Foreign investment in Turkey booming
The Turkish property market is booming, thanks in part to the large amounts of foreign investment the country has seen.
On top of domestic real estate interest, forecasts for 2007 anticipate an extra Ôé¼5 billion of overseas money pouring into Turkish property.
The strong predictions for Turkish markets show that potential gains are enough to encourage investors to put their faith in the country despite stalled talks on European Union accession and potentially destabilising elections in 2007.
Economist at Morgan Stanley Serhan Cevik told the Turkish Daily News: "Despite the obsession with the political noise the fundamentals of the country remain robust.
"There's a dichotomy between foreign perceptions and domestic perceptions."
Anthony Khoi, of the Cenor Group, also told the paper that he did not expect the elections to affect the retail sector in any way.
Head of research at Cushman and Wakefield David Hutchings forecast Ôé¼5 billion of direct investment in real estate, and there has also been significant investment from foreign banks in recent years.
Citigroup, Fortis and BNP Paribas have all made significant investment in Turkish banks, underlining the attractiveness of the Turkish economy and currency.
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