Turkeys Economy Powers on Price Comparables

Pricewaterhouse Coopers regard Turkey as a faster-growing market than China, India and the rest of the so-called  E7 Countries

There has been much press coverage in recent months about Turkey's slow road to EU accession.Several issues have delayed their progress in negotiations but the good news is that these hold-ups have NO negative effect on Turkey's economy or its housing market.

An article in the international Herald Tribune entitled 'Turkey's economic future looks bright', stated:....'regardless of the outcome, most analysts believe that the underlying strength of the Turkish economy will help the country pull through, even though its pride may be battered a bit'

Turkey is the 16th largest economy in the world with an expected GDP of $382 Billion, which put the Turkish economy ahead of Belgium,Switzerland and Sweden in 2006. Bear in mind that 45% of the Turkish economy is unrecorded too,meaning it is actually much larger than publicly stated.

Turkey is also among the top 7 emerging markets, with one of the most open, dynamic and internationally integrated economies in the region.Indeed, research for PricewaterhouseCooper regards Turkey as a faster-growing market than China,India and the rest of the so-called E7 Countries.As economic growth translates into increased spending power, there will be a strong upward pressure on property prices.

The economic transformation in turkey has been dramatic, especially the lowering of inflation, the country is now more stable economically and politically than ever before. Turkey has been a member of United Nations since 1945 and a member of NATO since 1952. It has also been a secular state since 1923 where religion and the state are seperate.

Turkey has always had very close ties with the EU.In 1996, a customs Union came into effect between Turkey and the EU,creatin the closest economic and political relationship between the EI and any non-member country.

% Property Price Rise in 2007
Spain 4.7 %
Egypt 6.1 %
Croatia 7 %
Morocco 11%
Turkey  20.9%

Property Price Rise in 2008 first half
Spain -18 %
Egypt 3.02 %
Croatia 2.5 %
Morocco 3.5%
Turkey 13 %