Confidence in the Istanbul property market is increasing and a 6% growth in the Turkish economy is expected to boost interest, it is claimed.
Turkey’s GDP rose an impressive 6% in the last three months of 2009 compared to the same period in 2008, far exceeding the 4.5% growth forecast.
Such strong growth has also prompted experts to increase forecasts for growth for 2010 from a conservative 5.4% and the figures from the Turkish Statistical Institute demonstrates just how far Turkey has outperformed many economies in the region.
Figures also shows that the population of Istanbul is increasing faster than many countries and this is one of the key drivers behind the booming property market due to demand for quality accommodation from the vast numbers of migrants to Turkey’s second city.
The latest figures from the Turkish Statistics Institute report that the population has expanded by 341,322 people in the last two years alone with this figure set to rise in 2010 as the economy recovers and employment opportunities increase.
The latest report from companiesandmarkets.com says that a fundamentally stable banking system, low levels of private sector leverage and attractive demographic conditions will ensure a robust economic recovery in Turkey.
It is significantly outperforming other economies in central and Eastern Europe and is well positioned to recover more quickly, the report concludes.
‘The Istanbul property market is going from strength to strength. Demand for quality investment properties remains very high with our early entry investors already seeing up to 37% capital growth which is certainly unprecedented in today’s marketplace,’ said Steven Worboys, managing director of property experts Experience International.
But interest is increasing on other parts of the country especially among those seeking holiday homes and rental opportunities. Environmentally friendly projects are offering another possibility.
One developer has even moved a colony if giant mussels that were found during construction work.
The 45cm molluscs, thought to be up to 50 years old, were moved to a safe haven further along the coast by a team of divers at the Horizon Sky resort near Bodrum.
The project by UK developer Galliard Homes and Signature International is using solar energy for the swimming pools, waste water is treated and re-used for irrigation and an on site recycling scheme.