Do you know which country has Europe’s fastest growing economy?Surprisingly, it isn’t one of the traditional Western powerhouses. Turkey’s economy grew by a staggering 10.3 per cent in the second quarter of 2010, making it the third fastest growing economy in the world, behind Singapore and Taiwan.
And, this impressive economic growth is backing up the increased confidence in the Turkish property sector.
High optimism in Turkey
The Turkey construction sector posted a 21.9 per cent growth in the second quarter of 2010. With the property market looking strong, agents Spot Blue have received record numbers of enquiries this year from Brits looking to buy both holiday homes and investment properties.
David Walker, Vice Chairman (UK) of the Board for the Turkish British Chamber of Commerce and Industry says, "The opinions from those at the heart of the construction sector in Turkey, are very positive and there is a great sense of self belief in Turkey and its economic outlook for the country post global downturn.
“I have to say I personally believe this has always been the case; optimism has remained high in Turkey and this, coupled with hard work and the steady decline in unemployment, has meant that this faith has translated internationally.
“We are seeing greater numbers of Europeans seeking to invest in Turkey\'s growing economy and property is one of the most popular means of doing so, offering twofold benefits for purchasers - an investment into a growth market and a tangible asset that buyers can enjoy personally too."
Increasing numbers of Brits buying in Turkey
According to the Turkish General Directorate of Land registry, over 32,000 Brits are now reported to own property in the country. Whilst the Mediterranean and Aegean coastal resorts have attracted a steady number of buyers, it is the current European Capital of Culture, Istanbul, which is attracting many investors.
Julian Walker, Managing Director of Spot Blue says, "Istanbul offers an excellent investment opportunity, attracting an increasing domestic market looking for property rentals as well as international visitors. These factors combined with the Turkish economic growth means that developers are struggling to meet demand from buyers.”
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Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.