not just a purple patch for turkey property hotspots
News Posted On: 26 May 2011
Turkey, it would seem, has finally answered each and every one of its critics. Those who doubted that the Turkish economy would rise from the ashes of a global downturn with strength and speed, were wrong. And, those who said its progress was nothing but a ‘purple patch’ and that demand in Turkey property hotspots like Istanbul would fade, were also wrong.
Certainly according to the latest figures released by accountancy firm PricewaterhouseCoopers (PwC) and The Urban Land Institute which indicated that in terms of an investment, Turkey’s property outranked the likes of London, Paris, Munich and Warsaw.
Though for some, this came as little surprise, as Graham Flaherty, Turkey property expert, explains: “I would say that for the past 12 months or so Istanbul has been receiving plenty of investor interest, mainly from Europe. In particular, property developments within the Bahcesehir district have been extremely popular as they tend to offer affordable prices and generate good returns.”
The 2011 Emerging Trends in Real Estate Europe report also revealed that Turkey has scored well in terms of the all important economic growth, which is absolutely key to ensuring high returns are achieved on a property investments. Turkey is ranked second in Europe for GDP growth, and has demonstrated a climb from 3.0% in 2009 up to 5.5% in 2011, which is further evidence to suggest that this is a country with further economic growth potential. More good news for investors.
And, it should be noted that Istanbul’s healthy mix of contemporary chic and cultural tradition that is also making property investments in the modern yet historic city such an attractive option at the moment, adds Flaherty.
He says: “When reports like the PwC one emerge there is always new focus on how well cities in Europe are performing, and the statistics for Istanbul speak for themselves. However, it is also worth bearing in mind that the city’s history, tradition, sight-seeing and nightlife also contribute in making Istanbul the Turkey property investment that it is right now.”
What is interesting is that the demand for Turkey property has also climbed in terms of the type of accommodation investors are keen on, with much of the attention being grabbed by new developments offering contemporary features that include high quality and modern interior design, designated parking and en-suite bedrooms.
Turkey has proved its doubters wrong, and not just in the short-term. With rising visitor numbers and a rising number of businesses setting up in its more industrial areas, Turkey is a country with the potential to develop even more as an attractive property investment location.
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