Thursday, November 15, 2007

The number of foreign visitors to Turkey rose 25.6 percent year-on-year in October to 2.15 million, the Turkish Statistics Institute said on Wednesday.

In the first 10 months of the year, the number rose 18.3 percent to 21.1 million, the institute said.

Tourism, an important source of foreign earnings for Turkey which has a large current account deficit, rebounded this year after it was hit in 2006 by an outbreak of bird flu and a series of bomb attacks.

Visitor numbers have continued to show strong growth despite an escalation of separatist violence in Turkey and a threat from Ankara to carry out a cross-border operation into northern Iraq to deal with Kurdistan Workers Party guerrillas based there.

But income from tourism has grown more slowly than visitor numbers. In the third quarter revenues rose 8.6 percent year-on-year to $8.7 billion, after 1 percent growth in the second quarter.

Wednesday, September 19, 2007

Last week's announcement that Tepe Akfen Airports Holding (TAV) won the right to operate Gazipaşa Airport near Alanya has started an investment boom in the region as foreign and Turkish investors alike are rushing to build tourism facilities, hotels, and residence complexes. One of the upcoming projects is a golf course near Gazipaşa.

Andy Lawler, owner of Remax Star Real Estate in Alanya's Mahmutlar area, told the Turkish Daily News that last week two UK and two Irish investors combined forces and invested 100 million euros in a golf course to be built close to Gazipaşa.

"The plan is to attract new kinds of tourism to Alanya and Gazipaşa. A golf course in the area is bound to be a successful investment as at present the nearest golf courses are hours away in Belek," said Lawler, who has a minority stake in the project.

The golf course is expected to open in 2009. At present the project's paperwork is being handled by the local land registry.

The golf course consists of 100 hectars of land, 40 of which belong to the government and 60 hectars that will be bought from private owners. "The building of one course in the area will definitely lead to the building of at least two others as players of golf prefer variety," explained Lawler.


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Jasmin Real Estate are a family owned real estate and property developer, established in the Alanya area for over 60 years. They provide the highest quality apartments, villas, hotels and land to suit all budgets. They are also registered with ALTSO (the Alanya Chamber of Commerce and Industry) the TBCCI (the Turkish and British Chamber of Commerce and Industry) and TSE (the Turkish Standard Institute).

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He also noted that news of the Gazipaşa Airport opening in the near future has created a lot of enthusiasm among property developers in Alanya . "The opening of the airport will undoubtedly change the whole character of Alanya and Gazipaşa. Many people were waiting to see what would happen with the airport before investing in the region," Lawler said.

"Already now there are numerous plans to build, for example, residence complexes and five star hotels in Gazipaşa where, at present, there is a relatively small variety of upmarket accommodation facilities."

Also the taxi boat service that is planned to connect Kaş and Kalkan with Gazipaşa is bound to lead to increased numbers of visitors to the region. "It seems that in the next 10 years we will see major development in the region," Lawler noted.

The price of property has notably increased in the just the first week after the announcement of the opening of Gazipaşa Airport. "Since the announcement, we have seen a 20-25 per cent increase in real estate and land prices. For example, land plots in Gazipaşa that cost YTL 100,000 a while ago, today are priced at YTL 120,000 and even YTL 150,000," said Nükhet Davies, sales manager at Cebeci Construction in Alanya.

"Within the next six months, property prices will experience an even more dramatic rise. This is very good for the market which, for a while, was experiencing a temporary slowdown."

Omer Kargi, owner of Jasmin Real Estate in Alanya, agrees. "There's been so much talk about Gazipaşa airport, with a lot of investors waiting for this moment. We're definitely expecting another small boom in this section of this coast, and have already noticed an increase in enquiries about property for sale in Alanya "

Tuesday, September 04, 2007

Drop in real estate prices stopped in 3 cities

According to Referans's Real Estate Index, the continuous drop in Turkish real estate sale prices that had been observed since April has subsided in three major cities. Prices in Antalya, Ankara and İzmir swelled by 5 percent, 4 percent, and 12.3 percent, respectively. In Istanbul, these price increases have yet to be reflected, and in fact, prices experienced a monthly decrease of 2.5 percent. Prices in Bursa had also further decreased in July, down 3.3 percent since June.

Per-square-meter prices have increased in Ankara from YTL 1,138 to YTL 1,184, in Antalya from YTL 1,041 to YTL 1,093 and in İzmir from YTL 1,316 to 1,478 after each city had experienced a drop of 2.7 percent, 1.6 percent and 4.6 percent, respectively, this past June. Despite the dropping real estate prices, these three large cities managed to surpass their April levels.


