Turkish Economic Strength Increasing Appeal of Property

The International Monetary Fund has upgraded its forecast for Turkish economic growth this year to 5.2% from the 3.7% it forecast in its World Economic Outlook last October.

This puts the conservative IMF's prediction now above that of the Turkish government, which has forecast 3.5% growth for this year. But the IMF expects Turkish growth to slow to 3.4 percent in 2011.

The Turkish economy emerged from recession in the final quarter of last year, with a year-on-year growth of 6%. Following on from that the country is enjoying a strong first quarter with double digit growths in output in January and February reported by Turkstat (12% and 17% respectively).

The strength of Turkey's economic rebound is increasing the appeal of Turkish property among international property buyers, according to UK based Turkish property agent Spot Blue. Director of the firm Julian Walker said:

"Turkey emerging from recession faster and stronger than many EU countries including the UK is making Turkish property look like an even better buy to international investors. Turkey has benefited throughout the crisis from the strength of the euro, and now, the economic strength, the fact that Turkey is standing without IMF support and has no issues with a roaring budget deficit is all making Turkey stand out as a destination worthy of investment.

"This of course on top of its benefits to lifestyle buyers of warm climates, gorgeous coastlines and fantastic value for money is making Turkish property hot right now."

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

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