It’s hard to know when one nation’s property market has fallen out of favour these days as the global financial crisis envelopes country after country and apparently leaves no nation’s economy untarnished.  So is property in Turkey still popular or has the market boomed and gone bust? This question is being asked by Brits, Russians, Germans and other Europeans who were well aware that Turkey’s appeal was rising fast, but who are now confused about where the future prospects for the country’s economic forecasts lie.

Well, if you listen to the economic experts then Turkey is still a sound bet, if you listen to the real estate analysts then Turkish property is still a viable investment, and if you follow the path of the high end real estate developers and designers, you can see that actually yes, Turkey’s is still an incredibly exciting market to consider.  In this article we look at why property in Turkey is still popular, and where some of the best pockets of property are for sale.

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Published on Property Abroad » Property in Turkey

Second home buyers have been told that property for sale in Turkey could be snapped up relatively cheaply. According to the Times, a residence along Turkey’s south coast can cost as little as £35,000. As a result, areas such as Bodrum and Antalya are becoming very popular with buyers from other countries, in particular the UK.

The newspaper said that many of these people are buying in order to benefit from future growth in the market, some of which many be trigger by possible political developments. “Investors are expecting a big increase in property values if Turkey’s negotiations for EU membership succeed,” the Times commented.

The publication added that property values in Turkey are currently well below the EU average.

Earlier this week, the Turkish Statistics Institute revealed that during the first quarter of 2008, the country’s gross domestic product was 6.6 per cent up on the same point of 2007.

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Conditions are right for the value of housing in Turkey to rise during the next few years, according to a property expert. A recent report in the Turkish Daily News suggested that overseas property investors are starting to take an interest in the area around Bodrum. It stated that although prices have risen to a level most locals could no longer afford, people searching for property for sale in Turkey could find value for money, as houses are still much cheaper than in similar resorts in Italy, Greece and Spain.

Ian Jones, director of investment at fund manager Codrea Savills, told Reuters that he expected prices to continue climbing in the country for a number of reasons.

He explained: “This is a country of some 70 million people with half of the population under 30 and with an average annual population growth of about one per cent.”

Mr Jones added that although the Turkish economy is slowing, it is doing so from a very strong position.

Via: http://www.realestatetv.tv