When Turkey came as a storm into the European holiday housing market in 2003-04, the developers in Spain shrugged their shoulders, and said: "Let them go on! The interest in Turkey is going to die out by itself within a short time ..."
They were wrong, the arrogant developers in Spain! For certainly was interest in buying property in Turkey almost feverishly around 2005, but it never burned itself out. The Turks made even a couple of attempts to reduce the interest - first by freezing all new deeds in almost a year in anticipation of the new property law, and then with the loud protests of the Scandinavian cartoons of Mohammed. But the interest of buying properties survived; Our fascination for Turkey continued until the financial crisis...
The skeptics pointed out two things: that Turkey is a Muslim country (and therefore presumably less suitable as a tourist destination), and that the development of touristic- and property areas would be out of control. It turned out quickly that the Islamic is not so prominent in the touristic areas on the south coast: and the prayers from minarets are only an exotic element in the streetscape, and the religion doesn’t put other restrictions here.
In the case of lack of control of development, the Turkish authorities showed with full strength that they meant business. They quickly saw that something must be done with the development, not least with regard to any threats to farmland, ancient monuments and also military installations. The parliament therefore decided that the country needed a new property law, and the government introduced a full stop on the issuance of new property deeds until a new law was drafted and approved. Of course, to great irritation for both builders, brokers / agents and home buyers – but it didn’t matter, the politicians thought. We believe it was both smart and necessary, and it is obviously helping to ensure a continued positive development of the holiday house sector in Turkey.
So after a full stop for almost a year Turkey resumed the pursuit of interests in the property sector. With great success! Back home, the interest was growing, Turkey could offer great holiday homes for far cheaper prices than its main competitor, Spain, and in a climate that can fully compete with the in southern Spain. In addition, the cost of living is lower and the budget airlines could provide daily flights to Antalya - the starting point for most of the holiday resorts along the coast. In 2007, it appeared that Turkey was about to catch up with Spain as the dominant foreign holiday housing for the Norwegians, not least because the rigid Spanish house prices did not seem to decrease - despite the competition.
Then the financial crisis came, which of course also affected the Turkish market. In Turkey it was also built a lot, and quickly - especially in the press area Alanya. Some unfinished buildings stood like skeletons, and much was unsold in completed constructions. Prices fell obvious, but never as much as in Spain. And unlike its main competitor Turkey had not a huge stock of unsold homes, when the crisis gradually began to calm down.
Today, Turkey is back on the path as one of the most vibrant property markets in Europe next to Spain. The Spanish house prices suffered a sharp correction and therefore got a new speed, but Turkey is still a much more affordable housing market. It is perfectly possible to get a great apartment in Alanya, for less than 600 € for each square meter, and even in expensive areas such as Belek and Bodrum you will find beautiful homes for under 1300€ per square meter. Cheap and good? A smashing strong combination, if you ask us!
Source: Bolig i utlandet