Turkey Property Investment Increasing says Colordarcy

Investment in Turkish property is far bigger now than it ever was according to experts. Loxley McKenzie of property investment consultancy Colordarcy says that, while Turkey has long been popular with holiday home buyers, that its popularity with investors has increased massively, even compared to the overseas property boom era, he said:

Turkish property has traditionally been primarily the foray of holiday home buyers, with plenty of sun, sea and sand filled locations to choose from and property at among the lowest prices in the world. Investment has lacked though, with investors favouring countries with straighter flight paths to EU membership.

“Now Turkey has the fastest growing economy in Europe, one of the fastest in the world, and is also one of the most fiscally stable countries in Europe. The shoe is now on the other foot when it comes to EU membership and Turkish investment has been rising near constantly since the second half of last year, and especially since the EU’s sovereign debt crisis exploded.”

In the second quarter of 2010 the Turkish economy grew 10.3%, but the construction sector grew 21.9% according to data from Turkstat. As the economy grows, affluence grows with it and this generates growth in the demand for housing, and this is another thing fuelling growth in Turkish property investment, as well as the additional caution brought on by the crash, according to McKenzie.

“Because of the massive amounts of money lost on property investments in the crunch, investors are far more cautious now than before. They are looking closely at Turkey property, seeing the growth potential and the exit strategy and looking no further,” he said.