Turkey btl ‘booming’
Turkey’s rental market is the hottest of all the world’s emerging markets…
Turkey's property rental market received a vote of confidence based upon data from leading holiday rental site holidaylettings.co.uk this week. The internet based lettings site analysed demand for rental property across the 112 countries where they advertise property to let, and Turkey came in 7th amongst those countries. Of all the 'emerging markets' Turkey lead the way, even coming in above some of the long standing tourist destinations, including the Balearics, Canary Islands and South Africa.
The report offers a considerable boost to investors in property in Turkey, vindicating their confidence in the market. 'Given the still relatively low availability of low-cost flights to Turkey, the property rental market is still very much a developing one', says Gordon Lyons of International Property Agents.
Rental demand ‘developing’
He added: 'This report does however show that rental demand is developing and the market is most definitely heading in the right direction. With the expected arrival of further low-cost flights to Turkey in the coming months, we expect this demand to increase further as the flight and property rental option becomes more and more competitive next to the package holiday.'
Some of the other 'emerging markets' have not come off as well, with Bulgaria struggling in comparison to Turkey. Ross Elder, MD of holidaylettings.co.uk indicated that oversupply of property on the black sea Coast, coupled with insufficient tourist numbers were not helping matters there.
Gordon Lyons added 'Turkey's tourist market was developing long before its holiday home market, with in excess of 20 million tourist a year visiting the country. This is a key indicator we look for when choosing where to sell property. If the tourist market isn't there, investment with a view to holiday rentals simply isn't backed up by anything. For some time now we have seen all the right indicators with the Turkish rental market and now the facts are starting to speak for themselves.'
