Property investors are casting their eyes on Turkey as reports reveal the country has the fastest growing economy in the world.

Turkey’s GDP growth figures have overtaken China and Argentina according to a new report from national statistics organisation Turkstat.

Turkey’s growth has hit double figures at 11% this year, the only country to do so in the world. China achieved 9.4% and Argentina rose 9.9%.

The impressive news has caught the attention of property buyers looking for their next purchase and Turkey certainly seems to be the investors favourite.

U.S Secretary of State Hilary Clinton commented on Turkey’s recent success: “The 11 percent growth rate is phenomenal. What I hope is that Turkey will become an engine for economic growth in the region.”

Recent problems in Europe have seen investors that would normally buy properties in Greece, Italy or Portugal are now seeking an alternative option and Turkey seems to be it.

Unlike other countries in the eurozone, Turkey’s economy is entering a growth period which is great news for investors.

Turkish property prices are known to be among the lowest in the world and price growth is steady at 6% per year according to the Turkish Association of Real Estate Investment Companies.

Turkey’s investor confidence is set to rise rapidly following the news this week and property purchases are expected to rise fast. The country’s tourism is starting to increase with more flights to the Middle East, showing that Turkey is a popular place to be.

The country’s popularity with tourists and investors is proving that Turkey is certainly in a positive place right now.

Source: A Place in the Sun, Buy Association, Fethiye Times