TURKEY BECOMES TOP INTERNATIONAL DESTINATION FOR REAL ESTATE
The Turkish property market is making its way up the overseas property ladder and has become one of the most attractive investment destinations for real estate.
The Association of Real Estate Investment Partners (GYODER) has reported that Turkish property prices are currently increasing by 10-12 percent each year and have been increasing month-in-month-out for the past two years.
Turkey’s performance in the international property indices by Knight Frank shows that the Turkish property market experienced growth of 11.5 percent in 2012 and a property price growth of 7.7 percent, making it the eighth fastest growing property market in the world. Turkey has also performed well in the rankings of the Global Property Guide, which saw the country make its way into the top 10 with a solid five percent year-on-year growth recorded in 2012.
One of the reasons that Turkey has experienced such success with its property market in 2012 is the Turkish government’s commitment to opening up all avenues to investment. In the month of May last year, the country saw foreign nationals invest a record $1.1billion worth of Turkish property.
The new legislation that allows nationals from 190 countries to buy property in Turkey is also expected to boost investment levels. Turkey received an official approval of its economic stability and investment potential by ratings agency Fitch, who gave Turkey its first investment grade rating.
It is clear to see why results like this make Turkey one of the most reliable property markets. This combined with the fact that the Turkish economy is also one of the fastest growing economies in the world makes it a fantastic investment destination.
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Source: NUWire Investor