The excellent performance of the Turkish economy at present, alongside its solid fiscal status, is making the country a favourite with overseas property investors. When you compare the 11.7% growth in Turkish GDP in Q1 compared to the 1% in that of the EU, it is easy to see why. However, looking at the positive performance of Turkey is one thing, but you simply can't underestimate the importance of the eradication of its competition, due to their negative performances.
Greece
Take Greece for example. We all know that Greece is embroiled in one of the worst sovereign debt crises Europe has ever seen. Who would have believed we would have an EU country at risk of defaulting on its debts?
Worsening this still, the population has revolted against the austerity measures aimed at combating the runaway. This has disrupted tourism and led to warnings from the British Consulate and more. Them a terrorist group sprang up earlier this year threatening to target the tourism industry. There are buyers out there looking for bargains, which are still few and far between.
Cyprus
The south Cyprus title deeds debacle erupted when the world was reeling from the financial crisis. Needless to say Cyprus property sales to foreigners plummeted. Since other countries started to see recovery, North Cyprus saw court cases and foreigners losing property. Thus, sales are still struggling to recover across the country.
North Cyprus was Turkey's main competitor in terms of low property prices. So now with sales so low in Cyprus, where do you think all those low budget buyers are buying? That's right, Turkey.
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