Investing in Turkish properties
People who are looking to invest in overseas properties
may find themselves drawn to Turkey, as there is an increase in
demand for rental accommodation from Turkish citizens as well as
tourists, according to Assetz.
Over the past seven years, Turkish economy grew 4.3%
year-on-year in spite of the global credit crunch.
By 2017, Turkey is expected to be the third highest growing
economy behind China and India, according to the Organisation for
Economic Cooperation and Development.
The country's tourism sector has been a major contributor to the
country's economic growth.
Total annual tourist arrivals in Turkey stand at almost 30
million.
The growing tourism industry is also helping boost rental demand
from local people and overseas visitors.
There was a 6% rise in the average cost of a house last year, as
the country saw a fall in the availability of homes.
The shortage of homes is particularly notable in Istanbul and
other urban areas, triggered by a rise in internal migration.
Another major boost for the country's property sector is the
transparent and straightforward property buying process.
Stuart Law, chief executive of Assetz, said: "The property
market is underpinned by a strong economy with a growing tourism
sector, which can be converted into solid rental yields for
investors."
Copyright Press Association 2011 | Shruthi N
