Boasting tree-lined streets, picturesque boulevards and green parks, all nestled beside a picturesque stretch of the Aegean coast, it can be easy to forget that Izmir is in fact one of the country's most important economic centres. In total, the city accounts for 7.5 per cent of Turkey's total annual GDP, despite the fact that only around 5 per cent of the country's total population (3.8 million) live in the city. Izmir is the economic centre of the Aegean region, and many multinational companies, including Samsung, Hugo Boss and General Motors, are based in the city. What's more, it's possible that Izmir could become even more economically important in the future, with the national and local governments both making the development of infrastructure in Izmir and its surrounding region a priority in order to attract overseas investors and tourists to the area. "A new 150 million euro international terminal opened in September 2006 at Adnan Menderes International Airport in Izmir," says Caroline Hollingworth of Hollingworth and Associates. "Overseas property buyers are attracted to the easy access afforded by the growing airport with direct flights to Izmir from several London airports," she adds.

According to Hollingworth, as of June 2006 Izmir was already the fifth most popular Turkish destination for foreign purchases of real estate. And, given the city's location, fast-improving infrastructure and economic stability, it's not unreasonable to believe that Izmir will become even more popular in the future. "Foreign buyers favour coastal areas, which is why the entire region spanning the Aegean and Mediterranean coastlines has seen the most interest from overseas buyers in Turkey," says Hollingworth. Seafront villas in the city can be picked up for less than £100,000 at present, with apartments even cheaper. However, Hollingworth does not think prices will stay this low for long. "With the transformation of the Turkish economy, increased media coverage, and the promise of EU membership talks sometime in the future, these prices won't stay cheap for much longer. They can only go up."

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