The land of opportunity

With new mortgage laws creating a building boom and consumer spending on the rise, this is a good time for investment in Turkey, says commercial real estate consultant Robin Hollingbury A vast and rambling financial centre for the country, İstanbul has always been the "financial capital" of Turkey, even after Ankara became the new political capital in 1923. Spanning the divide between Asia and Europe, the city has long enjoyed international trade and tourism, attracting peoples from all around the globe. With more than 12 million residents, the sheer scale of the city is staggering. And with 4,000 miles of breathtaking coastline and awe inspiring mountain ranges, Turkey has enjoyed an ever increasing tourism market attracting visitors from around the world. The tourism boom has fuelled a thriving economy and has proved the catalyst for overseas confidence in a highly attractive second-home market. Property values are one of the most reasonable in Europe and with equity values increasing from 40 percent to up to and frequently over 100 percent a year, it is little wonder so many are grabbing the chance to get a foot on the ladder of second home ownership. In 2005 the City of İstanbul had a GDP of $133 billion, outranking many prominent cities in the world including Singapore, Mumbai and Rome, according to a research by Price Waterhouse Coopers. continue