Property For Sale In Turkey

Jasmin Real Estate are a family owned real estate and property developer, established in the Alanya area for over 60 years. They provide the highest quality apartments, villas, hotels and land to suit all budgets. They are also registered with ALTSO (the Alanya Chamber of Commerce and Industry) the TBCCI (the Turkish and British Chamber of Commerce and Industry) and TSE (the Turkish Standard Institute).

Alanya's Number 1 for property for sale in Turkey

İzmir, Antalya zenith of the year

The upward movement in July has been the strongest since February. With the downward tendency of interest rates in February, a 15 percent increase has been noted in some provinces. As of July, figures show prices in İzmir and Antalya reaching their highest level in 2007 so far.

Thursday, August 16, 2007

Demand For Real Estate Sees 20% Increase

Demand for real estate, which temporarily reduced because of the elections, has started to revive.

This can be viewed as a result of the victory of the Justice and Development Party (AKP), which lead people to think political and economic stability will continue.

Positive climate in the markets, reduced interest rates offered by banks and stable real estate prices in foreign currency terms have led to the revival of the sector. There has been a 20 percent increase in loans and sales in the past two weeks after the elections.

Growth rate increased by 10 percent:

On the financial front, the weekly portfolio growth rate in the two weeks before the elections was YTL195 million, whereas by the end of July, a week after the elections, this rate increased to YTL220 million, reflecting a growth of 10 percent. According to bankers, many sectors including the Turkish real estate sector were at a temporary halt because of the elections. Sales dropped drastically especially in the Turkish real estate sector.

The elections and applied interest rates played a role in leading to a temporary reduction in consumer interest in buying real estate. With the outcome of the elections banks started decreasing interest rates to an average of 1.30 percent.


Property For Sale In Turkey

Jasmin Real Estate are a family owned real estate and property developer, established in the Alanya area for over 60 years. They provide the highest quality apartments, villas, hotels and land to suit all budgets. They are also registered with ALTSO (the Alanya Chamber of Commerce and Industry) the TBCCI (the Turkish and British Chamber of Commerce and Industry) and TSE (the Turkish Standard Institute).

Alanya's Number 1 for property for sale in Turkey

Real action expected in autumn:

After the elections a 15-20 percent revival has been noted in the sector, but it is expected that real action will take place in the autumn after the presidential elections, the end of summer vacations and Ramadan. It is expected that the figure will reach 50 percent in the autumn. But experts warn that the accumulated demand will lead to price increases. Turkish property agents, who say that price adjustments will be made in September, are asking investors to evaluate the period carefully.

Finance experts say that loan usage has started to increase and that it will continue to increase also after the presidential elections. According to them, interest rates will drop as low as 1.20 percent and thus the weekly home loan growth rate will reach YTL 300 million.

Wednesday, July 04, 2007

The London-based Global Property Guide (GPG), a respected consultancy group preparing analyses and research on global property markets, determined recently that Turkey has one of the most attractive property markets in Europe.

The GPG published its research in June to assess the property markets across the European continent. Topping the list was Slovakia, followed by Turkey, Bulgaria, Romania and Hungary. The recent reforms in Turkey have revitalized its economy with the property sector in particular performing well enough to demonstrate astonishing potential. The study noted that interest rates for home loans have started to decrease recently as a consequence of the mortgage law.The report added that it seems likely Turkey’s position near the head of the list will be strengthened in the coming years. The report expressed that İstanbul and coastal areas in southern Anatolia are especially in demand by foreign investors. The last two years witnessed a considerable flow of money into these places, it said.

According to the report, features making Turkey one of the most alluring markets were its stunning gross national product (GNP) growth rates over the past five years, a reformist government and impressive housing market dynamics. Despite no capital gains tax, prices are a little high in İstanbul and the law is mildly pro-tenant, the report said. “However, coastal areas probably deserve a better rating than İstanbul,” it said.

For Slovakia on the other hand, the report assessed that housing prices are inexpensive and gross domestic product (GDP) growth has recently become strongly positive, with no increase in inflation. “Rental income tax is low, there is no capital gains tax on long-term property holdings and round-trip transaction costs are low,” it claimed. GPG officials noted that British investors have leaned most toward Turkish property markets in recent years. Particularly since the first half of this year, property investors have put Turkey at top of their priority lists.

With respect to investment in the property market, they were inclined to invest in countries with high growth potential like Turkey instead of “conventional markets” which have lost most of their appealing profit margins.

Land prices in Turkey’s coastal areas are much cheaper than their counterparts in other Mediterranean countries, but they will probably rise during Turkey’s accession process to the European Union, the report predicted. Also suggested was that Turkish property for sale along the shore will increase in value by 50 percent next year and by 100 percent in the middle term.

