Increasing Affluence Good News for Turkish Property Market

In a testament to the growing wealth and affluence in Turkey, the country's leading mobile phone network Turkcell has posted first quarter profits of 271 million, not Turkish lira, but 271 million US dollars (417.6million Turkish Lira).

While it is true that this is a 25.8% decline over last year, it still shows that wealth in Turkey is growing overall, that such money is being spent on mobile phone communications.

According to Julian Walker, director of UK based Turkish property agent Spot Blue, the growing affluence in Turkey, can only be good news for the Turkish property market, he said:

"Turkey has had a rough time during the recession, and unemployment is a major problem. However, as the economy grows employment will eventually start to grow as well. Importantly, those in employment are experiencing increasing affluence, as inflation is kept under control and the Lira grows in strength against other currencies.

"This increasing affluence is good news for investors in Turkish property, because it points to increasing domestic use of Turkish holiday resorts, which will increase occupancy of privately rented accommodation."�

Spot Blue is currently marketing property in Turkey priced from as little as £25,000.

Speaking of economic growth, the positive news continues, with the Turkish statistical institute Turkstat recently reporting a 22.4% increase in exports in March this year, compared to last year.

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