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Post-crash Turkey 'draws investors'

6th September 2010 | back to article listings BACK    print this article PRINT

A local estate agent has said Turkish properties are becoming increasingly popular among overseas investors after the crash, mainly due to the liquidity maintained in the banking system in the country.

With liquidity leading to an increase in availability and affordability of mortgages, many property investors are seeing brighter investment opportunities in the country, according to Aydin Cakir, the director of New Home in Turkey.

Mr Cakir wrote in the Global Property Guide blog that Turkish gross domestic product (GDP) growth was 11.7% year-on-year in the first quarter, while the EU reported a rise of just 0.5% during the period.

Turkey is also running a budget surplus, which stood at $5.1 billion (£3.3 billion) in May this year, he added.

Mr Cakir said: "With many countries in Europe having been downgraded, many facing a downgrade, and some even having been downgraded and facing being downgraded again, Turkey is standing out."

Select Resorts reported last week that there has been a tremendous growth in the property market in country in the past two years, drawing investors to the nation.

Copyright © Press Association 2010

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