Turkish Property More Popular Than Boom Time
News Posted On: 06 September 2010
An article from the Global Property Guide has been widely picked up by the industry press. One Aydin Cakir, director of Turkey-based Turkish property agent New Home in Turkey explains why Turkey is currently more popular with foreign buyers than it was during the mid-noughties overseas property boom.
The gist is basically that Turkey is now more popular with investors than it was before the crunch, while popularity with lifestyle and holiday home buyers has continued to grow steadily.
This is because the reforms made to the Turkish banking and financial infrastructure in 2001 made it more able to withstand the effects of the credit crunch, which has subsequently -- because liquidity remained high -- allowed the economy to rebound more quickly than others. This allowed Turkey to retain a higher level of fiscal responsibility whilst stimulating against the crunch, which is also a reason why it is now more popular than ever.
Finally and perhaps the biggest factor in the increased popularity with investors is the removal of the European Union hurdle. Before the crunch Turkey lost out to countries more likely to receive the economic and property value boost of becoming a member of the EU. Now that Turkey is growing faster and looking more economically stable than the EU, most investors are looking around and deciding on Turkey as the best bet in Europe.
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