Turkish Property Outpacing the Rest
Loxley McKenzie, managing director of the firm said:
"Turkey is a very unique story of the credit crunch. While it was hit hard by the recession in 2009, because of the strength of the Euro, tourism wasn't as hard hit as many countries and the banking sector was barely affected at all. Further, years of fiscal reform and restraint in Turkey -- paying down national debt, reducing deficits and such like -- gave the government the flexibility to deal effectively with the crisis.
"As a result the Turkish economy has powered out of a year in recession to become one of the fastest growing economies in the world, and the fastest growing economy in Europe and the Organisation for Economic cooperation and development, with 11% growth year on year in the first half of 2010. On top of that, the low rates in Turkey are a long term fiscal response; liquidity is high and property prices still among the lowest in the world."
But most importantly of all according to Colordarcy, is the eradication of much of Turkey's competition, as well the hurdle of EU accession.
During the boom, Turkey was a big hit with holiday home buyers, while investors favoured countries on a more straightforward path towards EU entry. Countries like Estonia and Poland displayed the massive property growth that EU entry brought. This made the next wave of likely entrants; Montenegro and Albania et al, favourites with investors. Meanwhile the unofficial block on Turkey's accession by France and Germany prevented it from reaching its full potential popularity.
Now Turkey is out growing the EU. As emerging markets are set to lead the world in terms of purchasing power parity according to HSBC, Turkey will be a dominant force in the European economy.
The EU grew 2% year on year in Q2, and its fastest growing economy this year, Slovakia grew 5%, the Turkish economy grew 10.3%.
"All this makes Turkey property now a popular choice for investors, adding to its popularity with holiday home buyers to make it one of the most popular countries for overseas property purchases as a whole," said McKenzie.
Colordarcy are currently marketing a property aimed at the increasing number of investment buyers. The Garden City development offers luxury apartments in an upcoming Istanbul suburb, with a 7% rental guarantee for the first year from £46,500. The development is designed with buy to let investors in mind, and it is a solid entry level investment for the Istanbul market.
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide.
Colordarcy Investment Ltd
2 London Wall Buildings
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