A booming and stable economy has long been associated with strong property markets
. Indeed, more often than not trends in house prices and commercial rents tend to mirror the performance of the economy, with the buoyancy of the housing market closely associated with the strength of domestic demand.
As such, news that Turkey's economic growth is likely to be among the strongest of OECD countries over 2010 is likely to attract the attention of many potential buyers. Following a fall of nearly five per cent in 2009 in the wake of the global crisis, Turkey's GDP is expected to expand by more than six per cent this year, the OECD claims.
Angel Gurria, the secretary general of the organisation, said: "Turkey should build on the positive shock it produced by emerging from the crisis with a strengthened economy. "It should now finish the job by completing the fiscal architecture to consolidate its credibility."
The OECD made its predictions based on a number of factors including the size of Turkey's budget deficit, its solid banking system and its control of inflation.
- Friday 17 September 2010