Popularity of Turkish property on the increase

The level of interest in Turkish property is currently on the increase, as the sixth Real Estate Summit, recently held in the country's capital of Istanbul, attracted 3,000 domestic and foreign investors and developers.

According to investment magazine FDI, the summit focused on a number of issues of interest to people looking to buy Turkish property, such as the recent boom in the country's construction industry.

The convention also discussed tax and legal issues as well as a new law which is intending to create a new level of legislation in the Turkish mortgage market.

Attendants to the event considered major property developments taking place in Istanbul as well as other Turkish cities and resorts along the country's Aegean and Mediterranean coasts.

Over recent years a number of government initiatives have driven the Turkish property market, including the construction of new dams and highways, an increase in housing loans being offered by banks and a number of urban renewal programmes.

These regeneration efforts were among the driving forces behind the 21.4 per cent growth that the country's construction industry experienced in 2005.

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06/06/2006

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