Quick Links
"The Turkish property market is fuelled by tourism, with international tourism dropping in 2009 no one could be blamed for being fearful it would have an impact on Turkish property. In fact it did have an impact. Just not in the way people expected - the downturn benefited Turkish tourism and Turkish property.
As we entered what would be a dreadful year for tourism in 2009, the Euro skyrocketed against the Pound. This led to thousands of Brits looking outside the eurozone for their holidays. During an international tourism downturn, Turkish tourism was barely affected.
The benefits of this increase in tourism have continued to be felt this year. In Turkey, the holidaymakers of today are the holiday home buyers of tomorrow, and this is more true of Brits than of any other nationality**. Thus, it was predicted that the rise in tourists would not only be a permanent increase from return visits, but that it would also trigger an upturn in property sales.
If the figures of Conti, the overseas mortgage provider are anything to go by, then the predictions most certainly came true. According to Conti requests for Turkish mortgages from foreigners doubled in May this year compared to a year earlier.
Since then multiple reports have indicated that demand for Turkish property in 2010 is stronger than ever, most, including reports from Turkish based agent New Home in Turkey, stating that it is increased demand from investors, combining with the constant demand from holiday home buyers that is responsible. Director of the firm Aydin Cakir explained:
"The reasons for this are the fact that the Turkish economy is growing much faster than that of the EU, which is also embroiled in a sovereign debt crisis; a sovereign debt crisis that has eradicated much of the competition to Turkish property, including Spain, Greece, Italy and Portugal. On top of that Turkey has emerged from the recession as one of the fastest growing, most fiscally stable countries in the world."
