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"According to data from Turkish statistical body Turkstat, Turkish GDP grew 11.7% year on year in the first quarter of this year, and 6% year on year in the final quarter of last year.Admittedly part of the reason for the strong Q1 performance was the 14% contraction in Q1 last year, but you still can’t help but see this growth as a massive success, when all of Europe’s big hitter’s were still contracting year-on-year in Q4, and struggled to grow more than 2% (with many still contracting) in Q1.
Property prices will grow naturally during times of economic growth, as inflation pushes up labour and material costs.
Turkish tourism was up 9.6% in the first half of this year compared to the first half of last year, tourism ministry data showed. Growth in visitors from Russia, Bulgaria, Syria and Iran have made up for a shortfall from Britain.
The Turkish property market is very much driven by tourism because most people will plan to rent out their property in Turkey. Thus, a strong tourism performance spells success for Turkish property.
Reading the Turkish and international news, you hear of new marinas,, new investments, new resorts, new hotels from the big chains and new flights just about every week. This is made even better because of the lack of negative news that is emerging. We all know that confidence is a deal breaker in the current climate, so by building confidence in the Turkish market, the flow of positive news will continue to drive buyers.
