The global economic crisis has left many countries with a recession hangover, unaided by the political instabilities caused by the downward spiral of the Euro. But a growing tourism sector and expanding economy is helping Turkey stand tall as the ideal investment destination as it proves it is able to weather the financial storm well.
Turkey’s Culture & Tourism Minister, Ertuğrul Günay, has said Turkey anticipates that it will host up to 33 million tourists in 2012, representing an increase of just under five per cent over 2011.
And based on figures from the UN World Tourism Organisation, Turkey is on firm footing to become a top tourist destination, ranking seventh in world visitor numbers. Its tourism sector has grown by nearly 15 per cent over the past three years while traditional European destinations like France and Spain have contracted.
Meanwhile, overseas investors can be encouraged by property values in Turkey which aren’t so much at the mercy of the devaluing euro, as Turkey sits outside of the EU. Coupled with the recent relaxation of Turkish buying laws, which have stimulated the market by opening up purchase rights to new countries, and Turkey`s burgeoning, upwardly mobile population who are pushing consumption, Turkey offers ideal certainty in capital growth where other markets are wavering.
Suleyman Akbay, of Oceanwide Properties, says ‘Turkey is the ideal country to invest in if you are considering buying property overseas – home prices are still relatively low for the amount of property you can get, and the returns are positive.
‘For British home hunters, there is the added bonus of the strength of sterling right now, giving buyers the opportunity of favourable exchange rates,’ he adds.