Turkish Property a Good Investment
The Story So Far
So far in 2006 Turkey has impressed the International Monetary Fund, the European Union and the Organisation for Economic Cooperation and Development by straightforwardly surviving and positively learning from a drop in the value of its currency and a slide in the value of its stock market. Turkey has also welcomed record levels of foreign direct investment - in part secured on the back of achieving the right to enter into talks with the EU relating to possible future accession - and it has reacted maturely to concerns about inflation raised by the IMF and responded positively to requests and demands from the EU to help the nation align itself, its policies and its visions with the European Union's common practices. Turkey has effectively performed an about turn that has shocked the rest of the world and made everyone sit up and take notice of this nation as it is continuing to make a dramatic impact on the global economic and political stage.
Positive Property Market Changes and Developments
In terms of the property market in particular, Turkey is determined to attract further investment into both residential and commercial property sectors, to develop and build on its excellent tourism industry, to provide housing for its citizens and to ultimately develop a stand alone economic sector on the back of real estate that is funded by overseas investment upon which the government can actually rely. To that end Turkey introduced positive changes to its property ownership laws in 2006 that have resulted in the completion of more sales in the first few months of the year to overseas buyers than were recorded in the whole of many years previously. Furthermore, the Turkish real estate market is now freely open to investors from more nations than ever before and as a result there has been a rush on personal and corporate investment into the Turkish property sector. Aside from the thousands of home sales that have been finalised to date in 2006 involving foreign nationals mainly from the UK, Ireland and Germany, significant corporate investment commitments have been made to Turkey and it's property market. For example, a division of General Electric has made a positive and dramatic move into the market leading the way for further corporate investment. GE Real Estate Europe which is a direct unit of the parent company General Electric has bought a multi million dollar controlling share in a Turkish property holding company with the group's president stating that 'Turkey is a very promising market' and that he is 'delighted to have made our first investment', suggesting that the company has further plans for the acquisition of real estate in Turkey. The group now hold a diverse range of assets in Istanbul and Antalya…and their investment was tiny compared to the investment received from leading companies such as from GCC nations such as Dubai Holdings immediately following the 2006 announcement that Turkey can proceed towards formal talks with the European Union about possible accession in the medium term. Still Not Convinced About Buying Property in Turkey Being a Good Investment? If you're still a little sceptical about the stability of Turkey's commitment to long term advancement, development and change, consider the following facts: - Turkey's unemployment figures have fallen significantly in the last five years as have the levels of inflation, personal GDP levels are growing and are now on a par with 2007 EU entrant Romania, IMF relations with Turkey are set to positively continue following the 2008 expiration of Turkey's credit agreement, major retailers from Harvey Nichols to Ikea are flocking to Istanbul and the Turkish Riviera to soak up the excessive wealth of expats and professional Turks who are strongly affluent, Deutsche Bank is just one in a list of international banking giants poised to directly enter the retail banking market in Turkey in 2007, international car manufacturers such as Ford have announced that their market share in Turkey is forecast to double within the next four years and the World Travel and Tourism Council see the Turkish tourism market doubling within a decade. All in all every single positive factor is in Turkey's favour right now…so it is of no surprise to us at Amberlamb that investor interest in Turkey has surged to new highs and that we as an independent online publication featuring expert overseas property investment research, advice and information are receiving more requests than ever before for data, analysis, facts, figures, stats and opinions about Turkey and its emerging and exploding property market.
Source : Amberlamb publication Nov 2006