Turkish Property Market Predicted to Become Even Hotter

The Turkish property market is predicted to be extremely active this year due to increased confidence from foreign investors, and the number of developments being launched this summer. The figures released by the Turkish Real Estate Investing Partners Association (GYODER) show that foreign investments increased by 40% last year with sales worth $2.5 billion. To put this in perspective, sales between 2006 and 2008 totalled $3 billion.

Although there are regions of high supply, in general Turkey has not fallen into the trap of other Mediterranean countries of oversupply. Another Turkish strength is its 8300 km of beautiful coastline, offering property buyers a huge choice of location and property type, so just about everyone can find a home to fit their budget. The Bodrum peninsula is increasingly popular, not least because of its good connections to the rest of Europe. First Choice Airways, Thomas Cook and EasyJet all have regular flights to Bodrum, while Monarch will begin twice weekly flights from Manchester next month.

It's easy to see why Bodrum is popular as it's an ancient fishing village with a great deal of history which appeals to culture vultures, but it's also a lively town plenty of restaurants and bars. Gumusluk is close to Bodrum but offers a much more relaxed style of living, and the area is especially popular with divers and families attracted to the blue flag cleanliness of the beaches. Property prices are still very competitive in Turkey, especially when compared to other Mediterranean countries whose property markets have suffered greatly in the global economic downturn.

Azure Overseas are currently marketing a new property on the Bodrum Peninsula. The Village II offers high quality apartments featuring mod cons like air conditioning, internet and sattelite tv, in a fantastic resort complete with Gym Centre, Beauty Spa, Turkish Bath complex, Swimming Pool, Children Swimming Pool, Pool Snack Bar, Restaurant/Café, Market, and Childrens Playground. As an example of the value the development offers 1 bedroom apartments with a 5% rental guarantee for less than £40k.

Mallorca is Beating the Mainland

Buyers are choosing to look at property on Mallorca rather than the mainland with the visitor numbers and enquiries having steadily increased over the last year.

The sales and marketing director of Taylor Wimpy de Espana, Ignacio Osle believes this is because the island has so much to offer with beautiful architecture, a wide range of sport and leisure activities and wonderful beaches. The island's capital, Palma de Mallorca was recently voted one of the five best towns for travel and tourism in 2010 by Exceltur.

The airport at Palma de Mallorca is the third busiest in Spain and handles more than 21 million passengers, and the airlines have been quick to respond to this increased demand with new flights beginning this year.

Ryanair will begin operating flights from Birmingham while EasyJet will be flying from Manchester. Jet2.com is due to start flying from Glasgow and Eastern Airways will be flying weekly from London Oxford airport from this June.

Mallorca is also becoming more popular with cruise ships and received over 500 last year while a 28 million Euro designated birth is currently under construction and will be able to accommodate up to 5 larger ships.

The Balearics as a whole have seen 145% increases in property sales last year when compared to 2009. Average asking prices in Mallorca are the second highest Spain at €428,300, although overall, asking prices have dropped over the last two years as the market has realigned itself.

Taylor Wimpey has two new developments on the island, one of which is to the north of the island eight few minutes from a Pollensa beach while the other is to the south-west of the island at Las Altos del Golf in Andratx.

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Dubai on the Upturn?

The recent instability in nearby Arab countries is proving beneficial to Dubai as it’s increasingly being seen as a safe haven within this region.

Dubai enjoys political stability, an open economy, and as such the Department of Economic Development has said it is seeing increased interest from businesses and recorded a 17% growth in licenses granted in 2010 which followed cuts in minimum capital requirements. Citigroup is also forecasting growth of up to 4% in 2011 with 6% in 2012.

This growth is most easily seen in the airports and hotels. Passenger numbers passing through the international airport in January rose by 10% year-on-year. International freight volumes rose by 3.9%.

Hotel occupancy is up to 81% even though there are new hotels opening all the time. Some of this is probably due to the unrest as room occupancy in Beirut and Cairo fell by 40% in January and February, while Bahrain's rates fell by 20% in February.

This newfound optimism is also spreading to the property market and the current abundance of empty residential and commercial property is attracting many new arrivals, not least because of the preferential leasing rates being offered.

At the moment the property regulator is reviewing units planned for completion up until 2016; trying to fit supply to demand, while estate agents say that the numbers of transactions are increasing as interest from North Africa in particular shows strong growth.

However some experts believe the long-term picture remains uncertain due to the political instability in the region. There is the worry that some investors may view Abu Dhabi and Mumbai as offering greater opportunities for longer term gains.

Columbia can offer a luxury lifestyle for a bargain basement price

Colombia is increasingly drawing attention from property investors as it has much to recommend, particularly the city of Medellin. This city is now very safe, with a cosmopolitan atmosphere combined with perfect year-round weather. It has all the big city amenities you would expect such as a modern metro system, two airports and world-class shopping and restaurants, yet property prices here are still low. This is put down to the stain left by drug lord Pablo Escobar who died 12 years ago.

It is possible to buy a luxury apartment in a good neighbourhood for around $80,000, while a luxury penthouse can cost less than $150,000. The works out to around $79 per square foot which is incredibly low considering the beautiful location and quality of living offered in Medellin.

While prices here have remained fairly steady there is evidence that this may be changing as more international buyers are looking for somewhere new to invest. Many of these international buyers are drawn to the country by the good rental returns of between 5% and 11%, averaging at 7%.

Medellin city is committed to public architecture and has a number of beautifully designed libraries, schools and parks which have helped to turn around at some of the poorer neighbourhoods. The city, like the country as a whole has worked hard to reverse the previously negative image.