OPW KEY FACTS… TURKEY

“Population growth and inward migration has led to strong growth in Turkey’s housing market in recent years.”

Boasting some of Europe’s most pristine beaches, many with a backdrop of lush green forests or just a stone’s throw from archaeological treasures, Turkey has seen phenomenal growth in tourist numbers, with more than 26.3 million arrivals in 2008.

Recent years have seen a rise in the development of residential schemes, supported by legislation permitting foreign investment. This has also led to new second home development in hotspots such as Alanya on Turkey’s southern coast. Bodrum is also a popular destination for UK second home buyers.

Istanbul is the country’s commercial and financial hub with Ankara as Turkey’s capital. Population growth and inward migration has led to strong growth in the housing market in recent years. The most sought after and expensive parts of the city remain Sisli, Kadikoy and Besiktas. In Turkey, new build properties are exempt from annual property tax for five years.