Send to a friend

News

Turkey’s Property Market Experiencing A Real Rebound - 17 September 2009

Call it the 'calm after the storm', but a few sites are starting to declare that Turkey is experiencing a true tourism and property rebound. A couple of places even claim (inaccurately though) that Turkey is experiencing its first budget surplus in several years.

But the property aspect definitely is on its way back up faster than many other places, thanks to a few factors. The Turkish Lira resembles an old fashioned European currency for U.K. tourists. While the Euro has inflated prices for U.K. tourists, Turkey still provides the discount deal. Both the Euro and the Pound have gained ground on the Turkish Lira, and with good exchange rates combined with tourists looking to cut costs, Turkey has remained a top choice for holiday makers.

As a result, the tourism sector in Turkey has stayed strong, and this effect has helped keep the Turkish property market and the general economy in Turkey in better shape than some other countries in Europe. After a huge increase in tourism between 2003 (which was also the year that the Turkish government changed foreign property ownership laws) and 2008, 2009’s stats look to be maintaining pace with an increase of 1% in foreign visitors so far – contrary to an 18% decline in tourism to the middle east overall.

Turkey has also maintained its pace with keeping potential overseas property investors interested too. According to overseas mortgage specialists Conti, Turkey held on to being the third most popular location for enquiries and over the past year – has actually increased its overall share.

Predictions for tourism and property markets here remain optimistic as a result, and the combination of its location (even while nearby Cyprus has felt a slight down turn in 2009), plus its cheaper currency (buyers looking to avoid the strong Euro for the time being) makes Turkey one of the top choices for buyers in today’s market – and those confident to believe that the storm has passed.

Still, potential buyers must be more careful than ever, as while property markets such as Turkey are starting to become more frequently seen on the news again as a property hot spot, it also is making a few appearances in cases of frauds and mistaken property rights. As a result, one must still seek advice and make sure to check their facts before purchasing.

Post this article to:

del.icio.us Digg Newsvine Reddit MyYahoo! Facebook







 

Related Articles


Browse our articles written by leading industry experts:

Overseas Property Buying Guides

UK Property Guides

Gardens and Interiors

Cosmetic Surgery Fact Sheets

Looking Good Guides

Money

Business

Community

Travel