Overseas property investors drawn to Turkey
Foreign property buyers are increasingly looking for investment opportunities in the Turkish market, experts have noted.
According to Knight Knox International, Turkey has been a popular destination with purchasers for some time, but interest in the country has gone up recently.
Istanbul, in particular, is becoming a hotspot of activity, due to the proliferation of new commercial and residential buildings that are appearing in the city, including homes for workers and commuters.
Knight Knox International believes Turkey is attracting lots of interest because it is not part of the European Union, which means it is not affected by the ongoing debt crisis in the eurozone.
The nation was described as a "shining light" that is piercing the ongoing "fiscal gloom" in Europe and a place that offers attractions for both lifestyle and investment buyers.
Knight Knox International also praised the country for boasting one of the world's strongest economies, a "stable, sound financial system" and a "robust" private sector, as well as a growing employment market.
This contrasts sharply with the state of affairs in the traditional investment hotspots of Spain, Greece and Italy, which Knight Knox International said are no longer perceived as strong and reliable markets by real estate buyers.
Dave Smith, property consultant at the group, commented: "Turkey has always been a popular destination with buyers and even more so now, as it is viewed as a more secure market than other countries in Europe."
This comes after Knight Frank predicted that people in the UK will keep snapping up homes in other countries for the foreseeable future. Places that can offer guaranteed sunshine were tipped to remain especially popular, underlining the continuing importance of lifestyle buyers to the overseas property market.
James Price, head of international residential development at the group, said this is likely to remain the case even though the economy in Britain is still experiencing difficulties.