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News: Turkey on the road to prosperity

Wed, 12 Dec 07

The seaside area of Abkuk in Turkey is expected to benefit from capital appreciation as high as 35% within the next year...

Turkey is on course to join the European Union in 2015 and in order to achieve this goal it is already introducing substantial changes in order to comply with EU standards.

Perhaps the most important change is the introduction of mortgages which will allow a prosperous workforce to invest in property. The introduction of the mortgage will stimulate a demand for housing in the domestic market and will help push property prices forward to new heights.

Recently designated as a cultural and touristic development area, the seaside area of Abkuk is expected to benefit from capital appreciation as high as 35% within the next year.

Burgeoning rental market

Julien Lu Regional Director of IMOINVEST says, “A burgeoning rental market means that Turkey will be one of the most prosperous 'European' markets ever”.

Since being designated as the Cultural and Touristic Development area Abkuk has seen a huge uplift in commercial and residential development to cater for foreign property investors.

Construction has also begun on a local golf course and marina just 20 minutes away which will incorporate holiday villages and Turkey’s first ever 7 star hotel.

Part of the ongoing infrastructure improvements in readiness for EU accession in 2015 means that there will also be a new airport road constructed which will reduce the transfer time to 30 minutes.


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