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Turkey is to be the hottest property investment destination in the world next year according to Write About Property. In an article on the site, director of the firm Liam Bailey cited Turkey's exceptional economic growth, as well as its stability amid a far-from-stable Europe.
Bailey explained how 8 years of fiscal restraint and excellent budgetary management, as well as massive reform under the AK Party had allowed Turkey to pay down its debts whilst other countries were running them up (mention no names but their initials are PIIGS), and also left Turkey with low inflation, a 2 percent budget deficit and one of the strongest banking sectors in Europe.
But, said Bailey, "what really sums up present day Turkey vis-a-vis worthiness as a property investment destination is the great irony of Turkey ending its negotiations with, and dependency on the IMF in 2009, and in 2010 both Ireland and Greece have been forced to accept financial aid from the IMF and EU in order to stay afloat.
"The balance of stability, high growth, high liquidity, low property prices and low interest rates is sure to make Turkey property a favourite with investors in 2011," he said.
Bailey said in other statements that Istanbul property was one of the top choices with pure investors, which are becoming more common in the Turkish property market, on top of the already strong holiday property market.
Aydin Cakir, director of New Home in Turkey said in response to the comments:
"Turkey could well be the hottest investment destination next year, and will almost certainly be one of the top 5 hottest anyway. Bailey didn't mention soaring tourism, which could even be found to have hit the target of 30 million visitors in this year, a target set during the boom."
