Real estate of Mediterranean
The Mediterranean Sea is a sea connected to the Atlantic Ocean surrounded by the Mediterranean region and almost completely enclosed by land: France, Italy, Spain, Turkey, Greece and Montenegro.
Real estate market of the listed countries has the features, which were inevitably effected by the economic crisis to some extent. Market analysts declare that property value in the Mediterranean region grows during the economic crisis and it can be estimated as very profitable investments.
The Côte d'Azur real estate in France is very attractive, but villas and apartments are mainly purchased for rest during the summer months. At other times it's empty and still requires spending money on upkeeping. Accommodation on the French Riviera costs more, and only well-of citizens of European countries can normally afford it.
Purchasing of real estate in Spain is also popular among European buyers. Specialists note that there are certain risks concerning real estate acquisition in Spain and it will be impossible to quickly sell it without incurring losses.
Real estate market in Turkey is one of the youngest in the Mediterranean. Turkey has optimal combination of price and quality of construction. In recent years, many Europeans consider buying real estate in the Mediterranean and more often choose apartments and villas in Turkey. Successful investments in real estate in this country are backed by its economic stability. The policy of development of resort and construction business in Turkey is controlled by the state with low prices and friendliness towards foreigners. Today's real estate market in Turkey offers high-quality property at a low price. Demand on Mediterranean real estate grows every year, causing the prices to go up as well.
Purchasing of real estate in Turkey guarantees obtaining a residence permit. Minimal price of real estate in Turkey is not determined, unlike in some other countries of the Mediterranean, such as Spain, Greece or Cyprus. At first, consular offices of Turkey grant residence permit for a period of one year, then it can be extended by another two years. Members of the family of the owner of real estate are also eligible to receive it. Five years of legal stay in Turkey with the residence permit allow applying for Turkish citizenship.
