Obelisk International at the Forefront of the Real Estate Boom in Turkey
Recent figures released from the Turkish government reveal that foreign investment in the country's property market was in excess of $1.3 billion last year.
(PRWEB) November 2, 2006 -- A number of factors have been alerting investors to the profit potential of Turkish real estate. Property prices are lower than in more established markets, yet an improving economic outlook and stable political landscape makes it a far safer bet than more recently emerging markets. The country enjoys prudent economic leadership from a pro-European government and has recently completed the first chapter of negotiations for accession to the European Union. All of this means potential capital growth for the Turkish real estate market, which continues to boost investor confidence generally, and particularly among the clients of Obelisk International.
Obelisk International has long realised the outstanding profit potential Turkey represents, and has been offering their clients involvement in some of the most exciting real estate projects the country has to offer. Kevin Prior, Head of Sales at Obelisk International, thinks the reason for the huge interest in Turkish property investment is clear: "Turkey received 21 million visitors during 2005, a 22% increase on the 2004 figure, with an expected 25 million in 2006. Given that rental yields are boosted by the huge golfing market in the country and the consistent increase in property prices, which have seen an aggregate growth of 47% over the last few years, Turkey becomes hugely attractive to the discerning investor."
It is not just real estate investment companies such as Obelisk International reporting a bullish Turkish market. UK government figures report the GDP growth of Turkey as over 5.5% since 2001. Turkey's economy grew 7.5% year-over-year in the second quarter following 6.5% growth in the first quarter of 2006 according to the latest report from Wells Fargo.
Rental yields in Turkey are between 5 and 10% per annum, although the rental market is currently far smaller than it is predicted to become. The real estate market as a whole, however, is already booming. Istanbul's investment property market is predicted to increase by 120% this year and other areas are also proving popular. Statistics from the Turkish Land Registry General Directorate reveal cities on Turkey's coastline such as Antalya, Mersin and Izmir are showing increased interest from buyers and that property prices there have seen recent marked increases.
The market has opened up to foreign investors due to recent changes in legislation easing restrictions and a parliamentary bill expected later this year widening Turkish mortgage options. Figures from the Turkish Minister of Finance show that the number of Britons owning real estate in Turkey has increased by 388% since 2003.
About Obelisk International
Obelisk International offers investors opportunities for investment in various selected real estate projects from around the world. Their investors are offered involvement in ventures that create unrivalled opportunity, potential and ultimately, return on investment. The service they provide to investors is based upon three key aims: price, profit and performance.
For more information on Turkish investment hotspots and to find out about Obelisk International's forthcoming, exciting new project in Turkey, contact Kevin Prior, Sales Director, Obelisk International. +34 952 820 319.
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