Overseas Property World

What a dramatic title? I couldn’t resist, because while even I hope it isn’t true, and am far from being a believer in the doomsday scenarios being floated, right now Turkey is the investment centre of Europe, and one of the best emerging markets to invest in property in the world.

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A year ago most overseas property publications were firmly sure that 2011 would be the strongest year of recovery yet. That hasn’t materialised but good agents have adapted and there is hope for 2012.

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I just been speaking to Aydin Cakir, director of Alanya property specialist New Home in Turkey, about Turkey’s prospects for EU accession. What he said made me look at the issue of Turkey’s EU accession in a whole new light.

My angle on EU accession has become the following:

EU accession is no longer vital to Turkey’s interests. I believe this because of the current state of the European Union — embroiled in a sovereign debt crisis, and struggling against sluggish growth — compared to Turkey — fastest growing economy in Europe, among fastest in world, fiscal stability and sturdy banking system. With it not being essential, and such a hard slog, Turkey would be forgiven for giving up on the idea.

But… said Aydin:

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The world is still turning! As we entered the second half of 2008 and progressed into 2009 it seemed it was going to end. Not the world, world, but the overseas property world. Yet… here we are, just over a year later and the overseas property industry is clambering back onto its feet and trying to work out exactly what has changed: is speculation really dead? Is it really only cash-buyers that will buy in 2010? What damage has been done to off-plan buying?

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