Twenty Eleven was a great year for Turkey and a great year for Turkish property.
The Turkish economy was among the fastest growing in the world (it was the fastest in 1H, but we have no data for 2H) according to official data.
According to the Turkish association of real estate partners (GYODER) house prices grew at around 6% year on year, based on that being a rough average taken from its monthly indices.
Foreign direct investment came flying in. Data from the Undersecretariat of Treasury showed FDI in the first quarter was 154% higher than Q1 2010. This was followed by Central Bank data showing a 324% increase in foreign capital inflows in the first half of 2011 compared to 2010.
Exports set records as well. With each passing month records were continually set and then broken for year on year growth. Year end data from the Turkish Exporters Assembly (TIM) shows total exports worth $134.6 billion, which is not only an 18.2% growth on 2010, but is also the highest value of Turkish exports ever.
But it was more than just economic data. At the same time events conspired with Turkey’s unique geographical position to put Turkey at the top of investors’ lists. The European debt crisis made Turkey stand out as the place to invest within Europe. Meanwhile the Arab Spring tearing up the Middle East made Turkey stand out as a place to invest in the Muslim world — as well as a place to holiday and buy property.
Turkey finished 2011 on a high. What’s more, with the European debt crisis still raging on, and fires still burning across the Middle East (if predominantly metaphorical) Turkey is still set to stand out as a favourite for investors.