New figures show promise for the Turkish real estate market
New figures released in the past few days have shown considerable growth in the Turkish economy for the period Q1 2010. According to the figures, released by the Turkish Statistical Institute (Turkstat), the Turkish economy grew at a considerable 11.7% for the first quarter of 2010, demonstrating strong recovery from the effects of the recession which to the tall on the global economy.
The figures figures are notable, and come on the back of the Turkish economy's strong recovery towards the tail end of 2009. The growth figures look even more promising given that prior to Q4 2009 the Turkish economy had suffered economic contraction for four quarters in a row. The figures also backup Turkey's claim to be leading the global recovery, and are second only to the growth rate of 11.9% recently posted by China. During the same period the economies of the EU expanded by a mere 0.3%, with the UK suffering a contraction of 0.3%.
Here at offplanworld, we have seen considerable growth in demand for property in Turkey over the course of the past 12 months. This demand has focused on the Aegean and Mediterranean resorts such as Bodrum, Fethiye, Alanya and Altinkum. As well is the increased demand for property in the more southern coastal resorts, there has also been a more recent surge in demand for property in Istanbul. The city, which has shown consistently strong rental yields in recent times is seeing rapid expansion at present, and a number of superb new developments have been announced in Istanbul over the past 12 months.
>> more information on property in Turkey.
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