Turkey

Touchdown. Step off the plane and the warm air hits you. Your body instantly relaxes, then the exciting taxi ride to your retreat in the sun. Turn the key in the door, kick off your shoes and slip your feet into your flipflops. All the hassles of life left behind get tucked away and forgotten.

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Turkey’s got over 8,000km of coastline dotted with fishing villages, ancient ruins, and pristine beaches backed by olive groves, pine forests and rocky cliffs. Perfect for a spot of sailing. Or if you prefer your adventures on dry land, there’s history, art, architecture, archaeology and other amazing natural wonders to enjoy. You don’t need to be intrepid; you just need to be here.

Culturally, this is one very rich country. Throughout its 8,000 year history, Turkey has been home to twenty different civilisations, each leaving its own legacy. Just an hour’s flight away, Istanbul’s sights could keep you busy for days, if not weeks. And whilst there’s plenty to see elsewhere, you might just prefer to have a dip in the Aegean, soak up the sun and empty your mind on a beach.

You will no doubt have read a lot of hype about the property market in Turkey. Some is at best misleading, others more realistic. Turkey is undoubtedly a ‘rising market’ but we prefer to let you reach your own conclusions rather than quote capital growth figures. We would, however, like to quote some facts to help you in your decision making.

Despite recent press coverage about Turkey’s slow road to EU accession the good news is that these hold-ups have not had a negative effect on Turkey’s economy or housing market. A recent article in the International Herald Tribune (06/ 2/2006)* entitled ‘Turkey’s economic future looks bright’, stated: “…regardless of the outcome, most analysts believe that the underlying strength of the Turkish economy will help the country pull through, even though its pride may be battered a bit.” Turkey is the 6th largest economy in the world with an expected GDP of $382 billion, which puts the Turkish economy ahead of Belgium, Switzerland and Sweden in 2006. Turkey is also among the top seven emerging markets.

Research for Price Waterhouse Coopers regards Turkey as a faster-growing market than China, India and the rest of the so-called E7 countries. As economic growth translates into increased spending power, there will be a strong upward pressure on property prices. In recent years the economic transformation in Turkey has been dramatic and the country is now more stable economically and politically than ever before. Turkey has been a member of the United Nations since 945 and a member of NATO since 952. It has also been a secular state since 923 where religion and the state are separate. In October 2005, Turkey met all of the Copenhagen Criteria, the political criteria which are the pre-requisites for starting the full EU membership negotiations. These negotiations have had a positive effect on foreign investment. Even with EU talks not going as quickly as hoped, the efforts made already have been enough to show their determination to improve the country’s economy and become a world player.

*www.iht.com/articles/2006/ 2/06/reports/reu.php