Turkish Property Boosted by Strong German Recovery

Posted on 26 March 2011

Turkey, as part of the Central and Eastern European region is benefiting from the rapid recovery being seen in the German economy, says a leading expert in the field.

“Though southern Europe is having serious troubles, we are observing very strong growth in Germany and the Central and Eastern Europe [CEE] region, ” said Peter Damesick, chief economist at property adviser CB Richard Ellis.

In fact Turkey is to be one of the biggest benefactors of Germany’s return to strong growth. The biggest importer of Turkish goods, Germany imports from Turkey totalled $11.4 billion in 2010. Totalling $28.9 billion, foreign trade with Germany accounted for almost one tenth of Turkey‘s $299 billion in foreign trade last year.

According to Damesick the Turkey property market is benefiting as well. He said that Britain had led the investment charge in 2010, but that now investors are looking at where growth is strongest, which is Germany and the CEE region.

Turkey is “on the map” for many investors, especially with the opportunities it presents in hotel development, said Damesick.

Another benefit from Germany’s return to grace is to the Turkish tourism industry, of which Germans make up the biggest market share. According to the latest tourism data, Turkey received 28.6 million visitors last year, a growth of just over 1% compared to 2009. Although, having said that, it was the 10% growth in British visitors to 2.67 million that made the headlines from the Culture and Tourism Ministry report released last week.

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