Posted on 14 February 2011
Turkey: Construction leading the way to economic recovery in Turkey
On Monday the Turkish Statistics Institute announced extremely positive data for the Turkish economy, a 10.3% GDP growth in the second quarter of the year, making it the worlds third fastest growing economy for April June, behind Singapore and Taiwan. Overall for the first half of the year growth has been reported at 11% which has outperformed economic forecasts and construction has led the way in the recovery.
The Turkey construction sector posted a 21.9% growth in the second quarter of 2010 followed by fisheries and manufacturing, 15.7% and 15.4% respectively. These statistics back up the confidence in the Turkish property industry, with leading agent Spot Blue reporting to have received record numbers of enquiries this year from Brits looking to purchase both holiday homes and properties for investment in order to benefit from the inevitable property price rises to come after economic recovery from the crisis.
David Walker, Vice Chairman (UK) of the Board for the Turkish British Chamber of Commerce and Industry and Director of Spot Blue comments,
The opinions from those at the heart of the construction sector in Turkey, are very positive and there is a great sense of self belief in Turkey and its economic outlook for the country post global downturn. I have to say I personally believe this has always been the case; optimism has remained high in Turkey and this, coupled with hard work and the steady decline in unemployment, has meant that this faith has translated internationally. We are seeing greater numbers of Europeans seeking to invest in Turkeys growing economy and property is one of the most popular means of doing so, offering twofold benefits for purchasers an investment into a growth market and a tangible asset that buyers can enjoy personally too.
Over 32,000 Brits are now reported to own property in Turkey according to the Turkish General Directorate of Land Registry. The coastal resorts of the Mediterranean and Aegean Seas have attracted a steady flow of interest, however, it is the largest city in Turkey and the European Capital of Cultural 2010, Istanbul, that is currently receiving an influx of investors.
Julian Walker, Managing Director of Spot Blue says,
Istanbul offers an excellent investment opportunity, attracting an increasing domestic market looking for property rentals as well as international visitors. These factors combined with the Turkish economic growth means that developers are struggling to meet demand from buyers. Sales of properties are strong considering the global economic climate and more developments will be coming to the market to suit the cosmopolitan communities. Studio to 4 bedroom apartments are available, all with modern interiors and high specification finishes, and it tends to be the European side of the city that is favoured at present.
Prime attractions such as the Bosphorous Strait encompassing the natural harbour, the Golden Horn, are helping to propel Turkey into the sights of tourists as well as buyers and Istanbul boasts a rich cultural and social scene. The International Film festival held here annually is one of the most important in Europe and on top of these high profile events, activities such as opera, ballet, pop concerts, art displays and museum exhibitions continue throughout the year.
For further information on investing in Turkey and for details of Istanbul development opportunities contact Spot Blue on 020 8339 6036 or visit www.spotblue.com.
Source : Spot Blue