Investors to buy Turkish property as prices level

Foreign property investors are heading to Turkey on the back of falling prices and rising tourism figures, it has been suggested.

According to the website PropertyWire, the upcoming designation of the capital Istanbul as European Capital of Culture next year will bring a surge in the number of tourists visiting the country.

Last year, the country saw more than 23 million visitors, according to tourism minister Ertugrul Gunay, and it is anticipated that even more will arrive in 2009.

One estate agent told PropertyWire: "While the expense of property in Istanbul may previously have prevented some buyers from entering the market, the economic slowdown has recently pushed prices down, creating bargains in desirable locations."

It was also recently announced that the country's Foreign and Commonwealth Office would be drawing up a list of trusted property firms in Turkey, after a number of complaints from investors in recent years.

Article taken from Aixa FX >>