The World of Property for Sale in Turkey
Welcome to the world of property for sale in Turkey. Having gone from being a fringe element in the overseas property world to one of the most talked about markets in the arena, Turkey continues to go from strength to strength.
Once known as the sick man of Europe, Turkey was officially the fastest growing economy in Europe last year, and the fastest in the OECD as well, with GDP growth of 8.5%. This follows growth of around 6% in 2010, which of course followed the recession and 5% contraction in 2009.
Turkey has recovered so strongly from the crisis, because of reforms made to the banking system by the then newly elected AK Party in 2002, in response to the financial crisis it came to power in the wake of. These reforms and those made since are one of the main reasons that property in Turkey is so popular.
What Makes Turkey Property so Popular
The world has been racked by the international financial crisis, most countries now are either experiencing slow growth, still in recession, or facing the prospect of a double dip recession — many of them in Europe. The crisis was a banking one, and banks in many countries are still in a very fragile position. Then you have the European sovereign debt crisis, and even the great US of A being downgraded because of its sovereign debt.
Because Turkey came out of the 2001 financial crisis of its own with a fiscally responsible government in power, it is now in a position of command in Europe and the world. It has low debt, a strong stable economy, and one of the strongest banking sectors in the world. Add to that the rapidly rising population and strong tourism growth and Turkey property has a winning formula.