A Slice of Turkey
Article Date : Wednesday, September 12, 2007
Joining the ClubIn recent years Turkey has been pushing for acceptance into the European Union. When this happens, property prices are guaranteed to see substantial increases. Currently there are a number of factors impeding Turkey’s accession; once these outstanding issues are addressed, it is highly likely that Turkey will become a fully-fledged member of the European club.
The CandidateTurkey became an EU candidate country in 1999, and in accordance with EU convergence requirements, went on to introduce wide-ranging economic, legal and human rights reforms. One of the most notable reforms was the abolition of the death penalty in 2002. The government also announced measures against torture and embarked on a wholesale overhaul of the penal code. In addition, reforms were introduced to address issues of women's rights, Kurdish culture, broadcasting and education. On Turkey’s economic front, the last few years has seen promising economic growth rates, falling inflation and a much reduced budget deficit. Cumulatively, these positive advances bode well for Turkey’s bid to become a European member state. However, it would be misleading say at this stage that EU membership is assured; there are still a number of issues to be addressed before Turkey can be confident of gaining EU accession.
The Modern Turkish StateOne major aspect that understandably concerns potential investors in Turkey is the worry about the possibility of wide-scale Islamic militancy. It is worth putting these concerns into perspective. Since its foundation by Kemal Ataturk in October 1923, the Republic of Turkey has prided itself in its secularist credentials. Ataturk’s sought to create a modern, democratic and secular nation-state, guided by educational and scientific progress based on the principles of positivist and rationalist enlightenment. Nearly ninety years on, Ataturk’s ideology is still deeply rooted in the Turkish psyche; thus any fears that the country will deteriorate into a hotbed of Islamic extremism should be mitigated by understanding this much revered ideological legacy handed down by modern Turkey’s founding father.
SteadyWithout exception, all new EU member states have experienced very healthy increases in property prices upon joining the European Community. There is no reason to believe that Turkey will be any different. Despite being a European outsider, Turkey has seen a steady rise in real estate prices over the last decade or so. When Turkey eventually gains EU acceptance, these prices are sure to rise even faster.
Performing WellNow is a good time to consider investing in Turkish property. In particular, it is a well worth investigating the investment potential of well-located properties in Turkey’s larger cities. Atmospheric Istanbul with is proximity to Western Europe is an especially attractive option right now. Property in neighbouring Bulgaria’s booming capital, Sofia, experienced spectacular gains leading up to, and immediately after becoming a member state in January 2007. Furthermore, real estate in Sofia continues to perform well. With this in mind, be sure to take a look at the International Property Investment Network, IPIN’s latest off-plan investment opportunities in Istanbul.
Talking TurkeyThere is no denying that Turkey still has some way to go before being accepted into the European Union. When it does become a member state, those with the foresight to get involved early are sure to reap handsome rewards. Even without EU membership, Turkey is starting to attract serious investors; many high profile multi-national companies have a presence in the country and this in turn is fuelling demand for rental property, particularly in the business districts of Turkey’s larger cities. What is more, low-cost airlines are opening up the country which is leading to a sharp increase in visitor numbers. Istanbul’s convenient position which is only a short flight from most European capitals, means that it is rapidly becoming a favourite short break destination. This is also helping to enhance rental yields. Whether the country joins the EU in three years or ten years, now is a great time to get your very own slice of Turkey.
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