Legget Immobilier's Turkey Property Market Review 2012 and Prospects for 2013

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The Turkish market is currently one of the most talked about sectors in the property world. Leggett Turkey deal with both national and international clients and are well placed to add expert comment.

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Research from GYODER (The association of real estate investment companies) shows that, overall, new home prices grew by just over 12% in 2012. Figures like this can always be misleading as Turkey has a series of micro markets dependent upon location and property type. However, it's clear that 2012 has been another excellent year for the property market here.

It started with a report issued by PWC and the Urban Land Institute that ranked Istanbul as the top city in the world in terms of investment and development and it is finishing in an upbeat mood as Fitch recently upgraded Turkey to "Investment Grade."

This is no flash in the pan though. GYODER research shows sustained growth over the past five years and a Turkey property investment briefing hosted by Aberdeen Asset Management called the Turkish market "mature and stable." Speaking at the event Herman Kok (international research director at Multi Corporation) said: "Turkey used to be a hyper-inflationary economy and highly volatile. But since it has left that phase behind in the last ten years. Since 2002 the Government has created a stable platform for the economy."

Kok then went on to point out that the Government had also got a grip on both inflation and debt. He added that public sector debt is 40% of GDP compared to 100% previously. This is significantly lower than both Germany and France.

But what does this mean for the day to day market? Bilfer Budak Roche heads up Leggett Turkey and comments: "Traditionally we have seen international interest in buying coastal villas, flats and apartments in well known resort areas. This demand continues and has been strengthened by the recent revisions to Turkish property law abolishing the 'reciprocity' rule and giving access to buyers from new countries including those in the Middle East and Russia.

"We have also seen an increase in demand for more commercial style projects including hotels, developments and investment property. This means that we have been busy extending our property portfolio which now includes some excellent opportunities for developers and investors.

"One area we see as key to good investment in 2013 is the purchase of prime land. Many of the best sites have been snapped up and it's becoming harder to find suitable plots, this is where local knowledge really comes to the fore.

"For example, we are marketing a superb stretch of land on the coast near Kas. It is a building plot of 26,904m2 in an ideal spot for a hotel or other such touristic project and on the market for around €3.8m. Alternatively, we are marketing one of the best plots in Istanbul itself. It's a superb location for a hotel with sea views, full planning permission and a prime location - the asking price is €23m.

"We fully expect to see demand from international buyers to continue growing in 2013. GYODER estimate that overseas investment in the Turkey property market is set to rise from the current $2.5bn a year to around $10bn per annum.

"The key to buying wisely is to find an agent that combines both local market knowledge and international expertise and to let them guide you through the process."

Leggett Immobilier are one of the leading estate agencies in France with a reputation for professionalism, integrity and friendly service. In 2012 we expanded into Turkey bringing this same unrivalled mix of local knowledge and international expertise.

Our team in Turkey is headed up by a Turkish national, Bilfer Budak Roche. She speaks Turkish, English, French and basic Spanish and has a BA from Leicester University. Bilfer's career has been built around property and professional services and she has also run her own successful interior design company. She runs the business in partnership with Trevor Leggett, Chief Executive of the Leggett Group and one of the most respected names in international estate agency. Trevor has three decades of experience marketing property to international buyers and has appeared on TV and in magazines and newspapers offering advice to buyers and sellers alike.

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Joanna Leggett
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