Turkish property 'to be boosted' in next two years

Wednesday January 28th , 2009

The Turkish property market is to receive a boost by rising tourist numbers and various cultural events, it has been claimed.

According to propertywire.com, tourist numbers are expected to "increase significantly" in the next two years as Istanbul is the European Capital of Culture in 2010.

The latest figures from the Turkish tourism department indicate 26 million tourists visited the country in 2008, compared with 23.5 million the previous year.

One Istanbul-based property agent told the news provider: "While the expense of property in Istanbul may previously have prevented some buyers from entering the market, the economic slowdown has recently pushed prices down, creating bargains in desirable locations."

Another development that may boost investment is the announcement that the UK Foreign and Commonwealth Office is compiling a list of reputable property professionals for British buyers to consult.

The Nour Group suggested last week that interest in the Turkish property market is intensifying because it is currently averaging 40 per cent returns, while the rest of Europe floats at around five per cent growth.
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