Turkey & Istanbul.. The Best Place in Europe to Buy or Develop Property
The world’s largest accounting firm, PricewaterhouseCoopers LLP has pinpointed property in Turkey, in particular Istanbul, as the best place in Europe to buy or develop property, according to property experts House Sales Turkey (http://www.housesalesturkey.com/).
PwC carried out a survey of around 600 independent real estate agents which revealed that Turkey’s largest city was first among 27 European cities in terms of where those surveyed would choose to make purchases, rising from the position of fifth which it held in the survey last year.
Turkey has been hitting the headlines for all the right reasons in recent months. In a climate where most European countries are implementing austerity measures, Turkey is enjoying strong economic growth which is feeding back into real estate in Turkey, offering prospects of rising rents and property values, boosting foreign investment and buyer interest. This contrasts with the decline seen in much of the rest of Europe where governments are being forced to cut spending in a bid to reduce debt, all of which is dragging down the respective property markets.
The Turkish economy grew at an annual rate of 5.5 percent in the third quarter of 2010 as interest rates were at an all time low which encouraged consumer spending and investment. According to the London arm of PwC, Istanbul “is one of the few markets where investors remain confident in the city rather than in their own ability to buck the general trend through superior real estate investment skills”. Istanbul is only a micro market of property in Turkey as a whole of course, but the resounding belief in the property of Turkey‘s largest city bodes well for the market in the rest of the country.
Whether you are looking for Istanbul city property or villas in Turkey for holiday rental yield, independent experts agree that this is a highly opportune time for investment in property in Turkey. Looking to buy or sell property in Turkey? Trust the experts at House Sales Turkey: http://www.housesalesturkey.com/.
Posted: Feb 23, 2011
SOURCE: ARTICLES BASE
