Turkey cannot be considered as an emerging country any more. Even though, its economy has been affected by the global financial crisis, somehow it has weathered it better than others. First, its banking structure is very solid because a) they didn´t buy toxic assets, and b) they are not suffering any real estate bubble. Second, it possesses a very flexible economy ranging from agriculture (still almost 10% of GDP), industry, and services including tourism.
While Europe´s production is stopping, Turkey´s GDP is estimating to grow more than 4% average per year until 2016. However, inflation is on its way... Its budget deficit is under control (less than 2% of GDP). More data here.
hipoteca multidivisa yenes real estate investment
The lira is cheap. According to the Big Mac Index the fair exchange against euro should be 1.7 and the actual cross shows 2.4 (41% cheaper than its PPP value), but even if it´s not that much, it´s obvious that it should be more expensive. So, buying real estate in Turkey could be an option, and, in fact, it makes sense. The total transaction costs amount to 10% (moderate), but Istanbul smaller apartments have surprisingly good yields, even in the best districts, such as Betsikas. Probably, the best yields could be obtained in the Beyoglu district (also known as Pera), more than 8% last year for 75 sq. m apartments (around 180.000 euros total).
Poland and Turkey are our favourites in Europe.
While Europe´s production is stopping, Turkey´s GDP is estimating to grow more than 4% average per year until 2016. However, inflation is on its way... Its budget deficit is under control (less than 2% of GDP). More data here.
hipoteca multidivisa yenes real estate investment
Poland and Turkey are our favourites in Europe.
