Turkey is expected to be the fastest growing economy in the OECD by 2017, with an annual average GDP growth rate of 6.71 percent. A revision to Turkish property law announced in May 2012 enables the citizens of 183 nations to own property in Turkey now, opening the market towards cash-rich investors from Russia and the Gulf states for the first time.
Istanbul’s housing market saw price growth of 17.75 percent in September 2012 year-on-year and rental increases of 15.2 percent for the same period.
Highlighted by the economic growth and relaxed investment regulations, the Istanbul market outlook is bright.
Source: IP Global Property Barometer
A few months after buying FRHI Hotels & Resorts from investors including Qatar Investment Authority and Kingdom Holding, AccorHotels CEO Sébastien Bazin denies the hotel management firm is growing too fast. In fact, he intends to pick up the pace – especially in the GCC.