The Turkey property market is one of the emerging markets in today's Eastern European areas. Property developers also think so and have begun investing in the country. Many are looking to build luxury homes in sectors of the Turkey property market that have not been invested in as readily as yet.
Turkey, along with other Eastern European countries, has seen a surge in its property markets because of the draw of tourism in the region. Countries like Turkey, Croatia and Bulgaria are also seeing interest from investors due to the lucrative government funding benefits in place. Some areas that see these benefits include historic buildings that are being transformed into luxury hotels. The development of luxury property continues to be a draw here.
In other areas of the country, lacking the tourism draw and the luxury developments, contractors are pushing the government for incentives to help push the otherwise slow residential markets here. The demand for property has dropped in the residential property market due in part to the rise of interest rates here.
Another concern that the country may see is that of the slowing economy in much of Europe. With rising interest rates, the credit crunch and concern over investing in any property becoming a real problem, investors are holding back.
The Turkey market still has low prices to offer, and ample room in the tourism sector. Yet, in other areas, risks could become evident.
