Turkish property for sale
By Steve Binge

Will political uncertainty derail Turkish property?

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This year has been a tale of success for Turkish property but its upwards trajectory could be threatened by continued political uncertainty. Indeed, protests against the government may deter investors and over Christmas the situation appears to have deepened. In addition to further protests, a prosecutor accused prime minister Recap Tayyip Erdogan's government of obstructing a graft probe by preventing detentions, disobeying court orders and allowing suspects to flee, Bloomberg reported. On December 18th, the BBC explained, Mr Erdogan had also pointed the finger at overseas entities, claiming they are behind Turkey's domestic disturbances this year.

"Since 2003, we've been trying to get Turkey into the top ten countries in the world," the prime minister said. "But some people are trying to stop Turkey's fast growth and development. Some of these people are abroad." However, not everyone sees the situation this way and many criticise Mr Erdogan's policies.

Nevertheless, thus far internal problems don't seem to have slowed down the property market, giving hope that continued tension will be treated in isolation. In fact, Turkish property has outperformed the rest of Europe this year when it comes to price growth. Knight Frank's global house price report showed home values in the country grew by 12.5 per cent in 2013, taking Turkey to sixth place behind Dubai, China, Hong Kong, Taiwan and Indonesia.

Despite the fast expanding economy, the property market is also enjoying relative stability. Adil Yaman, director of Istanbul estate agents Universal21, said: "Unlike some of the other fast growing property markets like China, there is no sign yet that Turkey is overheating. Economic growth has proved to be sustainable and there are no plans to take the heat out of the property market as has been the case in China."

It is expected that for the year, Turkey will enjoy four per cent growth. This comes after a 4.4 per cent increase year-on-year in the previous quarter, making for 16 consecutive quarters of growth. Consequently, Turkey has one of the fastest rates of expansion in Europe, the OECD and the G-20.

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