Turkish investment property set to attract more British interest

bodrum villa turkey p4mThe Turkish investment property market could be in for a boost as British buyers head to the country looking for cheaper homes and refuge from exchange rate hits.

According to the Daily Mail, the Institute for Public Policy Research says one in eight British people over 55 will be living abroad by 2010, but many will be avoiding traditional markets like Spain.

Instead development hubs like Bodrum in Turkey look likely to attract investment and retirement home buyers.

Turkey is not part of the Eurozone and has the Turkish Lira as its currency, which could boost its appeal to UK residents fed up with the faltering strength of the pound.

Still busy even out of season, Bodrum’s new property market includes the likes of the Rose Garden Apartments at £35,102 ($49,787).

Elsewhere Turkey specialist Cumberland Properties is offering Seaview Regency Prestige villas with three-storey, three-bedroom villas costing from £175,000 ($248,212).

Quoted by the Mail, Cumberland’s director Eric Kaya said: “There’s no building work in summer because this is where rich and influential Turks have their holiday homes, so it’s protected.”

Turkish developers have recently shown a new approach to discounts, with some offering large reductions and even offering new cars as incentives to people clinching a deal.

Off plan investment property is also available in the likes of Beycik, on the Mediterranean coast, where Place Overseas is offering three-bed villas for £219,000 ($310,647).

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