Loxley McKenzie, Managing Director of Colordarcy, commented, “In the UK at the moment, there are investors who will probably be feeling a bit over exposed when it comes to property. So as it will soon be Christmas, it might be time to look at the gifts Turkey has to offer instead.”
According to analysts at Colordarcy, the UK housing market has yet to show any meaningful signs of recovery, particularly when taking this month’s Rightmove House Price Survey into account.
While the report appears upbeat about this latest fall in the value of property, Rightmove analysts said this latest November slump will provide ‘a solid springboard for 2013’, there is little cause for UK property investors to celebrate says Colordarcy.
Many will be hoping that the UK is at a turning point. The problem, according to Colordarcy, is that looking a little deeper into the report, the familiar story is of a north/south divide. The only city that has actually seen any meaningful property price growth in the UK is London, with most other UK regions seeing prices fall or rise only slightly above zero.
Contrast this with Turkey where property prices grew by 14% in 2012 (Source: Gyoder) along with average rental yields of 8% in Istanbul and these are two good reasons why property in Turkey should be on the menu in the run up to Christmas.
Colordarcy analysts say that UK landlords have seen rising rents in the UK due to increased demand for rental property recent years. They have also, on the whole, benefitted from the tightening of the mortgage market and people taking a wait and see approach rather than buy property.
Unfortunately, any investor looking to expand their portfolio in the UK now would still need to do so in London and prices are not cheap in one of the world’s most expensive cities.
McKenzie added “The UK property market just isn’t very exciting at the moment and is unlikely to be until well beyond 2013. It is more like a soggy roast dinner compared to what is on offer elsewhere. For property investors who need to see some real growth in their portfolio, Turkey has a strong and growing economy to support this growth.
When I look in around Europe at the moment, I really can’t see past Turkey for property that pays for itself.”
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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