The report claimed that Turkey had enjoyed huge improvements in its tourism infrastructure along with increased transportation alternatives, in parallel with its extraordinary economic performance. It also advised its readers to invest in Turkey’s tourism because Turkey has a longer summer season than its rivals in Europe, has more suitable natural and climatic conditions, is cheaper and has the appropriate infrastructure.

Monday, June 04, 2007

Foreign Interest in Real Estate Market Increases

More foreigners will arrive in Turkey to invest in real estate , affirmed Jim Sanders, an American real estate agent, on Thursday.

Sanders who attended a training seminar on "new approaches and technical details in real estate valuation" in Istanbul, informed the participants on the facts about and his experiences in the field.

When assessing the real estate market in Turkey, Sanders said: "More people would come to Turkey in order to invest in real estate. Turkey's historical and geographical beauty allures people."

Sanders who said that a union will be formed in Turkey, and will gather data at the regional and national level concerning the mortgage bill and will hand their findings over to real estate experts.

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Wednesday, May 30, 2007

Real Estate Profiteering On Aegean Coast

Following the real estate scam that recently came to light in the Bodrum and Didim area of Turkey's Aegean coast, which has hurt both the pockets of foreigners and the country's reputation, buyers are being urged to exercise more caution and more official supervision is being called for.

The real estate swindle in Bodrum and Didim reached an amount close to 500 million pounds during the last two years. "The illegal real estate agents and such swindles not only result in the loss of confidence in the Turkish real estate sector but also a big amount of tax smuggling," Fikriye Kocagöz, Turkish trained real estate agents association member and Gümbet TURYAP representative said.

Speaking at a meeting of Aegean realtors, Kocagöz stated that while the number of the registered real estate agents was 1,300 in Didim and Bodrum, the number of real estate agents operating illegally was about 6,000. "At least 400 of the illegal real estate agents are foreigners. Police, officials, restaurant owners, waiter, hairdressers, political party representatives... Everyone is in the real estate business except for the old, the ill and the children. We hear that a Kenyan, settled in Bodrum, works from a home office and sell villas and plots of land. The lack of supervision is the main problem."

Kocagöz added, it was stated that the number of foreigners that applied to the police or prosecutor's office and reported to have been cheated exceeded 60. Most people cheated are designated to be from Ireland and the United Kingdom mainly, reported the Doğan news agency.

Loss of confidence in Turkish real estate sector:

Ranking third in the sales of second residence and summer homes in Europe after Spain and Greece, Turkey has lost a lot of prestige and dropped to seventh. In Didim and Bodrum, it was reported that about 13,000 villas and lots were sold to foreigners in the last year yet only 3,500 of them were officially registered and it was revealed that the deeds of the rest, supposed to be handed over with contracts, were not still delivered.

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Contract cancellations begin:

Thirty-year-old Kubilay Coşkun Atmaca, a taxi driver two years ago but now in the construction business, and his 40-year-old wife Hande Bakkal caused a big scandal in Turkey's booming coastal real estate market. The couple were selling villas with fake deeds, and managed to flee. The loss of confidence in the sector resulted in the annulment of many contracts with many construction companies.

Nokta Building Construction and Contract Limited Company Administrative Committee Chairman Cengiz Altınbaşcan stated that in the last nine months they sold 350 villas they had built in Bodrum to the Irish, English and the Danes; yet 12 foreigners have canceled their contracts in the last 3 days. "We immediately gave back the money they invested. It is a shameful period for Turkish contractors. Everyone is trying to enter the sector. The coming days will be hard times for many land owners and real investors due to the illegal sales using fake deeds. Increasing the supervision is vitally important. We never perform a sale without a certified interpreter, deed and notarized contract," added Altınbaşcan.

Foreigners being urged to be alert:

To avoid being cheated, TURYAP Göltürkbükü Representative Okan Uçar recommended that foreigners not sign any contracts without the presence of a lawyer and a certified interpreter. "In a trade that costs 80-100 thousand pounds, a good and serious investigation will cost a maximum of 600 pounds. Foreigners who want to purchase estate should obtain information from the deed office and the municipality about the land or the house they want to purchase. They should also research the people who will sign the contract. In the next 3-5 years, the negative effects of the illegal contractors and the real estate agents will become more obvious. Organizations involved in the sector and the government should take serious action. These illegal contractors and real estate agents must be severely punished," said Uçar.

Sunday, May 27, 2007

Foreigners Buy $450 Million in Turkish Real Estate Shares

In addition to direct domestic investment, foreigners are also playing an increasingly active role in Real Estate Investment Partnership (GYO) companies that are traded on the Turkish stock exchange.

