Antalya, Turkey’s fastest growing city and the gateway to the country’s glorious Turquoise Coast, is set to have a lucrative few years. In the first four months of 2020, prior to the global coronavirus crisis, house sales in Antalya rose by 12.5%. With 2018 and 2019’s currency crisis followed by rapid growth at the tail end of 2020, many indicators suggest that now is a good time to enter the Turkish property market.
If you’re considering investing or even settling down in the Gem of the Turkish Riviera, then read on; here are 7 reasons investors are buying property in Antalya in 2021.
International experts state that the local real estate market is still at the stage of formation — meaning you can expect to get decent value for money in Antalya. What’s more, the exchange rate of the Turkish lira to the dollar, euro and other major currencies remains favourable to foreign investors at this time.
If you compare property prices between Turkey’s two most popular property markets, Istanbul and Antalya, the numbers point to the latter being a smart investment. In fact, Istanbul sees house prices per square metre cost a whopping 96% more than in Antalya, with average prices clocking in at 10,412.04 TL and 5,298.54 TL, respectively.
When comparing Antalya’s affordability against Turkey’s other hugely popular beach resort, Bodrum, the numbers also look favourable for Antalya, with both the cost of living and average house prices more affordable in Antalya.
AN IMPRESSIVE ASSORTMENT OF PROPERTIES
While locals are interested first and foremost in investing in Istanbul, Antalya is most popular among foreign buyers. This is largely due to the wide range of properties available in the city, from luxury villas nestled in the hills surrounding Antalya to beachfront apartments, all the way to one bedroom, city centre flats. This diverse set of options attracts an equally diverse set of investors.
THRIVING CONSTRUCTION INDUSTRY
Few industries have bounced back faster from the global pandemic than Turkey’s construction industry. Encouraged by low interest mortgages provided by state lenders, the second half of 2020 represented a bumper period, with a longer period of stable growth predicted by experts.
What’s more, thanks to the fact that all the properties are added to the unified national register, the procedure of property purchase in the country is reassuringly transparent and the risk of fraud low.
WARM, BRIGHT WEATHER ALL YEAR ROUND
The area of Turkey is 300,000 square miles and there are three climate zones within it. Antalya is privileged to be located in a zone with the most favourable climate. In winter, when temperatures drop to just above freezing in Istanbul, residents of Antalya are still basking in the warmth of long, sunny days. In fact, Antalya sees a huge 3223 hours of sunshine a year. Compared to 2421 in Instanbul, 1660 in Paris, 1600 in Copenhagen, and just 1493 in London, that’s a seriously sunkissed city!
Antalya airport welcomes approximately 30,000 foreign and domestic passengers per year, and is a modern and well-equipped entry point to the region. Located only 8.1 miles away from the city centre, it represents a hugely convenient connection to your potential new city, and also means business flows freely in the region and into Antalya.
Antalya is also well connected to the rest of Turkey; those who want to travel to other parts of the country can take the D400 highway that runs from the East to the West.
YOU CAN COMFORTABLY RETIRE HERE
It is easy to understand why elderly people from Europe, the U.S. and Canada are often interested in property for sale in Antalya. The vibe is cosmopolitan, the weather temperate, and there’s a fantastic mix of beach life and urban charm.
What’s more, the food scene in the city is superb, with a healthy focus on seasonal fresh fruit and vegetables, with grilled seafood taking centre stage. That Mediterranean diet you’ve heard so much about? It’s here, but with flavours turned up several notches via dry spices, chilli and a little local flair!
Of course, kebabs and other freshly cooked flatbread dishes – like gozleme and lahmacun – are also found here in abundance, and are reliably spectacular. Put simply; you’ll eat extremely well here.
PROJECTS & POTENTIAL
Now we’ve satisfied our stomachs, let’s get back to the financial potential of this investment. Antalya, and the Antalya province as a whole, is rapidly evolving. Both the government and local and international entrepreneurs have invested heavily in Antalya in recent years, with infrastructure and leisure projects ongoing in the region.
The Tunektepe cable car is considered one of Antalya’s recent success stories; an infrastructure project which was relatively low coast yet attracts thousands of visitors every year.
Another meaningful initiative of recent years was the renovation of the Konyaalti beach district that took place in 2017. Local and international businesses eagerly welcomed the Bogacay Creek Basin project that suggested building a new marina in Antalya, with the authorities turning the resort into a popular cruise destination. The potential of the associated increase in arrivals is enormous.
According to their plans, the port should be able to hold up to 470 yachts and 4 cruise liners simultaneously. Moreover, the Bogacay project hopes to launch a film studio and school in Antalya. Who knows, maybe it will become a serious rival to well-known Western studios, which will attract even more well-heeled tourists and property buyers to the resort.
THE BOTTOM LINE
Whether you’re looking for a smart property investment with potential and longevity, or you’re seeking somewhere to settle down and perhaps even retire, then Antalya could well be for you.
If you’re keen to consider this great country further, check out these 9 places to explore the culture and heritage of Istanbul.