Turkey’s attraction to property investors increased this month after a report by international ratings agency Moody’s ranked the country as having one of the highest rates of economic growth anywhere in the world.
The ‘Global Macro Outlook 2013-15’ report lists Turkey among the top five fastest growing members in the G20 group, which is made up of the world’s 20 major economies.
Turkey’s GDP growth rate is forecast as between 3-4 per cent for 2013, earning it fifth place, however the country climbs to fourth place for the 2014-15 period with an increased estimate for economic growth of 3.5-4.5 per cent. While ranking behind Far Eastern and Southeast Asian economies, Turkey far outpaces developed Western countries, which are expected to register miniscule growth or no growth at all in the given period.
The forecasts in Moody’s report is largely in line with the Turkish government’s Medium Term Program for 2014-16, announced last October, which foresees 3.6 per cent of GDP growth for 2013 and 4 per cent for 2014. A projection by the Organization for Economic Cooperation and Development (OECD) puts Turkey’s average annual growth at 5.2 per cent for the years between 2012 and 2017.
A series of new laws that make it easier for foreigners to buy property and live in Turkey continue to be introduced in Turkey, which in turn is making the country increasingly investor-friendly and helping to attract foreign business, particularly to Istanbul.
Turkey’s Prime Minister Erdogan said at a conference recently: “The economic confidence and stability we have built are the greatest gains in our economy. Turkey is now seen as a ‘safe haven’ for investors internationally.”
Contact property specialist Spot Blue for more information on buying property in Turkey: https://www.spotblue.com/, +44 (0) 20 8339 6036.