Demand for Turkish property to rise in 2013

Monday, December 31, 2012

Demand for Turkish property to rise in 2013

Local agents believe that the demand for property in Turkey will continue to boom in 2013, with GYODER (the country's association of real estate investment companies) estimating that overseas investment in the Turkish property market will rise from the current $2.5 billion a year to around $10 billion per annum over the next few years.

Changes allowing buyers from new countries including those in the Middle East and Russia to buy in Turkey have meant that the Turkish property market has largely weathered the storm seen throughout the eurozone. New home prices grew by just over 12% in 2012 and the Turkish government has also managed to get the economy largely under control; public sector debt is now 40% of GDP compared to 100% previously, significantly lower than both Germany and France.
"It's clear that 2012 has been another excellent year for the property market here" commented Bilfer Budak Roche from Leggett Turkey. "It started with a report issued by PWC and the Urban Land Institute that ranked Istanbul as the top city in the world in terms of investment and development and it is finishing in an upbeat mood as Fitch recently upgraded Turkey to 'Investment Grade'."

"One area we see as key to good investment in 2013 is the purchase of prime land." added Roche "Many of the best sites have been snapped up and it's becoming harder to find suitable plots, this is where local knowledge really comes to the fore. The key to buying wisely is to find an agent that combines both local market knowledge and international expertise and to let them guide you through the process."


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