Turkey

Of the many countries vying to become the ‘new Spain’, Turkey, with its 5,000 miles of coast and 300 sunny days a year, has one of the strongest claims to the title. It has been a popular tourist destination for several decades, drawing as many as 14 million visitors a year. Since 2002, when a ban was lifted on purchases by foreigners, Turkey has also become an attractive destination for people looking both for holiday homes and somewhere to retire; hitherto sleepy fishing towns are being transformed into bustling resorts as developers move in to satisfy the demand from British and other international buyers. Prices in some resorts doubled between 2002 and 2005, but are still well below Spanish levels - giving plenty of scope for capital gain. Much of the Aegean and Mediterranean coast is of interest to the Fly-to-Let investor. Istanbul also has potential; a house or flat could be a long-term let or rented out to tourists. A further boost has been given by the prospect of EU entry. It could be as late as 2015 before Turkey joins, but the economic and legal reforms required to prepare for membership will make the country a more attractive place to invest.

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