With an eye on the best emerging markets in Europe, Turkey has become not only a solid performer where travel and tourism is concerned, but for real estate investment as well. Reforms there, along with one of the region’s strongest economies, measure up for real opportunity.
Turkey, relative to counterparts in the EU, has what anyone would consider solid economic growth. This growth, combined with reforms in their property laws, make for powerful incentives across several industries. Luxury developments, rising up out of flat tax advantages, stand as just one possible avenue for entering the Turkey market.
Greater political stability, and of course the opportunities for growth, round out what many experts see as the biggest “potential win” on the Mediterranean. Property prices outside Istanbul are still really low when compared to other Eastern Med states. As a trend, Turkey is already on the radar of Middle Eastern investors, as well as Germans looking for same.
A very positive credit rating, Moody’s recently upgraded it from Baa2 to Baa1, Jones Lang LaSalle predicting more institutional investors, in fact nearly all the indicators point to Turkish real estate as a hot commodity for 2013 and beyond. Regional influxes, the Olympics at Sochi, Emaar Properties recent development announcement, and many more positive bits of Turkey’s property puzzle seem to fit a pattern for positive growth. Lastly, Hilton just having announced a new 829 room luxury hotel in Istanbul, just in, like we said.
We will keep a sharp eye on developments there.