Turkey Property Unmistakeable Overseas Property Hotspot
News Posted On: 23 May 2011
It can no longer be ignored; Turkey is now one of the hottest markets in the world of overseas property, the figures don't lie.
According to the Association of Real Estate Investment Firms (GYODER), sales to foreign buyers increased by 40% in 2010. The report said sales to foreigners totalled $2.5 billion for the year, almost as much as the $3 billion recorded in the two years ending 2008. Gyoder also records an index of house prices and it shows that Turkish property prices are growing at an rate of over 6% year on year in 2011.
According to Pricewaterhousecoopers Istanbul is the hottest city in Turkey for property investment. In its survey Emerging Trends in European Real Estate the investors surveyed voted Istanbul the number one city for development opportunities and acquisitions, and number 2 for existing investments.
Istanbul is a massive city with a huge population growing among the fastest in the world. The population is growing in affluence as well as in numbers and this combination, as well as the growing mortgage market and undervalued property makes it a no-brainer for residential property investment.
We also have the cities of Izmir and Antalya which are experiencing the same rapid growth in the population's size and affluence and these two offer fantastic opportunities in residential property investment. Antalya of course has the added benefit of being one of Turkey's top tourism resorts as well.
Speaking of tourism, according to the tourism ministry Turkish tourism continued to grow throughout the downturn, with 28.6 million visitors received in 2010, up from 23.3 million in 2007.
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