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Turkey: Signs of recovery?

Monday, March 15, 2010

Turkey's economy and real estate sector have held up well compared to others in Europe thanks in part to strong local demand and low exposure to international credit markets, it has been claimed.

The country's solid economic performance was confirmed by a recent upgrade of its credit rating by Standard & Poor, with an analyst from the global ratings company commenting: "Turkey's banking system is one of the strongest and least-leveraged in Eastern Europe."

Official figures indicate the start of a recovery in the real estate sector with home sales up 25% in 2009 compared to a year earlier.

"This is promising news particularly as the property market in the coastal resorts will be kick-started by what is expected to be a record-breaking tourist season, with over 30 million visitors attracted by the country's beautiful coastline and excellent value-for-money," comments Dominic Whiting, editor of the Buying in Turkey guide, www.buyingin.co.uk

New air-routes from across the UK, a rapidly improving infrastructure and its position outside the Eurozone, will further promote Turkey as a top destination for British property buyers this summer.

Dominic Whiting continues: "Location and quality remain of key importance. Buyers should be looking for property in the best areas, which represents a solid investment as the market bounces back. It will remain a buyers' market for the time being, with some excellent deals to be found, though I expect this to change as the slack is taken out of the market over the next 12-18 months."

Source: www.buyingin.co.uk

New research from the Foreign Office divulges that more than four in ten Brits nearing retirement age are considering doing it abroad, and once again crime and weather are to blame for the record number of over 55s wanting to leave the UK.

Each year around 200,000 Brits leave for foreign shores. Official Foreign Office figures reveal that a third choose Australia or New Zealand whilst more than a quarter went to Spain or France. Weather is the main driver, particularly this year after a snow-strained winter, one of the worst in decades.

Chris Mercer, Director of the eponymous southern Spanish real estate company, Mercers, comments, "At a time when many fear Britain is losing its national identity, the irony is that pockets of Spain display the real essence of Britishness".

Where Britain has gradually lost its community spirit, destinations like Camposol Golf Resort has it in spades. Chris continues, "It can be like turning the clock back to the UK 50 years ago. Each pattern of streets at Camposol feels like a real neighbourhood and old-fashioned values which have been lost in much of the UK thrive here. Near-strangers pass the time of day perhaps inviting each other round for a glass of wine by the pool and keeping a watchful eye on each others' houses if unoccupied for a few weeks.

 

"It's a wonderful half-way house between ‘real Spain' with its laid-back lifestyle and ‘back home' which suits the British temperament perfectly. There's also the added value of being able to receive a UK pension in a Spanish bank account."

Source: www.spanishproperty.co.uk.

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