The market for property in Turkey in 2014 could be boosted by the fact that the economy is starting to recover after a long period of downturn and uncertainty, according to commentators in the country. It comes just a week after it was claimed that the low value of the lira in the nation was enticing dollar and pound buyers who were able to get far more for their money than back in their own nations.
Universal 21 has stated that the positivity in the market for 2014 stems from the fact that Gyoder has reported rising real estate prices in the nation for every single month in 2013. In the 12 months to the end of 2013, Gyoder reports that the price of homes in Istanbul grew by as much as 12.2 per cent. Surprisingly, this made it the best performing city in the whole of Europe. It was a result of the economy starting to recover slightly - a factor that is set to play an even bigger part in 2014, according to Universal 21.
Throughout this year, the company has stated, the economy is set to expand even more than it did in the third and fourth quarters of 2013, when it grew by 4.4 per cent and 4.5 per cent respectively. Employment across the nation has also increased in the past year, which has meant that there has been a far higher level of demand for homes, a reality which has meant that there has been an increase in the number of properties being constructed. This is all a result of the country having its lowest deficit-to-GDP ratio since 2006, which paints the economy in a very good light.
Adil Yaman, director of Universal 21, said: “Istanbul continues to be the best place to invest in Turkey for capital growth and rental returns. Property prices will not rise forever and I think in 2014 we will see more growth, but not as high as we have seen in 2013”.