The hottest property market in Europe?17/08/2011
The hottest property market in Europe
Thursday 11th August 2011
Colin Murphy who specialises in selling property investments around the world, takes a trip to one of the world’s fasting growing property markets in Europe and is impressed with his findings…
I went on a fascinating scouting trip two weeks ago. I hadn´t visited this country in about five years, so I was very keen to see how it had changed.
This is the sixth most visited country in the world and tourism is growing at a breakneck pace. It is home to tens of millions of young and well educated people. It is the 9th largest recipient of foreign direct investment, well ahead of more hyped up rivals such as Brazil, Mexico and Thailand. It is the 15th largest economy in the world and the only big economy to have matched China and India´s eye watering double digit GDP growth figures last year.
This country recovered very quickly from the financial crisis, and its banking system is extremely robust. In fact, Moody´s, Fitch and Standard & Poor have been quietly upgrading its credit rating, while generating headlines for doing the opposite to others.
In its biggest city a property boom is in evidence everywhere. Thousands of new residential and commercial towers are springing up in practically every district. This is not Dubai – there is no speculative bubble driven by foreign investors. Demand is being driven by locals who want somewhere to live.
Real estate prices in this balmy Mediterranean climate are less than half the price of similar properties in Spain, France or Italy.
In my opinion, this is the most exciting real estate market in Europe by a mile. It is probably one of the hottest markets on the planet.
The country I am referring to is Turkey – a democratic, secular, republic with an incomparably rich and ancient cultural heritage.
With a population of 75 million and an average age of just 28, Turkey has become a major tourist destination with almost 30 million visitors a year (more than the UK).
It´s economy expanded by 11% between Q1 2010 and Q1 2011, the third fastest in the world.
Turkey is a prominent member of the G20, a long standing member of NATO (2nd only to the US in troop size) and is in full membership negotiations with the EU.
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