Thanks mainly to strong economic growth and stability, 2017 saw a notable return for Turkey's property market after 2 years of political tension and regional unrest. We examine the factors driving Turkey's real estate market and why investors will target Turkish property in 2018.
The Turkish tourism industry has suffered lately, but one niche has stood out among the rest to become a winner generating millions in revenue. Despite a downturn in leisure tourists, such as beach lovers and history buffs, healthcare tourism in Turkey is booming, with many nationalities travelling to the country, for cosmetic and health procedures.
Turkey’s third-quarter growth has surpassed all predictions. The economy expanded by 11.1 percent between July and September, putting the country ahead of giants China and India and putting growth on track to top 6.5 percent. Thanks in part to structural reforms and investor incentives, the economic growth bodes well for continued economic success in 2018.
The travel and tourism industry has evolved immensely over the last twenty years. With various niches catering for every type of person, you will be hard pressed to find a hotel, destination, or attraction that doesn’t suit your needs and wants. One niche that has particularly taken off over the last ten years is halal travel. According to a report by Mastercard in 2016, the Muslim travel market is growing fast, and by 2020, more than 168 million Muslims will travel abroad for holidays.
The government initiative “Turquality” is widely credited with helping high street Turkish clothing brands onto to the global stage. Implemented in 2004, the vision was to help companies create sustainable labels, which in turn would boost export revenue and gain income from overseas. Diluted down to its core basics, it was plainly a brand-building program, but its uniqueness lay in the fact that it was state-subsided.
The Ottoman empire was one of the greatest in the world, ruling many lands across the globe for more than 400 years. Dominating Constantinople from 1453 onwards, their palaces and summer residences were most befitting of a royal dynasty. With many luxury mansions and real estate in Turkey to choose from, anyone wanting to live the life of royalty has a large choice of homes that would ideally suit an Ottoman sultan.
The idea of a penthouse lifestyle was first born in New York during the 1920s. These days, the trend has gone global, appearing in many major cities like Istanbul as both permanent dwelling and luxury travel accommodation. Along with the changing status of the penthouse lifestyle trend, came a change in the type of buyers. Previously buyers were working singles or couples, with a professional job netting them a sizeable monthly income. The loft lifestyle has become an all-rounder, appealing to many walks of society if they have the cash to splash.
To insiders who know Turkey well, the last twenty years has seen a slow shift in social trends. With the GDP growing every year, people’s lifestyles, tastes, wants and needs have changed dramatically. The emphasis now is more on comfort, enjoyment and enjoying the fruits of your labour. One industry that is partly responsible and partly benefits from the social changes is the real estate market. These days Turkish property buyers are changing the habits of their parents and grandparents when it comes to finding a home from home.
In many countries across the globe, experts are asking whether village culture is dying out. In 2009, a study said the flight of young Germans to big cities were killing off small villages. Five years later, an environmental report said Italy is facing the abandonment of thousands of villages, and at the same time, risking an endangered way of life and decline of rural traditions and social communities. Let's explore villages in Turkey and see what is happening there.
Seaside living in Turkey is more popular now than ever before. Many Turks from the inner cities have holiday homes in the coastal resorts of the Aegean and Mediterranean. The same trend applies to thousands of foreigners who have bought holiday homes in Turkey or moved here to live out their retirement. The resort of Fethiye attracts British buyers, while Antalya has turned into a cosmopolitan hub of many nationalities including Russians and Europeans.
Bodrum, on the western coast of Turkey, has been a favourite holiday destination for both Turks and foreigners for many decades. These days, the Bodrum peninsula is an all-rounder accommodating budget travellers as well as international yachts. It also attracts the fabulously wealthy people of the world, lured by the promise of blue seas, gourmet food and exclusivity given by the hospitality industry of the region.
In 2007, Turkey unveiled their strategic tourism plan. With a deadline of 2023, that will be the 100th year anniversary of the Turkish Republic, the project aimed to make the country one of the top ten most visited destinations in the world. After the troubles of 2016, the Turkish tourism market has adjusted in 2017 with new plans to bounce back in 2018. Find out why 2018 just might be Turkey's year to get back on track.
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