Recovery Not Too Far Off for the Turkish property market
Thursday, June 4, 2009
The Turkish property market has regained its confidence, and a swift recovery is imminent.
Mustafa Boydak, head of the Kayseri Chamber of Commerce said that the Turkish economy bounced back relatively quickly to the difficulties posed by the ongoing global financial crisis to a great extent, pointing out that volatility in the market was slowly dissipating. Boydak said entrepreneurs should not hesitate to launch new investment projects, "It is high time that we concentrate on investments all throughout the country. We need to give the economy new impetus," he remarked.
The overseas mortgage specialist Conti revealed that there is a 65 per cent increase in mortgage applications for Turkish properties during the first five months of this year, compared to the same period at the end of 2008.
According to Conti, April and May saw a marked surge, with applications up 143 per cent year-on-year. Conti's operations director, Clare Nessling said that the demand is being fuelled by "great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro".
The country's tourist industry continues to show strong growth, with just fewer than 30 million visitors expected in 2009. Better-quality rental properties in popular tourist areas are therefore in demand and rental yields will be highly lucrative, with some developers offering guaranteed rentals.
Meanwhile, in a television program hosted by Ankara Representative Mehment Akarca on atv, Prime Minister Erdogan predicted that by the end of the year the effects of the economic crisis will have passed, and stated; "revitalization will begin by the last quarter of the year."
Social BookmarkingMustafa Boydak, head of the Kayseri Chamber of Commerce said that the Turkish economy bounced back relatively quickly to the difficulties posed by the ongoing global financial crisis to a great extent, pointing out that volatility in the market was slowly dissipating. Boydak said entrepreneurs should not hesitate to launch new investment projects, "It is high time that we concentrate on investments all throughout the country. We need to give the economy new impetus," he remarked.
The overseas mortgage specialist Conti revealed that there is a 65 per cent increase in mortgage applications for Turkish properties during the first five months of this year, compared to the same period at the end of 2008.
According to Conti, April and May saw a marked surge, with applications up 143 per cent year-on-year. Conti's operations director, Clare Nessling said that the demand is being fuelled by "great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro".
The country's tourist industry continues to show strong growth, with just fewer than 30 million visitors expected in 2009. Better-quality rental properties in popular tourist areas are therefore in demand and rental yields will be highly lucrative, with some developers offering guaranteed rentals.
Meanwhile, in a television program hosted by Ankara Representative Mehment Akarca on atv, Prime Minister Erdogan predicted that by the end of the year the effects of the economic crisis will have passed, and stated; "revitalization will begin by the last quarter of the year."
Labels: Market-Trends, Turkish-property
