As is always the case during periods of turmoil, someone or something bucks the trend, and while the domino-like wave of civil unrest is currently rattling through a number of Middle Eastern countries, one nation has seized the opportunity to prove it has a stabile and prosperous long-term future.
Today this is a key driver for European investors, and it is likely that this will be the case long into the future, says Graham Flaherty, head of property sourcing at Istanbul Property Investment.
Turkey’s rise to power as an emerging economy has very little to do with its current high profile, because as a democratic nation with connections to organisations ranging from the Council of Europe to G-20, Turkey offers its population, tourists and investors a far more western environment.
Flaherty explains: “Despite the unrest in the northern African countries, property interest in nearby Turkey has remained strong. Turkey is a resilient country and looks to be in little danger of following the same route as Egypt and Libya. In complete contrast to these melting pots, Turkey has remained stable with growing numbers of tourists flocking to coastal resorts like Akbuk, and economic development continuing in cities like Istanbul.”
Some news reports have even suggested that Turkey’s contrasting stability has even played a role in triggering the outbreaks that have been sparking up across north Africa. It has been suggested that nations see Turkey as a role model in the area and have revolted with one eye on generating a country with core values that are akin to Turkey.
Property in Istanbul is likely to grow in demand following the Turkish government’s announcement this week that it plans to make the city Turkey’s “centre of global and regional diplomacy”, and eventually convert it into a United Nations (UN) city, according to Turkey’s news agency.
“Istanbul is a growing city and makes for an ideal property investment. Now that Turkey’s stability has been pushed to the fore, and Istanbul has been given government endorsement for growth, property investments will be rife,” says Flaherty.
Hotel rooms in particular are expected to attract interest, he adds: “Buy-to-let hotel room investments make sense when you have a city that is bringing in business visitors, which Istanbul certainly is. These are property purchases that suit the ‘armchair investor’, and this is where the interest is coming from,” the Turkey property expert says.