Turkey continues to rise in Europe's property markets

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Article by: Kelly Macfarlane Published: 24/08/2007

Turkey has one of the most improved property markets in Europe, according to the Global Property Guide…

The GPG published its research in June to assess the property markets across the European continent. The report noted that it seems likely Turkey’s position near the head of the list will be strengthened in the coming years, and that Istanbul and coastal areas in southern Anatolia are especially in demand by foreign investors.

According to the report, Turkey is one of the most alluring markets for the following reasons:

* Stunning gross national product (GNP).

* Impressive Growth rates over the past five years.

* A reformist Government.

* Excellent housing market dynamics.

Despite no capital gains tax, prices remain high in Istanbul and the law is mildly pro-tenant. “However, coastal areas probably deserve a better rating than Istanbul,” noted the Report.

Land prices in Turkey’s coastal areas are cheaper than their Mediterranean counterparts, but prices will inevitably rise when Turkey joins the European Union. The report also suggested houses along the shore will increase in value by 50 percent next year with rises of 100 percent possible in the long term.

Source: Global Property Guide

Please contact the author Kelly Macfarlane for more information.