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"2011 looks set to be a very bright year indeed for Turkish property. While the latest data from Turkstat shows growth slowing to 5.5% from the 10.3% recorded in Q2, this still leaves it on track to meet the 8.2% prediction for the year as a whole set out by the OECD. It is still much faster than the EU's 1.9%, and faster than every country in the EU except Sweden with 6.8% growth year on year for the third quarter.
Meanwhile visitor numbers are continuing to grow, with 18.3 million visitors in the third quarter of this year, up from 13.6 million visitors last year.
The mortgage market is another area of strong growth; according to official figures the number of mortgage loans in Turkey has grown 32% this year, and is predicted to grow by at least a further 30% next year. According to data from the Central Bank of Turkey, 48.9 billion liras worth of mortgages were taken out in Q2 2010, compared to 38.6 billion liras in Q2 2009.
"Everything about Turkey property just points to growth at the moment, and we can only expect investment to continue soaring in 2011 as it has in the second half of 2010," said Aydin Cakir, director of New Home in Turkey.
"Property prices are still low, tourism is getting back to its normal booming self, foreign investment is going through the roof, unemployment continues to fall, mortgage availability has been unaffected by the crisis and understandably confidence is surging. Now is certainly a good time to invest in Turkish property," he explained.
