Turkey’s economy will lure investors in 2011

Turkey’s economy will lure investors in 2011
Turkey’s exceptional economic performance will continue to attract overseas property investors, according to Turkish property expert Steven Worboys. 

Worboys is managing director of Experience International, and he said: “International real estate still remains one of the most popular investments available but many buyers have been stung in the past and are now more cautious, seeking out markets with secure economic fundamentals and developments with realistic returns. Turkey’s economic performance over the past 12 months speaks for itself with over 8% GDP growth expected for 2010 according the latest OECD report and remaining above 5% in 2011 and 2012.”

Turkey’s banking system has managed to steer clear of the worst effects of the recession, and has had its rating upgraded by two international credit ratings agencies.

There is significant economic growth, with the Istanbul Stock Exchange gaining 4.5% in value in 2010 so far. This growth has been mirrored in the Turkish real estate industry, with the construction sector experiencing 21.9% growth in the second quarter of this year.

Worboys said: “”Turkey is now a serious global economic contender; with its robust V-shaped economy the nation bounced back quickly from recession and now is capitalising on its key fundamentals, enjoying a period of growth and prosperity.”

Extracted from the Overseas Property Professional website 8th Dec 2010.

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