The real estate sector in Turkey has taken a big leap forward in the past two years, mainly due to a demand for residences. In that time some 600,000 people have become homeowners in Turkey, motivated to capitalize on the decrease of interest on bank loans that reached as low as 1 percent. Not only consumers are benefitting. Investors have also taken advantage of the growth in Turkey's real estate sector.

This incentive-laden environment has also become attractive for foreign investors. In 2005 and 2006, they have shown interest in residences as well as commercial real-estate by investing in Real Estate Investment Partnership (GYO) companies that are traded on the stock exchange. Their share in the 10 real estate firms that are traded on the Istanbul Stock Exchange (IMKB) reached 29.5 percent at the beginning of 2007.

$445 million in foreign investment:

A total of 10 real estate companies are traded on the IMKB. Foreign investors own an important share of this amount - $230.25 million according to data from Garanti Foreign (Garanti Yabancı) and Citibank Foreign (Citibank Yabancı). When the acquisitions from Akmerkez's public offering and the changes in the partnership structure of İhlas GYO are taken into account, the market share of foreign investors is actually $445.1 million. This demonstrates that foreigner investors now own 29.5 percent of the public shares of 10 firms. The total market value of these firms has reached $1.5 billion.

The 10 real estate compainies include Akmerkez GYO, Alarko GYO, Atakule GYO, Garanti GYO, İhlas GYO, İş GYO, Nurol GYO, Pera GYO, Vakıf GYO and Yapı Kredi Koray GYO.

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Three direct partnerships:

Besides trading shares of real estate companies in the stock exchange, foreign investors are direct partners in three of these firms. Among them, Holland's Corio bought 48.12 percent of Akmerkez in 2005 and became a direct partner in the firm. İhlas GYO sold 30.69 percent of its shares to Yeşil İnşaat and the U.S. firm Rudolph Younes last August, making Rudolph Younes a 15.34 percent direct partner. Also, 50.98 percent of Garanti GYO will be picked up by Doğuş and General Electric Real Estate Europe, thereby making the foreign firm a 25.49 percent direct partner.

Interest from Gulf countries:

While Turkey's commercial real estate sector is being closely watched by foreign investors, “Middle Eastern capital is steering toward Turkey for investments," one analyst commented. "People are waiting for the mortgage system. We expect foreigner investors to become more active once the mortgage system has been established.”

Wednesday, May 23, 2007

The Turkish prime minister has stressed that his country is determined to gain accession to the European Union.

Discussions between the Mediterranean country and the EU have been ongoing for years but prime minister Recep Erdogan said that Turkey should not be discouraged by the difficulty of the process, the Turkish Press reports.

Joining the EU could have a significant benefit for the Turkish property market, as has been demonstrated this year in Bulgaria and Romania, the two countries that entered the union in January.

While the health of the Turkish property sector will be one advantage of accession, Mr Erdogan stressed that the process also has a wider significance for the global community.
"Turkey''s EU membership bid is in fact the biggest global peace project of the 21st century," he said in a speech at a conference in Istanbul.

"There will be ups and downs in our road to the EU. And we know that this path will be challenging and there may be obstacles. But we are resolved to overcome all these problems." Please visit our sponsors for more Property for sale in Turkey and Real Estate in Belek

Monday, May 21, 2007

At the Forum Istanbul meeting on Friday the real estate and energy sector met to discuss Turkey's strategies in 2023 in light of world developments.

As part of the meeting, one person emphasized how real estate sales to foreigners could increase tourism sector income.

"We should work to up residential home sales to foreigners, as it would result in an increase in tourism," Hasan Rahvalı, the general manager of Akdeniz İnşaat said.

"If we were to sell one million residential homes to foreigners, it would provide an interest free income of 250 billion euros in real estate business and inject $80 billion into our tourism sector."

700 construction sites built:

Residential home demand and cheaper home production was discussed in detail during the "Real Estate Investments and Financing Issues in Developing Strategies" meeting.

Rahvalı said the 680,000 annual increase in home demand comes from newlyweds and not the population increase. He believes that by decreasing land costs, homes can be provided for low income groups. "Turkey can solve the problem by 2023 by producing 700,000 to one million homes per year. The home loan will amount to $200 billion in 2023," he said.

Erdoğan Bayraktar, the chairman of TOKİ (Housing Development Administration of Turkey) said that since 2003, 700 construction sites have been built in 81 provinces' 313 districts. He continued to say that TOKİ started with the construction of more than 255,000 homes and are about to complete another 140,000. "But citizens with an income of YTL 850 cannot afford a home. That's why we continue building for and selling to low-income groups," stated Bayraktar.

