Turkish property market on verge of upswing

Monday May 11th, 2009

It looks like the overseas property market in Turkey is on the verge of an upswing as house prices have dropped as low as they are going to, according to one leading real estate developer.

The global economic slowdown has been felt hard across the world but there are growing signs that the Turkish property market is starting on the road to recovery. House prices have dropped across the country as willing buyers have been more reluctant to part with there money and prices, which have fallen as a result, cannot go lower.

“Everyone had to lower their prices in the face of the current economic situation in order to remain competitive” says Eric Kaya of Cumberland Properties. “People are now more aware of their own financial situation and interest in Turkish property is rapidly climbing again”.

“Property prices in Bodrum have reached a floor, they are not going to get any lower, real estate investors have realised this and are making their move” Mr Kaya said. “2010 will be a big year for Turkey and the real estate market; the smart people are getting in now to take advantage of that. People are keener to buy now and prices will be on the rise before the summer is over.”

Although real estate sales volume in Turkey dropped from £23 billion to £13 billion over 2008 due to the global crisis, the value of residential units in the market is gradually increasing,

At Cumberland Properties Woodland Regency development a 1 bed apartment is now going for just £47.170. “In a year’s time the same property will be worth £60,000, this is an upmarket site; a community that in the future will have people queuing around the corner to get into.” Mr Kaya added.

Global financial management and advisory company Merrill Lynch estimates a 3.2 percent economic growth rate in Turkey for 2010, despite the general slowdown in the world economy. Turkey will make a quicker recovery than other countries in the region thanks to relatively minimal damage in the banking sector, households and firms said a weekly analysis on the developing markets.

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