No Turmoil in the Turkish Property Market |
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No Turmoil in the Turkish Property Market With British house price falls accelerating according to data from
the Land Registry and three major New research from Cater Allen Private Bank, part of Banco Santander,
found that over three million "The weakening pound has made the Euro-zone comparatively expensive
for British investors; while falling prices, over-development and poor economic
growth prospects in key European countries are encouraging investors to look
further afield to emerging markets such as Turkey," explains Dominic Whiting, editor of the Buying in Turkey
Guide. In contrast to the gloomy outlook in the This potential encouraged $2.9 billion of foreign investment
last year with this figure expected to increase significantly in 2008, despite
the current global financial difficulties. Indeed analysts at the US investment
bank Merrill Lynch, recently taken over by Bank of America, have concluded that
the Turkish market offers a 'safe haven' during the global financial turmoil,
with the company planning a second country-specific property fund to join a $1
billion real estate fund launched 18 months
ago. Due to tight regulations in the country's recently reformed
financial system, Turkish banks' direct exposure to the on-going sub-prime
mortgage debacle is minimal. Despite the introduction of mortgages in 2007, the
majority of Turkish buyers still rely on savings for property purchases due to
high domestic interest rates. The country's flag-carrier Turkish Airlines is also bucking the
global trend having enjoyed 20 percent annual growth over the past five years
despite the worsening outlook of the sector. The company aims to keep up the
pace in 2008 with passenger numbers for January-August up 15% on the same period
last year. Meanwhile, low-cost operator easyJet was one of several airlines to
announce new routes from the
The country's tourist industry is currently one of the
fastest growing in the world with officials expecting 24 million visitors in
2008, up 14% on the previous year, while figures from the Turkish Tourist Office
and the Association of British Travel Agents show that On-going investment in the tourism infrastructure along the
Mediterranean coast, with new hotels, marinas, golf courses and airports, is
promoting the country as a destination for investors. Prices are still
increasing by 10-20% a year in areas such as Dalaman, where a new €100 million
Hilton Golf Resort is due to open next year.
"As market conditions deteriorate in the With the credit market tightening in the
Property Prophets have many properties for sale in Turkey including the New Generation Resort in Istanbul , the new off-plan Evviva Residence in Istanbul , Aegean Heights Castalia Apartments in Altinkum, Akbuk Pines in Akbuk, Tuzla Lake Park Resort in Bodrum close to the new golf courses and The Village in Fethiye which is a completed development with a tour operator agreement in place with First Choice Holidays. Please visit www.property-prophets.com for more information. | |