With one of the worldââ¬â¢s fastest growing economies, a thriving construction industry and tourist numbers increasing year on year, Turkey is one of the globeââ¬â¢s booming nations. As more and more positive data emerges from the country, investors have been forced to sit up and take notice, with property in Turkey increasingly sought after.
One of Europeââ¬â¢s top economies
Turkey is particularly strong in comparison with its European Union neighbours. The GDP of the EU as a whole grew 2 per cent year on year to the second quarter of 2010, with the best performing country, Slovakia, posting 5 per cent growth.
Turkey, however, grew 10.3 per cent, more than double the best growth rate of any European Union nation. Indeed, the OECD expects Turkeyââ¬â¢s economy to grow by an average of 6.7 per cent over the next seven years ââ¬â more than any of its member countries.
Turkey also enjoyed a 5.5 per cent year on year growth in its exports.
Strong banking and financial system
One of the other main advantages that Turkey has over other European countries is that its banking system is strong. The government has taken many steps over recent years to bring fiscal stability to the country and its efforts are now being rewarded. These steps mean that investors in Turkey have much more confidence, and it also means that property buyers have a lot more peace of mind when buying their Turkish home.
And, the International Monetary Fund managing director Dominic Strauss-Kahn has even called Turkey ââ¬Ëthe most suitable emerging market candidate for a seat on the IMF executive board.ââ¬â¢ Stock Markets Review reports that ââ¬Ëthe EU has given up 2 seats on the board on the grounds that they go to emerging economies.ââ¬â¢
ââ¬ÅI think Turkey is the most suitable candidate for a post on the executive boardââ¬Â, said Kahn.
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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.