New Golf Course to Help Spur Investment in Turkish Property

A new golf course is set to open on the Bodrum Peninsula of Turkey’s southwest coast along the Aegean Sea. The Vita Park Golf Resort, located in Milas, will be Turkey’s largest golf resort with two 18-hole courses and a golf academy when completed. Housing and property in the area is being developed to meet the needs for increased demand from overseas investors, local owners and tourism. This area is one of Turkey’s most popular for tourists and foreign property owners.
The Bodrum Peninsula is one of Turkey’s prime resort areas. It is located on the Aegean Sea and has a superb year round climate, beautiful coastline and crystal clear waters. It is serviced by the Milas-Bodrum International Airport, which means it is easy to get to for overseas property owners and travelers alike.
Over the past few years, property in Turkey has been a very good investment, with prices going up considerably. Depending on the location, existing home prices have increased from 20-50% year-over-year, according to Haluk Sur, who heads the Association of Real Estate Investment Companies. Some have equated the market in Turkey to that in Spain in the late 1990s. While the market probably will not continue to grow at its recent rate, Sur noted in an interview with Reuters last year that it should be at least 10% over the previous year and could be as high as 20%.
Over the past several years, Turkey has put into place new ownership and mortgage laws. These laws make it easier to buy property in Turkey for overseas investors and also make overseas mortgages more readily available. The new laws, combined with a number of other factors, have made Turkey a great place to invest in property in recent years. Currently, approximately 14,500 British citizens own property in Turkey. That number is expected to rise significantly in the coming years.
More good news for Turkish property came from the head of the research department at international consulting firm Cushman & Wakefield’s, David Hutchings, said that they forecast 5 billion euros of direct foreign investment in the Turkish real estate sector during 2007.

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