Turkey’s Property Market: dependent on EU vote

Together with Eastern European states Bulgaria and Cyprus (north), Turkey property is popular with British and Irish property market investors. However, it could be hit hard by the troubles over the French and Dutch EU ratification/ referendum of “No” votes. The turnout of the referendum could yield severe effects on the economies and property markets of these countries.

While these countries have made some marked improvements economically, they still have to address issues in corruption and a host of other problems. If these countries will not, the initial improvement in their economies they experienced as they applied for EU membership will suffer.

Investment and property specialists though cautioned that investors should treat property investment in these EU applicant status countries as highly speculative. Investors and property buyers should be aware of loose claims made by property agents on the guaranteed returns that could be made on applicant member countries such as Bulgaria, Northern Cyprus and Turkey. All three are high risk investments. There are no guarantees for high returns if there application for EU membership is stalled or prevented by other members not in favor of these countries joining the European Union.

If investors are looking for high returns on their investment, property specialists recommend that it should consider investing in Southern Cyprus as its EU membership is guaranteed in 2007 or 2008. Capital gains are quite high and Cyprus has a more stable market compared to Bulgaria, Turkey and its northern counterpart. Its market is becoming established with the likes of Spain and France when its property market was booming and drawing a lot of attraction.

Posted on: Turkey

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Turkey’s Property Market: dependent on EU vote

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