Turkish Property Benefits from Economic Strength

Posted on 16 April 2010

Turkey is finally getting the attention it deserves, as its economy powers out of recession among the strongest in Europe.

Thursday saw a senior International Monetary Fund official announce that Turkey weathered the global economic recession successfully.

“We believe that Turkey has weathered the crisis successfully,” said Caroline Atkinson, director of external relations for the IMF, in a press briefing. Responding to a question, Atkinson said the IMF was yet to schedule a meeting between the managing director and Turkish State Minister for Economy Ali Babacan.

“I think as we have said before we do expect that there will be an Article IV consultation mission that goes to Turkey in mid-May,” she said. Atkinson also conceded that the IMF agreed that Turkey did not need a financial arrangement with the fund.

On Thursday, Babacan said there was no need for an IMF loan. After explaining the IMF’s intention to stay in Turkey for a few days in May, Babacan was quick to stress: “However, we do not need any IMF resources.”

Turkish property is currently very popular with buyers from around the world, and one of the main reasons is how well it has withstood the recession, not to mention the strength of the euro in relation to the pound and some other currencies.

“People are looking at the collapse of the Greek financial system, with Portugal, Spain and even the UK all mentioned as in a similar state, while Turkey powers out of the recession almost unscathed. Obviously this would make property in Turkey among the most popular in Europe,” said Julian Walker of Spot Blue.

Walker said that the strength of the euro and the continued increases in accessibility were both factors also adding to the popularity of property in Turkey.

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