Nazmi Durbakayım, chairman of the board of Teknik Yapı, said that homes are expensive because they cannot buy cheap land. He believes citizens should first buy the "main home" and design it according to their budgets. "We live in large homes, and plan 10-15 years in advance. Thus, the upfront investment and monthly maintenance costs are high," said Durbakayım. If we decrease the square meter size of properties, the deficit in housing would descend, he added.

Emre Çamlıbel, general manager of Soyak, said that in Turkey there is demand for 600-700,000 homes per year, and in order to close the deficit the private sector needs to get involved more actively. Uğur Dumankaya, chairman of the board of Dumankaya Construction stated that the market rules have changed. "In 2005 we were sellers, but in 2007 we play by the rules of the buyer."

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Friday, April 13, 2007

A leading property investment firm in England have stated that Turkey, in regards to property investments, is one of the most desired countries in the world.

According to a survey conducted by Assetz, a property investment firm in England and published by The Sunday Times newspaper, Poland is the most attractive country for property investment in the world.

They reported that a property investment in Poland brings 165 percent income. The next four most attractive countries after Poland are England, Bulgaria, France and Turkey.

45 percent gain:

Depending on the invested amount the income is 63 percent in England, 54 percent in Bulgaria, 51 percent in France and 45 percent in Turkey.

In the meantime, it is said that 400,000 British people are owners of property abroad. The total value of these investments amount to 52 billion sterling of which 56 percent are located in Spain and France.

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Saturday, March 31, 2007

Turkish State Railways will sell large and precious pieces of land to finance its high-speed train project. Major firms are queuing up at auction firm Eskidji that will organize the first wave of sales by public auctions

Major tourism, retailer and construction firms are queuing up for property the Turkish State Railways (TCDD) will put out for sale to finance the high-speed train project. A public auction will be organized on Apr. 12, 2007 in Istanbul by the auction firm Eskidji for the sale of 204 pieces of property belonging to the TCDD. Several firms looking for large shares of land for their new investments have contacted Eskidji.

Among the 204 pieces of property in Turkey put out for sale, there is a port in Istanbul's Zeytinburnu and a plot adjacent to the BTC filling terminal.

An auction coordinator from Eskidji said was a well known fact that the TCDD owned very precious and very large plots. "Major firms are already signing up for the auction" he said.

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Auction of the year:

The TCDD has 3,000 properties in 58 provinces that it has deemed unnecessary. The total area of TCDD properties is over 50 million square meters and among the plots to be sold are the greenmarket area in Bostancı (1,793 square meters), three duplex apartments in Altunizade's Mesa Yeşil Vadi Konutları, two plots in Bakırköy and Yenimahalle (6,784 square meters and 27,835 square meters), three plots in Büyükçekmece and Hoşdere totaling 21,082 square meters and a hotel plot in İzmir's Alsancak, 1. Kordon of 4,848 square meters.

The fact that a majority of TCDD property in Turkey now lies in city centers draws the attention of major firms. The public auction of TCDD properties will not be an ordinary auction; it will be the auction of the year, according to Eskidji executives.

The money raised through the auction will be transferred to the high-speed train project, according adding to some experts. Same experts add that the government did not have any funds to allocate for the TCDD and only with these auctions, the TCDD will be able to create its own resources for its high-speed train project.

The first sales phase will consist of properties that are needed for the project. "The corporation has several large and precious Turkish property stocks. My personal belief is that they are able to finance three more high-speed train projects," an expert told Referans.

Like an endless well:

Eskidji CEO Dikran Masis said that the real estate portfolio of TCDD was like an endless well. "We will work on this project for two years. For the first phase, we will auction the Turkish property that has been inspected, evaluated and updated and our assessments will continue for other property and we will publicize the lists as soon as the updated values are determined," he said.

"The TCDD has many plots in cities, towns, city centers, smaller settlements, wherever the railroad passes. These plots are suitable for building business centers, shopping centers and hotels. The location of the plot will determine its value. If the location is open to tourism development, then the value becomes five-fold or ten-fold," he said.

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Monday, March 26, 2007

According to research conducted by a leading foreign property investment guide, Turkey has potential for both growth of property prices and growth in demand for rental property.

According to Rhiannon Williamson, property in Turkey is "a better market" for British investors than some others that have recently proved popular. She says the region "certainly has more going for it in terms of potential for growth in terms of property prices and demand for rental accommodation". However, she also advises potential investors in a Turkish property to exercise caution.

According to Ms Williamson, the location of the property, as with any property investment, is of prime importance in terms of long-term attraction. However, provided the right property is obtained, there should be no problems with generating rental income or obtaining a good resale price.

