Turkish property market firmly on the rise

mar bonnin palmer

Turkey’s unique geographic and political position within the context of Europe has seen its property market experience a surprising boost.

The country’s economy as a whole is thought to be benefitting from their status as a non EU member (something that was thought to be holding them back previously) and all the financial problems that title brings at the moment.

According to figures from the Turkish Association of Real Estate Investment Companies (GYODER), sales of Turkish property grew 40% year on year in 2010. This rise, in the face of a Euro zone in crisis, suggests that they have benefitted from their inability to join the EU fully.

The country’s application to join the European Union was officially accepted in 2005, however opposition from countries such as France and Germany have prevented them from gaining full access.

Leading figures within the country have grown frustrated in the meantime, believing that their failure to secure full membership has held them back in their attempts to grow financially.

However, the financial problems that full members such as Portugal, Greece and Ireland have experienced in the last 18 months have led to the Euro zone losing credibility generally.

The property markets in all 3 countries (as well as the Euro zone in general) have subsequently suffered as well, particularly for those countries whose ratings have been downgraded.

In contrast, Turkey has had their debt upgraded by the ratings agencies since the economic downturn began in 2008.

Global property investors see Turkey as an attractive property investment proposition due mainly to the fact that they are immune to the same financial pressures of many of their European neighbours.

How long this will continue for is anybody’s guess.

Transferring money to Turkey

Are you looking to invest in Turkey? If so, think carefully about how you will be transferring money to Turkey. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Turkey – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Turkish property market firmly on the rise

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