Turkey Attracts Increasing Number Of Property Investors And Holidaymakers

Property developers have opportunities in Eastern Europe to create luxury homes in undiscovered territories.

Countries such as Turkey, Bulgaria and Croatia are benefiting from huge government-funded benefits and awards for real estate firms looking to transform historic buildings into high-quality hotels, says Paul Kerr, chief executive of UK-based Small Luxury Hotels of the World, quoted by Forbes news agency.

This trend follows strong growth in foreign tourism bringing economic benefits to Eastern European countries, the article said.

Turkey received about 819 million dollars in revenue from holidaymakers in 2006, according to Turkish Statistical Institute figures quoted by the news agency.

"The governments of these [Eastern European] countries ... are handing out heavy benefits and awards to hoteliers when they take a historic building and convert it into a luxury property," Kerr said.

Turkey and Bulgaria are also among the destinations increasingly targeted by UK-based first-time buyers due to the low entry costs they provide for investors in terms of getting on to the property ladder, commented Paul Collins, property editor for BuyAssociation.

Turkey and Bulgaria are also among the destinations increasingly targeted by UK-based first-time buyers due to the low entry costs they provide for investors in terms of getting on to the property ladder, commented Paul Collins, property editor for BuyAssociation.