Turkey is continuing to go from strength to strength, in fact the only 2 problems for those trying to explain why Turkish property is a good investment are: where to start, and where to finish before boring people into an early grave.
We of course have the back-story of a banking sector which is one of the strongest in Europe, resilient on having survived the financial crisis on a mixture of its low exposure to sub-prime mortgages (or mortgages of any kind for that matter) and the reforms made to it following the 2001 Turkish financial crisis.
Intermingled with this is the Erdogan government, which is responsible for said reforms and since then for paying down public debt and making the Turkish economy one of the most stable in Europe, into which you then add rapidly growing with mention of the 8.6% GDP growth in 2010.
But practically everyone knows most of that by now anyway. Thank fully in the time it takes you to recite that another story of positivity will likely have popped out.
In the past fortnight we have many more stories of wonderment with which to knock off people's investor-style socks. Property sales to foreigners grew 40% in 2010 according to a report released last week by the Association of Real Estate Investment Companies, or GYODER.
"Between 2006 and 2008, property sales to foreign nationals stood at $3 billion,” Işık Gökkaya, the chairman of GYODER, said at the conference. “In 2009, the figure retreated by $1.8 billion. But in 2010, such sales rose to $2.5 billion."
Equally good news for the property scene Turkey’s Torunlar Real Estate Investment Trust, the second biggest trading on the Istanbul Stock Exchange reported a 93% growth in sales in 2010, and a profit of 214 million Turkish liras.
On the economic front we have a fall in unemployment, with Turkstat recording the unemployment rate at 11.9% in January, compared to 14.5% in 2010. But perhaps most importantly foreign investment is rising.
Today the Invest in Turkey website run by the government revealed that Bosch Group is investing 400 million dollars in Turkey, with a focus on solar energy, ThyssenGrup is expanding in the country with a new 30 million euro plant, and Schattdecor has also established a production facility in the country.
According to another article on the website the current activity is a continuation on the 4% rise in FDI inflows in January and February, when Foreign Direct Investment totalled 1 billion USD, up from the 973 million recorded in the same period of 2010.
And we haven't even mentioned the growing mortgage market; according to Central Bank data the Turkish mortgage market is currently growing at the rate of 20% per annum. That figure is based on old data; growth could well have accelerated. It is easy to see why international property investors are counting Turkey high on their shortlists.