellers realise they can rent a whole home for less per head than a hotel and stretch their budget even further by taking advantage of self-catering facilities,” commented Holiday-Rentals Managing Director Courtney Wylie.
Good value for money is not the only reason that people are increasingly looking to the private rental sector for holiday properties; rentals also offer greater flexibility, allowing travellers to book flights and accommodation separately themselves, often online.
One country that has emerged as a prime holiday destination for those looking for a rental property is Turkey. Popular with families and boasting a warm Mediterranean climate, perfect for those wanting a dose of sunshine, 2009 has been a very successful year for the country’s holiday rental market, with holidaylettings.co.uk reporting a 70% increase in the number of enquiries about the country in 2009.
This popularity has been backed up by statistics released by the Turkish Ministry of Culture & Tourism, which show that over 24 million tourists visited Turkey in January to October 2009, an increase of 1.96% on the same period in the year before. The number of British visitors grew to 2.3 million, an impressive increase of 9.5% within a year.
A key draw for British holidaymakers is that Turkey sits outside of the Eurozone and with the pound currently so weak against the Euro, this is a great benefit to those looking to make their money stretch further.
According to the Q3 Travel Money Report from M&S Money, the Turkish lira was the third most popular currency exchanged, behind only the Euro and the US dollar. James Yerkess, M&S Travel Money Manager comments:
‘The increased strength of the euro against the pound means that holidaymakers have been looking at destinations outside the Eurozone… The Turkish lira is one of the few currencies against which the pound has held its value since last year, meaning tourists heading to Turkey will still see their cash go further.´
The future looks positive with the Turkish Ministry of Culture & Tourism aiming to attract 63 million visitors annually to the country by the centenary of the Turkish Republic in 2023. Ertugrul Gunay, the country’s Minister of Culture and Tourism, is looking towards a bright future:
“We are delighted with Turkey’s tourism successes and the continued expansion in visitor numbers to Turkey despite the economic downturn. Looking ahead, we’re confident that Turkey’s tourism industry is poised for further growth.”
This official optimism is backed up by new flight routes being announced to the country. Among the airlines with new routes to Turkey is low-cost operator Pegasus Airlines which recently announced several new flights for 2010, with the company set to run 17 routes between Turkey and the UK, including London to Istanbul, Bodrum and Dalaman and Manchester to Antalya and Dalaman.
This is good news for those renting and buying property in Turkey, as improved accessibility increases interest in a destination and will in turn increase demand for private holiday rentals. Indeed, holidaylettings.co.uk reported that enquiries for Turkey outstripped those for perennial favourites Florida and Portugal in September and October.
With unspoilt scenery and great beaches, Dalaman is one destination that is set to gain from the improved air links and increased tourist numbers. Situated on Turkey’s south-west coast, Dalaman is an attractive option for those looking to cash in on the growing popularity of Turkey and the country’s budding private rental market. Dominic Whiting, editor of the Buying In Turkey property guide (www.buyingin.co.uk), believes that now is a good time to invest in the area,
“Dalaman is a beautiful Turkish destination which has much to offer those looking to buy property to rent out. It has a wealth of activities and natural attractions including yachting, hot springs and some of Turkey’s top beaches, which give it a wide appeal to holidaymakers. With the private rental market growing in such a successful manner, investors can expect solid returns. The future certainly looks bright for Turkey.”
Akkaya Gardens, just 15 minutes from Dalaman, is an award-winning development that offers prime rental opportunities for those looking to invest. The complex has a large communal pool, indoor and outdoor pools, fitness centre, sauna and sweeping views of the surrounding mountains and picturesque lakes. Due for completion by the end 2009, ready for the 2010 rental season, two bedroom, two bathroom apartments are available from £54,500. Nearby villas are available from £136,000. For more details contact the Buying In Turkey Collection on 0845 351 3551 or visit www.buyingin.co.uk.