Economic Factors
A major indication of the current state of any property market is the tourist trade. In Turkey this market is expanding massively as the country gains more exposure, international flights and package deals become more widely available and the possibility of Turkey becoming an EU member country begins to take hold.
Currently on the road to possible EU inclusion, Turkey needs to address many factors before incorporation. With strong backers for its entry, Turkey's eventual inclusion will doubtless bring with it an increase in property prices, in line with a surge in overall economic activity. Many investors are purchasing in Turkey and eventual EU inclusion is a major driving force, allowing them to take full advantage of the current low property prices and growing rental market.
As the 22nd largest economy in the world, Turkey is currently strong and undergoing much further growth. After an average growth of only 2.8 % for ten years from 1993 to 2002, Turkey was able to achieve a growth rate of 5.9 % in 2003 and a substantially higher rate in 2004. According to the Economist GDP growth is "forecast to be around 5% in 2007 and 2008 before picking up slightly to about 5.5% in 2009 on the back of a pick up in domestic demand growth and continued robust export growth". |
General Factors |
