TURKEY - REAL ESTATE INVESTMENT OVERVIEW

Whilst a well established tourist destination Turkey’s property market is still relatively undeveloped. However this is set to change as the Government intends to make Turkey a major economic power with tourism growth a key part of their strategy.

KEY ECONOMIC FACTORS

Tourist figures to double over the next five years.
Introduction of new mortgage system fuelling internal demand
Massive tourism investment programmes with joint Turkish\Foreign companies
EU integration is already driving economic growth, currently highest in Europe

NEW TERMINAL FOR INTERNATIONAL LINES AT DALAMAN

The new terminal building for international flights at the Dalaman Airport was officially opened last week.

According to a written statement by the General Management of State Airport Operations (DHMI), with the completion of the new terminal building, the airport now has a capacity of 5 million passengers per year.

The terminal is constructed on a total area of 95 thousand 587 square meters, equipped with the latest technology and security systems, it also houses a car park for 360 cars and 278 buses.
 

THE GOCEK TUNNEL

The Gocek Tunnel  opened in August 2006. So Fethiye and Dalaman's traffic to short and comfortable .

The Greens of Sarigerme - HILTON GOLF OTEL--DALAMAN HILTON GOLF RESORT OTEL..

A golfers dream comes true! Launched earlier this year in January the construction of the Hilton Golf Hotel in connection with a luxury 18 hole golf course has finally started in Sarigerme. This project represents the start of a serious phase of golf and tourism investment.

Sarigerme, belonging to the Ortaca district is located on the Lycian coast of South West Turkey where the Aegean and Mediterranean meet, just a short drive from Dalaman International Airport. Along the 8 miles drive passing orange groves, cotton and bloomed sunflower fields, one arrives at the charming village of Sarigerme which welcomes its visitors with an overwhelming richness of nature. The village itself is set back just a half mile from the 6 km stretch of Sarigerme beach with its golden sand, one of the finest beaches of the eastern Mediterranean. Scenic mountain ranges, together with lush greenery and pine covered hills around the village offer breathtaking views across Dalaman valley and the deep turquoise – blue waters of the Mediterranean.

Göcay Tourism Golf Insaat Ltd, a well renowned building company from Ankara, operating in the sector of road construction and investing in tourism plants since 1984, has started to build one of the biggest and modern golf projects in Turkey. Göcay Tourism is operating two 4 star hotels and one 5 star holiday resort in Kusadasi.  The giant Sarigerme project comprises a 18 hole golf course, set in an area of 500 acres stretching from the Dalaman creek behind the Pegasus Hotel towards the Akdeniz Cooperative in Fevziye. The Pine Bay Golf Hotel, consisting of two U-  shaped complexes, each of which divided into 5 different blocks, will be build between the Dalaman river and the Pegasus Hotel in front line to the beach. The major construction of this project is now under way and will include an integrated holiday resort with numerous health and fitness facilities, spas and water park features,; also a fully equipped conference centre and a private marina along the Dalaman river. As a special and unique characteristic of this project and similar to those ones in Florida, smaller yachts can enter through the Dalaman river into an artificial built lake implemented into the golf course around which a number of VIP golf villas are planned to be build. The 5 star Hilton Golf Hotel itself will provide a maximum capacity of 1100 beds, beside 200 apartment rooms, a VIP golfers Lounge and a golf Country Club. Special environment protection rules have been taken into consideration without cutting a single of the existing 9943 pine trees on that area. The golf course was designed from the popular golf designer JMC Design Studio from Belgium which has already designed a few golf courses in Portugal and Spain.  A purification system is already being build ensuring no waste water pollution into the sea.

The Sarigerme golf hotel is planned to be opened for April 2008 whereas the golf course should follow in the same year. The prestigious Pegasus Resort and Tropical Palace, exclusively contracted to the English tour operator First Choice, has already opened in August 2005. Serving a capacity of 3500 tourists, it is one of the biggest holiday resorts in Turkey. Further more the construction of the Marti and Marina Hotel, also bordering the golf plant with a capacity of 2000 beds, will follow in 2006 and once the golf course is finished there will be an overnight capacity of more than 13000 beds in Sarigerme.

Sarigerme has already developed from a small residential village into a major holiday destination, as considerable tourism funds continue to be invested. Especially local Turkish investors from Ankara have a focus on the area between Dalaman and Sarigerme, as the government is working on a new development plan in Fevziye in the neighbourhood to further future golf courses. It is expected that farming land will change into building land with permission for private and tourist purposes. There are further plans to build a thermal and recreation retirement centre in Fevziye whose 29 degrees hot sulphur spring cure rheumatism and skin ailments.  Significant amounts of tourism investment are expected to happen in the near future. This will be reflected by the Dalaman Marina Project which is going to start in 2007. Dogus Holding, which has already build a few marinas along the Turkish coast, beside the Turgutreis Marina in Bodrum, has obtained the tender for this giant marina project  A private group of Arabian investors have inspected the Sarigerme area in November 2005, accompanied by representatives from the Tourism department in Ankara. Subsequently it is expected that land prices in that area are starting to shoot as it happened in the surroundings of Fethiye over the last few years. The first building companies are waiting the new development plan expected to be finished in 2006 and a construction boom might follow over the following years. With the new tunnel connecting Göcek and Dalaman it will be just a 40 minutes drive from Fethiye to Sarigerme and the golf project will serve important tourist centres like Dalaman and Göcek as well.

Sarigerme is designated to become a VIP golfer’s paradise in the near future and for all of us seeking to escape the stress and strains of modern life it is an ideal area to retreat. Considering the proximity to the airport and regarding the forthcoming projects Sarigerme has got all ingredients for developing high quality tourism.