Turkish Property Has The Perfect Package
News Posted On: 05 October 2010
It is currently a great time to be selling or involved in the Turkish property market; at the moment it just seems to have everything going for it.
Compared to the first half of last year, Turkish GDP increased 11% in the first half of this year. This made Turkey the fastest growing economy in the Organisation for Economic Cooperation and Development, as acknowledged by the body itself.
This was made up of an 11.4% growth year on year in the first quarter, and a 10.3% growth in the second quarter. Of the second quarter growth, the construction industry showed the biggest growth, with an 11% increase.
On top of that, because of the financial crisis in Turkey in 2001, the banking sector had already made the reforms made in the west during the recent/current crisis. This left the sector in a strong position to weather the recent storm, and has left Turkey come out of the crisis with high liquidity, which is of course fuelling the growth and the property market.
Finally, the low interest rates are not just a knee jerk reaction to the crisis, but the natural result of low inflation and fiscal stability after almost 5 years of excellent fiscal management by the AK party. Low interest rates, low property prices, high growth and high liquidity is the perfect package for a successful property market.
Needless to say Turkish property is attracting masses of attention, including a recent report by the well respected Global Property Guide titled Turkey: Europe's Best Residential Property Investment?
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