Turkey has long been a popular destination for the British holidaymaker and offers a variety of options for both tourists and buy-to-let investors hoping to exploit the market. At its simplest, Turkey offers hot weather and plenty of good clean beaches to attract sunbathers and people who are looking for a lazy holiday lounging by the sea.

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Wednesday, February 21, 2007

Turkey welcomed just over seven per cent more tourists in January than it did one year ago, with Britons among the top ten nationalities gracing its shores, new figures from the Turkish Board of Statistics show.

The total influx of visitors amounted to 714,425 people over the month, with German nationals the most enthusiastic Turkey-lovers followed by Bulgarians, Russians, and Georgians.

The country attracted guests from diverse regions, with Britain and France figuring in the top ten visiting nationalities alongside Iran and Syria. Although air access to Turkey became significantly more popular, with 11 per cent more tourists arriving by plane, sea travel enjoyed a surge of 18.3 per cent as burgeoning numbers of tourists chose to drop anchor from the Mediterranean, Black or Aegean Seas.

The improved profile of the country''s tourist industry, particularly among British visitors, may maximise the attractiveness of the Turkish property market to investors seeking to soak up some of the unmet demand for holiday residences.

Monday, January 22, 2007

SunExpress, Turkey's leading low cost scheduled airline that was founded as a joint venture by Lufthansa and Turkish Airlines, is to launch a new twice-weekly non-stop service on Thursday, 8 February 2007 between London Stansted and the picturesque city of Antalya on the Turkish Riviera.

SunExpress will operate between London Stansted and Antalya on Mondays and Thursdays. The flights depart from Stansted at 10.30 to arrive in Antalya at 16.30 local time. Services from Antalya will depart at 07.05 and arrive in Stansted at 09.30. Flight time is just four hours from Stansted to Antalya and 4 hours 30 minutes on the return leg.

In addition to the new Antalya service, SunExpress is to introduce a second route between the UK and Turkey in March. The second non-stop scheduled service will be between London Stansted and Izmir, Turkey's third largest city and second largest port, with a connecting service to Ercan in Northern Cyprus.

The new scheduled services offered by SunExpress between London Stansted and Turkey reflect the growing popularity and demand for Turkey as a destination in the UK, especially Antalya, the Turkish Riviera, Izmir and the resorts around the Aegean Sea, all of which have a special appeal to the increasing number of independent travellers and those with second homes in the area.

Antalya is also the gateway for Belek , Turkey's premiere golf resort. Located on the Mediterranean coast 30 km east of Antalya, Belek currently boasts five golf clubs with a further 11 courses and 44 hotels in various stages of construction, with a number programmed to open during 2007. Signature course designers include Nick Faldo, Colin Montgomerie and David Feherty.

SunExpress' schedule to Antalya will give UK golfers the all-year-round option to fly out on Thursday and return on Monday after a weekend of three full days of golf in the sun. Reflecting the sporting interest in Antalya and Izmir, SunExpress offers complimentary carriage of golf and diving equipment weighing less than 30 kilos

SunExpress, which made its first flight in 1989, boasts a young fleet with an average age of under 7-years and currently operates nine Boeing 737-800s and four Boeing 757-200s. It carried more than 2-million passengers in 2006. Besides the UK, SunExpress offers non-stop scheduled services between Turkey and over 20 destinations in Austria, Germany and Switzerland, as well as a domestic Turkish network serving nine destinations. The airline has an interline agreement with Lufthansa and a code-share agreement with Turkish Airlines. SunExpress, which also operates custom-made and full charters, moved its headquarters from Frankfurt to Antalya in 1990 and in 1996 Lufthansa's shares in SunExpress were transferred to Condor, the airline of the Thomas Cook Group.

Although considered a 'low cost scheduled carrier', SunExpress' product offer includes: free beverages and non alcoholic drinks; complimentary meal plus special dietary options; seat selection at check-in; newspapers; in-flight movie & audio entertainment; 20 kgs free baggage allowance; and golf and dive equipment carried free of charge up to 30 kgs.

In the UK bookings for SunExpress can be made through specialist Turkish travel agents and operators, on "", or by calling 0845 600 1521.

Monday, December 11, 2006

Foreign investors are showing a serious interest in capital ventures in Turkey's non-financial sector. Positive developments in the economy and success of the programs implemented by the he International Monetary Fund (IMF) and the safety deriving from Turkey's European Union process, have all contributed to trust in the Turkish market. As a result Turkish companies have been increasingly partnering and conducting transactions with big foreign companies.

