The international financial crisis was a mortgage and housing market crash so spectacular that it crippled economies in most countries around the world. The boom that preceded was equally spectacular; so spectacular that it made people forget the cyclical nature of economies and house prices.
The boom was fuelled by a massive increase in overseas property investment, so-called fly to let, which in turn was fuelled by the advent and growth of budget airlines. New cheap flights opened up new destinations and made them accessible to the masses.
Turkey was popular with holiday home buyers and holiday home investors, but for the pure investors fuelling the real boom something was missing. That was EU membership.
Turkey has been an official EU applicant since 2005, but France and Germany have been staunchly opposed to Turkey's entry.
Now though, Turkey is booming while the EU is withering, and this is making investors readdress their position.
In the year to end the second quarter of this year Turkish GDP grew 10.3%. The EU grew 1%.
Turkish GDP grew 11.7% in the year to end the first quarter. EU GDP grew 0.4%
Turkey's budget deficit is under 5% and many EU countries are in real trouble bringing deficits of up to and over 10% under control.
This has made Turkish property a more attractive investment than that of Greece, Italy, Portugal or Spain, take Dubai out of the equation as well and you can see why Turkish property is currently getting so much press coverage.
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