Turkey is a young dynamic country with a rapidly growing economy and a secular, democratic government. On the edge of Europe Turkey began formal entry negotiations to join the EU in 2005, the progress is still ongoing.
The turquoise coastline is the most popular tourist destination of the country boasting the stunning Aegean Sea with fine sandy beaches. As a centre of the old world for centuries, it has dozens of fascinating historical sites. Over 20 million tourists visited in 2009.
The British pound has held fairly firm in the face of the Turkish currency, the lira, and so property in Turkey remains cheap, relatively speaking for Britons seeking a property abroad. Pushing up the appeal of Turkish property even more is the fact that the nation is driving ahead with the promotion and extension of its tourism sector, making parts of the country very popular with property investors and speculators.
The OECD's 2010 Turkey report praised turkey’s economic growth in recent times. The Secretary General of the Organization for Economic Co-operation and Development (OECD) Angel Gurria announced the findings of the OECD’s Turkey 2010 report that the cross-analysis of countries and regions predicts Turkey’s economy will remain strong, along with Germany, while the economies of the USA, Canada and Japan are expected to shrink.
He also said that Turkey's rating will soon be upgraded to investment grade and Turkey’s successful fiscal reforms implemented after 2002 made a great contribution to Turkey's success in dealing with the crisis which in turn made the country the strongest member of the OECD in 2010.
In good news for property investors in Turkey, The performance of the Turkish economy is once again drawing the attention of credit rating agencies with growth in double figures in the second quarter. Turkey, the only country whose credit ratings have been upgraded twice during the global economic crisis, may soon have another rating upgrade by Standard & Poor’s (S&P as they announced a possible rating upgrade for Turkey in the next 12-24 months and a growth expectation of 8 percent in 2010.
The World Travel and Tourism Council has predicted that tourism will increase by around 5 per cent in the next 10 years, at a time when tourism is declining in many countries. Turkey’s increased popularity can be attributed to greater accessibility – low cost airline Easyjet has begun to operate routes to Bodrum and Dalaman in the country’s south east in the last couple of years, a cheaper cost of living than many other package holiday destinations, and an enviable climate, beautiful white sand beaches and turquoise waters the length of the Aegean and Mediterranean coasts that are considered by many to be among Europe’s finest.
Second homebuyers have been attracted to Turkey primarily by the comparatively cheap property prices. Turkey as a similar market to Spain’s in the mid-1980s. Like Spain a couple of decades ago, the growing market has developed largely unchecked, which means a certain frontier approach to development has pervaded. Maybe not too late, legislation has been implemented to control overdevelopment in some coastal areas. An edict preventing construction within 100m of the shoreline is intended to prevent encroachment and the despoliation of one the country’s greatest assets, its beaches.