Koç Group recently sold its Izocam and Döktaş divisions to foreign investors. The IMKB's publicly held corporation Idaş has a foreign suitor in European bed manufacturer Hilding. Food producer Penguen Gıda and Turkey's biggest seamless apparel producer Metemteks, have also signed partnership contacts with foreign investors.

Wednesday, November 22, 2006

The Turkish Red Crescent Society (Kizilay) general management has issued a tender for the sale of its real estate in Antalya's Serik district. The 42,473 square meter plot is in a tourism area by the sea. The land will be sold through closed envelope bidding at the Kızılay general management building in Ankara on Nov. 24.

Sunday, September 17, 2006

Five years ago it became possible for foreigners to buy Turkish property . As business booms we look at the options for city slickers and sun-worshippers.

Perfect skies, blue seas, golden beaches - Turkey has got them all, but, for now at least, instead of being overrun with tourists, much of it remains relatively unspoilt, so ideal for holiday-home seekers. Of the 51,044 homes owned by foreigners in Turkey in 2005, some 9,298 (or 18 per cent) are in UK hands, according to Turkish government data, up from just 2,420 in 2003.

There is a variety of property and prices on the Turquoise Coast, the most sought-after area of Turkey where the Mediterranean and Aegean meet. Alanya property experts Jasmin Real Estate say that the most popular locations for British and Irish buyers are Belek and Mahmutlar, with Alanya still very popular with the Dutch and Scandinavian market. "Although Belek and Alanya were fairly unknown to the British and Irish market a few years ago, they are now starting to discover the huge range of property available " says a Jasmin Real Estate spokesman.

Michael Doig of Colliers CRE, a British property consultancy that monitors Turkey's housing market, says: "Like many countries that are becoming the focus of British residential investors, growth is estimated at anywhere from 10 to 40 per cent a year."

Turkey's Muslim conventions don't prevail in resorts, but there are some idiosyncrasies that can catch out foreign buyers. In some areas, for example, it's hard for Britons to buy a car without being full-time residents, and shipping large items to Turkey. is tricky and costly.

But the most significant problem until recently has been the country's volatile economy. This has been a deterrent to property investors, especially as slow progress on reforms have led to faltering talks on Turkey's EU membership.

As recently as 2001, the Turkish economy was associated with soaring inflation, black-market activity and high levels of national debt. Even in 2004, 40 per cent of government spending was on interest payments on debts. But in the last two years, to win support for EU membership, Turkey has changed.

The country has brought inflation down to its lowest level since the mid-1970s, annual growth is now a staggering 9 per cent, and it is setting up systems of land registry to prevent disputes over ownership.

"The transformation has been dramatic. The introduction of a Turkish mortgage system this year will stimulate demand for domestic housing and drive prices up. There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment," says Alise Crossick of a UK property consultancy.

Given the many agents now marketing to Britons, it is amazing that Turkey only allowed foreigners to buy property in 2001. In five years it has become popular, helped by the fact that all property is freehold and eligible for inheritance by spouses or offspring.

Turkey is already a firm favourite. And, for the moment at least, a competitively priced one.

Wednesday, August 30, 2006

Tourist numbers to Turkey are forecast to grow through 2006, despite the outbreak of avain flu. Tourism and Culture Minister Atilla Koc predicted “above 21 million” compared with last year's total of 20.5 million visitors

The original aim for 2006 was to attract 26 million tourists, and even though this now seems unrealistic, the fact that numbers are still improving even with the setbacks suffered this year shows the strength of the market.

"I've put the target at 26 million for 2006... Maybe it won't be 26 million, but it will be ... above 21 million," Koc said at a conference in the Mediterranean resort of Belek, the Anatolia news agency reported.

A record 20.5 million foreigners visited Turkey last year and the tourism industry, a vital source of foreign revenue and employment, earned the country $18.15 billion, a 14 percent increase over 2004.

The increase in people taking their holidays outside of package tour operators and opting to travel independently means that those with property in Turkey and Alanya property have even more opportunity to make money from it through rentals.

Thursday, August 10, 2006

The Turkish lira strengthened to a three-month high against the dollar on Wednesday as the central bank showed it has regained market confidence and the U.S. Fed halted its two-year interest-raising cycle. The Turkish lira continued to climb against the dollar and the euro yesterday, gaining 1.58 percent in value in the Istanbul free market while one dollar was traded at YTL 1.4457. The Turkish lira also gained value against the euro to stand at YTL 1.8706.

The Istanbul Stock Exchange (İMKB) National 100 Index rose 822.49 points in the second session to close at 37,563.33 points. The shares' average daily gain was 2.81 points, thus causing the İMKB main index to match its June 2006 value. Generally, Turkish markets met the Fed's decision to hold rates positively. The dollar saw some selling and the U.S. bourses closed lower yesterday, said a banker.

