Demand for Antalya property rockets
The southern Turkish city has enjoyed a surge in popularity and profile in the last decade as the growing centre becomes a major hub. Visitor numbers peaked at over 12 million tourists last year, making Antalya Airport one of the most used ports in Europe.
The highest visitor numbers came from Russia, closely followed by Germany, the UK, Sweden, Ukraine, France, Austria and Poland. And the most startling news is that visitors are no longer content with just spending a week or two lounging on the region’s best beaches: the number of foreign purchases of property in the Antalya region has rocketed, with more than 9000 property sales last year.
Turkey property consultant and investor Martin Banks says the upsurge is due to the southern Mediterranean city’s strong economy and growth. “The city’s population has grown exponentially in the past 20 years and development has struggled to keep pace with this growth.” The result? A surge in property prices as buyers compete for prime real estate, and an extremely healthy rental market as young professionals vie for top rentals in the best parts of the city.
The most desirable area of Antalya City, Konyaalti Beach, is leading this boom.
“This is the place to be if you’re young and moneyed,” explains Banks. “Property is of a high calibre and there are good facilities to catch the eye of anyone with a disposable income, as well as the beach right at hand.”
Konyaalti is just 15 minutes’ drive from Antalya City centre, says Banks. “This is why the majority of buyers in Konyaalti are either city workers who commute each day into work, or buy-to-letters cashing in on this rental boom.”
Banks says buyers are currently looking at capital gains of around 10% annually, while property values are rising by around 8% each year.
Like other experts, Banks believes that Antalya City’s trajectory shows no sign of slowing. “Gone are the days when Antalya was seen as a summer destination - it’s now a year round city with facilities to rival that of London or New York - but better prices. It’s an incredibly exciting time for investors - both large and small.”
Property prices in Antalya’s Konyaalti Beach start at around £45,000.