Turkey ideal for property investment

Turkey has been in a state of upheaval lately, with a large influx of immigrants and fighting along its border with Syria; despite this, it could prove to be a popular nation for keen property investors wanting to find emerging markets. In Kalkan, for example, there is little to indicate that Turkey has noted any problems at all.

Located in the country’s Mediterranean Riviera, Kalkan has a jumble of restaurants, quirky shops and narrow, hilly streets. Only an hour and a half from Dalaman airport, many overseas investors have grabbed a slice of this haven, either by buying villas or by building their own homes. Korsan Kalkan is run by Claire and Uluc Bilgutay, who have been refurbishing tired properties for over two decades in addition to building and selling luxury villas to foreign investors.

British-born Claire met Uluc almost 20 years ago when visiting Kalkan. ‘The property business has really taken off in last 14 to 15 years,’ she said, adding: ‘We have a lot of British customers. Some know exactly what they want, which is lovely, and we help create a vision for others. We can source everything for them down to a fork and napkin and take care of their property when they aren’t here, which gives them confidence and peace of mind. We organise cleaning, pool and garden maintenance and can even arrange for one of our restaurant chefs to cook for them in their villa.’

Nico and Fiona Fontaine are just one couple to use Korsan Kalkan’s services to build their dream home. Completed 18 months ago, their five-bedroom villa cost £550,000 to build and offers beautiful views across Kalamar Bay. In the high season, the couple rent out the villa for £3,600 per week. ‘We are not affected by the problems the country has with Syria. We are very far away and feel protected,’ Fiona said.

Even though Turkey has seen a large amount of upheaval in recent months, the property market has remained relatively stable; in addition, prices are far below those that might be expected for second homes elsewhere in Europe. This makes the nation ideal for retirees who only want to spend a few weeks each year abroad, with rental income offering strong returns.

Will and Di Bailey built a six-bedroom villa in Kalkan 10 years ago, with Will saying that Kalkan property represents fantastic value for money. When they are not using the villa, they rent it out up to eight weeks of the year. ‘Our villa would have cost £2-3m to build in France rather than a few hundred thousand,’ he explained. ‘The people are lovely – they understand the service industry and you get a better type of Brit coming here – those who respect staff and locals more. I feel more vulnerable in London than I do here. People shouldn’t feel concerned.’

For those looking to invest in overseas markets, Turkey could offer an ideal opportunity. Prices are still relatively low, even for properties that are already built; meanwhile, the rental income can offer good returns, making buying real estate a worthwhile investment.