Thursday, June 15, 2006

Turkish real estate companies expect the building and property sector to grow by more than 10 percent this year, while up to four property firms will list on the stock market, the business association head said.

Turkey's economy, which suffered a financial crisis in 2001, is now enjoying strong growth and is attracting foreign investors. Haluk Sur, who heads the Association of Real Estate Investment Companies (GYODER), reckons the real estate and construction sector will outpace overall economic growth this year to become a more important chunk of the economy.

Sur, who is also chief executive of İhlas, one of 10 listed real estate investment trusts (REIT), said three or four more REITs will list on the stock market this year as part of a wider boom in new share sales.

"[Growth] may not be 20 percent but not less than 10," Sur told Reuters in an interview.
In recent years the real estate and construction sectors have made up about 10 percent of Gross National Product, which has been seen growing to YTL 539.9 billion ($381 billion according to government calculations).

That would be slower than the construction sector's exceptional 19.7 percent growth in the first nine months last year, outpacing 5.5 percent for the whole economy, as interest rates fell and the market suddenly picked up after years in the doldrums due to the financial crisis. In some parts of Istanbul, Turkey's largest city with a population of 12 million and 3 million homes, real estate prices rose as much as 150 to 200 percent last year, Sur said.

"[From now on] the price increase in the real estate market will be more meaningful, and may be 9 to 10 or 12 percent."

One of the reasons behind the boom is an increase in home ownership rates in Turkey as economic growth translates into higher spending power.

"In my opinion it may go up to 70 to 75 percent in the coming 10 years," said Sur, who also sees opportunities in possible public-private partnerships to redevelop Turkey's shanty towns and areas where housing is not resilient to earthquakes.

Economists expect lower borrowing rates -- currently at 13.5 percent -- and lower inflation after years of double-digit levels.

Turkey's candidacy to joint the European Union also is likely to help fuel foreign interest in construction and property, following the example of the EU's new Eastern European members, they say.

"Turkey has underdeveloped construction as a percentage of Gross Domestic Product. If you look at offices [per capita], it's tiny compared to EU countries," said Mark Robinson, head of research at CA IB International Markets.

"It's sustainable, because we've seen this downturn for the last four or five years. There's a lot of catch-up in Turkey," he added.

A new law allowing mortgages is awaiting final approval in Parliament and is likely to further drive the real estate sector.

But Ihlas's Sur did not expect radical changes soon, because the country first needs to firmly establish a secondary market to make mortgages secure, which could take a couple of years.

Thursday, June 01, 2006

ANKARA - Turkish Daily News

Turkey concluded its accession talks on the first of the 35 negotiating
chapters with the European Union yesterday, passing a critical
threshold in its membership process, but difficulties that surrounded
the event showed that many more Cyprus-related obstacles lie ahead.

The Greek Cypriots dropped their objection to the opening and
conclusion of the talks on the science and research chapter after the
EU agreed, following several hours of intense negotiations in
Luxembourg at the ministerial level, to mention Ankara's obligation to
open its ports and airports to traffic from Greek Cyprus and to refer
to a declaration issued in September calling on Turkey to recognize and
normalize its ties with the Greek Cypriot administration.

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Greek Cyprus is now set to work to toughen the tone of an EU statement that will be issued after a summit later this week.

The EU position paper for talks on science and research says the talks were closed only provisionally, a sign of the Cyprus row hovering like the sword of Democles over Ankara's head throughout the rest of its accession process.

Greek Cyprus has the right to veto Turkey's talks at the opening or closing of talks on each of the remaining 34 chapters.

"This process has its difficulties and its ups and downs. What is important is to live with them and reach the eventual goal of full membership," Foreign Minister Abdullah Gül told reporters before departing for Luxembourg together with State Minister Ali Babacan, Turkey's chief negotiator for EU talks.

Wednesday, May 10, 2006

A total of 1,206 pieces of property were sold to foreigners in the first quarter of this year. Showing that even the temporary withdrawal of the rights of foreigners to buy Turkish property did little to dampen enthusiasm in the market.

According to data provided by the Land Registry General Directorate and reported in Turkish Daily News, from Jan. 7, 2006 through to mid April, the total number of properties sold to foreigners was 1,206.

More and more different nationalities are purchasing in Turkey. The figures show citizens from 24 countries bought real estate there, though British buyers are still the most committed to Turkish property . During the period in question 588 British citizens, most preferring the south of Turkey, bought 420 pieces of real estate, followed by the Germans, Irish, Dutch, Norwegians, Belgians and Greeks.

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