450 million Turkish Lira boost for Izmir Property Market

 

This week saw more positive news for the Turkish property market, as Turkey's transport department announced a new initiative which will see 450 million Turkish Lira invested into the Izmir port region. The announcement, which was made by Turkey's transport minister,Binali Yildrim, confirmed that the investment will run between now and 2015. The proposal is set to focus around Izmir's port area, and is designed to considerably increase the ports capacity for both cruise liners and cargo ships coming into the city.

 

Yildirim said: "The total amount of the investments made this year is 34 million liras. We also have long- and mid-term plans. The second phase involves the construction of a new container terminal, which is an investment of around 200 million liras. These investments will be implemented between 2011 and 2015."

 

It is expected Izmir this large increase in investment will prove to be of long term benefit to the Izmir property market. The development is set to result in a long term increase in the number of jobs throughout the region, as well as increased tourism for the city.

 

Over the course of the past 5 to 10 years, the Turkish property market has benefited considerably from a substantial increase investment in the country's infrastructure. A number of new airports and motorways have been built in recent years, allowing for increased accessibility into previously remote regions.