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Turkish delight for property investors

Turkish property has increased in popularity with UK investors more than threefold over the past year, says Moneycorp.

The firm’s foreign focus index reveals the number of enquiries on buying property in Turkey received by its currency dealing desk has soared.

Istanbul, Antalya and Bodrum are the most popular locations to buy property, along with Ankara and Izmir.

Moneycorp says prospects for the Turkish market are positive as prices are much lower than the European Union on average and, after a serious crash in 2001, the economy is on the way to recovery.

It says a restructuring programme backed by the International Monetary Fund, a clean-up of the banking system, central bank independence, closure of extra budgetary funds and tough fiscal policies have led to a drop in inflation, strong economic growth and the Turkish lira gaining value.

Morocco, Cyprus, Portugal and Italy have also shown significant growth as property hotspots. Property purchase enquiries about Morocco rose from an average of 36 a month in 2006 to 60 a month in 2007.

Moneycorp says low-cost airlines have opened routes to Marrakesh, making it it increasingly accessible from the UK.

Key partnership manager Marc Morley-Freer says: “We are still receiving a high level of enquiries relating to buying property in emerging markets such as Turkey, Morocco and Cyprus as well as lifestyle markets such as France, Spain and the US.”

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