7th March 2007 09:21
The anticipated property boom in Turkey is happening even faster than experts predicted, outstripping other sectors on economic growth. Chairman of the Turkish Association of Real Estate Investment Companies (GYODER) Haluk Sur, believes that Turkey’s property investment market will continue to exceed economic growth, becoming a major sector in the Turkish economy. The Turkish property market is expected to grow by more than 10 percent this year, with four new Turkish Real Estate Investment Trusts listing on the stock market, as a result of flourishing share sales.

In past years the Turkish property and construction sectors have contributed around 10 percent of Turkey’s Gross National Product. But in 2006, these sectors achieved a growth rate of over 19%, outstripping the 5.5% growth of Turkey’s economy. Turkish property prices rose by as much as 200 % in some parts of Turkey. According to Sur, “the property market may go up to 70 to 75 percent in the coming 10 years". Property investment in Turkey is encouraged by low inflation and borrowing rates. The new mortgage law, currently awaiting approval, is also likely to fuel Turkey’s property market, as would membership of the EU.

Mark Robinson, head of research at CA IB International Markets, said: "Turkey has underdeveloped construction as a percentage of Gross Domestic Product. If you look at offices [per capita], it's tiny compared to EU countries. It's sustainable, because we've seen this downturn for the last four or five years. There's a lot of catch-up in Turkey”.

The annual net investment in Turkish property by foreign nationals is expected to be several times the $1.8 billion from 2005 in a few years. As Turkey becomes an increasingly promising investment target, foreign direct investments and portfolio investments are increasing dramatically. It is estimated that around $30 billion will be invested in Turkey this year.

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