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Revamped Airport to Attract More Foreigners to Turkey’s Rebounding Property Market - 12 April 2010

With the reopening of a seaside airport and the sudden surge of mortgage applications in its capital city, Turkey’s property market seems to be on the mend.

May 22nd will mark the first foreign flight to arrive at the Gazipaza-Alanya airport in over ten years. Property experts say the reopening will surely impact tourism and the real estate market in Alanya, since many expats already live in the beautiful resort city but had to previously travel two hours to get to the closest airport.

Next month’s flight from Germany is just the first of many international flights to fly in and out of Gazipaza, according to airport operator TAV, which took over the airport last year after discrepancies over locations and various other regulations kept it closed since 1999.

The reopening will also spur development in Alanya, experts say, offering an affordable alternative to living in Istanbul, which has consistently been a popular destination for expats and second home owners even in the global recession.

Several real estate companies are reporting that the number of mortgage applications submitted by foreign buyers for properties in Istanbul increased last month—the market’s first substantial sign that interested parties are no longer just browsing, but are seriously looking to buy. In turn, mortgage companies are also warming up to lending money to foreign applicants.

With its beautiful climate, its current affordability and the promise of an EU succession within ten years, Turkey consistently makes numerous “properties to watch” lists. This year, in Istanbul, where 60 percent of the population is under 30, residential and commercial property markets are expected to attract 500,000 new buyers, while over 8 million tourists are anticipated to visit.

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