Foreign buyers ‘investing in Turkey’

Investors with property in Turkey are managing to escape the worst effects of the global economic crisis, it has been claimed.

Turkish newspaper Hurriyet reports that many people in Europe now view the country as a safer alternative to the volatile property markets of traditional investment destinations.

Muslum Yildirim of Turkish real estate foundation Kusemder told the publication that the economic downturn has actually boosted demand for property purchases in some areas of the country.

“Despite the crisis, those who have money invest in Turkish property … The crisis is deepening in Europe and that will increase demand in Turkey,” he explained.

Mr Yildirim also suggested that the lower cost of living available in Turkey may be attracting more retirees to invest in property there.

Estimating that the average pensioner will have a budget on “1,000 euros per month”, he said: “It is hard to live on this money in Europe while it is quite a big amount in Turkey’s economic conditions.”

Turkey was recently described as “an incredibly exciting market” for property investors by Shelter Offshore.

Source–www.ready2invest.co.uk