According to recent reports, the government-affiliated Turkish Housing Development Administration (TOKI) has applied to the Finance Ministry for permission to use 416 plots of land to develop holiday resorts for foreign buyers generating $20 billion.
TOKI says that it plans to build residential resorts across the regions and towns of Aydin, Mugla, Izmir, Bursa, Antalya, Balikesir and Adana and the developments will include tennis and golf amenities, shopping centres and medical facilities. The properties will be sold as direct property or timeshare, but if you want to rent your property out so that it pays for itself, steer clear using the properties to gain a rental yield will not be allowed.
There's no doubt that Turkey is popular with UK buyers. After Spain and France, it's the location we receive most enquiries about. It offers some great property prices and all the benefits of its Mediterranean location, minus the effects of the strong Euro, which have led to decreased levels of demand in countries such as Spain, France, Portugal and Cyprus, says Simon Conn of Conti Financial Services.
Recent reports suggest that Turkey is currently seeing a major increase in the number of British retirees setting up home there because of the country's excellent property value.