Turkey property market booming

Turkey’s property market is expected to grow by 10% this year, according to Reuters, encouraging up to four real estate investment companies (REITs) to list on the Istanbul stock exchange.

Turkey’s economy has enjoyed a strong recovery since the big devaluation of the Turkish lira in early 2001.

The lira has stabilised, allowing interest rates to come down and home ownership levels to rise.

Real estate and construction account for about 10% of GDP, according to Reuters, and construction output grew by 19.7% year on year in the Jan-Sep 2005.

Prices have been showing exceptional growth, of 150%-200% in some areas.

As in other EU candidate countries, foreign interest in real estate has also grown.