Posted on 24 December 2010
Turkey will be the hottest overseas property investment destination in 2011 according to Liam Bailey, director of Write About Property in an article detailing predictions for the hottest markets in 2011.
Bailey, who has, in the past (2006) stated that EU membership was essential to make Turkey a viable property investment destination writes:
"I actually can’t believe that I am putting Turkey in number 1, but there is absolutely no choice. Turkey has rocketed out of recession and is now the fastest growing economy in Europe. With the EU crumbling and membership looking more like a curse than a charm, we can look at Turkey with fresh eyes."
After explaining the many strengths of present day Turkey; namely low public debt, low budget deficit, strong banking system and low property prices Bailey says:
"What really sums up present day Turkey vis-a-vis worthiness as a property investment destination is the great irony that Turkey ended negotiations with the IMF in 2009, and in 2010 both Ireland and Greece have been forced to accept financial aid from the IMF and EU in order to stay afloat.
"The balance of stability, high growth, high liquidity, low property prices and low interest rates is sure to make Turkey a favourite with investors in 2011."
Julian Walker, director of Spot Blue said:
"While we can’t really say whether Turkey will be the hottest in the world in 2011, as our focus is purely on Turkey. But what we can say is that there is no market in Europe capable of matching Turkey in its economic growth, and this will certainly continue to bring in investors.
"As we have seen Turkish property regaining its appeal with British and foreign investors throughout 2010, as well as a massive recovery in the holiday homes market, we can’t see this upward surge dying down as the international recovery strengthens in 2011."