Turkey property market buoyed by strengthening economy

Monday, November 29, 2010

Turkey property market buoyed by strengthening economy

The Turkey property market is going from strength-to-strength, thanks to the country's growing tourism sector and economy, according to overseas property agent Oceanwide Properties.

Turkey's economy is expected to become the 12th largest in the world, according to the Organisation of Economic Cooperation and Development (OECD), which anticipates economy growth of 8.2% in 2010.

A growing number of Brits having been holidaying and buying homes in Turkey in the recent years as an alternative to more expensive Eurozone destinations, due to the country's proximity to the UK, warm weather, cheaper property prices and property investment prospects.

The property market in the capital city of Istanbul, for example, proved more resilient compared to other major cities around the world, despite the global economic meltdown.

Long-term prospects for the city's residential property market continue to look positive, with residential demand continuing to outpace supply. It is projected that around 250,000 new homes are required annually in Istanbul over the next five years, and yet less than 200,000 new residential properties are currently being delivered each year.

"It is an exciting time to be marketing homes in Turkey”, says Suleyman Akbay, managing director of Oceanwide Properties.

He adds: “These are heady days for Turkey and British investors may feel that now is the time to strike, particularly in the property sector, where properties are still remarkably low and rental returns good, when compared to many other property investment countries.

“The more tourists come, the greater the number of those who want to own a home here. Turkey has phenomenal summer weather, many Turks speak English and with prices an absolute bargain compared with many other resort locations around Europe, there has been a positive upsurge of buyers.”


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