Turkish economy sees 6% growth
Confidence in the Istanbul property market, tipped by experts as an investment hotspot for 2010, reaches another high as latest reports reveal a 6% growth in the Turkish economy.
As reported in the Wall Street Journal, Turkey’s GDP rose an impressive 6% in the last 3 months of 2009 compared to the same period in 2008, far exceeding the 4.5% growth forecast.
Such strong growth has also prompted experts to increase forecasts for growth for 2010 from a conservative 5.4%. This latest data from the Turkish Statistical Institute demonstrates just how far Turkey has outperformed many economies in the region and indeed Western Europe and should bolster investor confidence in the future prosperity of the nation.
Population of Istanbul increasing faster than 118 countries
One of the key drivers of the booming property market in Istanbul is the demand for quality accommodation from the vast numbers of migrants to Turkey’s second city.
The latest figures from the Turkish Statistics Institute report that the population has expanded by 341,322 people in the last two years alone with this figure set to rise in 2010 as the economy recovers and employment opportunities increase.
With current growth rates of 1.7% per annum, Istanbul’s population is increasing more rapidly than 118 countries including Greece, Belgium, Hungary and Sweden; now is the perfect time for investors to enter the lucrative buy-to-let market.
Steven Worboys, MD of property experts Experience International, comments:
“The Istanbul property market is going from strength to strength. Demand for quality investment properties remains very high with our early entry investors already seeing up to 37% capital growth which is certainly unprecedented in today´s marketplace.”
One development in particular is capitalising on this demand. The Hamptons comprises a limited number of luxury studio apartments located in the prosperous district of Beylikduzu on the European side of the city. The contemporary apartments offer sea and city views, modern interiors, superb on-site facilities and easy access to central Istanbul.
Investment is from as little as £13,350 and offers a 2 year 7.5% p.a. rental guarantee. For more information contact us today on +44 (0) 207 321 5858 or visit www.experience-international.co.uk.