WESTERN INVESTORS SHOW INTEREST IN EGYPT AND TURKEY
Western investors are showing a keen interest in Egypt, Turkey and other fast-growing economies, according to The Guardian newspaper.
The CIVETS countries Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa are being targeted by investors as the countries are most likely to deliver sustained growth.
The term CIVETS was created by former HSBC chief executive Michael Geoghegan in 2010, who tipped the countries as the next big bet for growth.
The CIVETS follows on from another group of nations known as BRICs (Brazil, Russia, India and China) and are similar in the fact they both have young populations. All the countries economies have good financial systems and are not heavily dependent on any one sector.
Investors see Egypt as having very important trade hubs that link Africa and Europe. The main spots are situated on the Mediterranean, the Red Sea and the Suez Canal. HSBC fund managers believe the unrest in Egypt will not have a lasting effect on growth: “Once the political situation has settled down, we believe Egypt will regain its growth trajectory.”
Investors are looking at the long term rather than short term in Egypt and are seeing a great opportunity to invest in a country that will soon have a strong and stable economy.
Investors are also keen on Turkey, which has a thriving economy and successful democratic system. The country has good trade and investment relations with the European Union and growth in Turkey hit an impressive 8.2 percent last year.
The news article has put confidence back into Egypt and boosted Turkey’s profile as a great place to invest in property. Egypt may be having a tough time in the lead up to the elections, but once the unrest has settled this country is set to have a very positive future.
Thomas Yates, Property Consultant with Rivermead Global states “October and November have been our best months for property sales so far this year and I think investors know the trouble in Egypt will be resolved and they will have a democratic government in place very soon. So this is a good time to be investing as the prices are still very competitive and with great off plan payment plans by the time the properties are ready the troubles will be forgotten and the country will once again be a very popular holiday destination.”
Source: The Guardian/Rivermead Global