So, we all know about the potential that the BRIC countries pose in terms of emerging economies. However, a booming tourism industry and an influx of blue chip companies has made Turkey, or more to the point, Istanbul, the first choice for many investors.
Recently likened to BRIC by Michael Bear, Lord Mayor of the City of London, Turkey is one emerging economy that is clearly interesting investors, and when you consider that a recent OECD report showed that Turkey is "the second-lowest taxed country behind Mexico with a tax to GDP ratio of 23.5% and is now the world's 16th largest economy", it is not hard to see why, explains one Turkey property expert.
Graham Flaherty, Istanbul Property Investment, explains: "There is no doubt that there has been an upsurge in interest in Turkey’s productive and busy city, Istanbul. Being the City of Culture has helped, though being buoyed by the emerging Turkey is most certainly its key catalyst and explains why this is now an investor’s location of choice."
Istanbul has received much media attention of late, not least because it was awarded with the City of Culture title for 2010, a prize with strong links to growth and long-term prosperity. However, making an Istanbul property investment has grown in popularity recently for many reasons, with the most common factor being the sharp rise in the number of corporate travellers to the region.
Recently, an STR Global report proved this point, publishing a report that showed 2010 hotel room occupancy levels were back to their pre-recession best of around 71.8% in what is still clearly an under-supplied market in Istanbul, and why such reports have sparked interest in an Istanbul property investment.
And the influx of business travellers looks set to rise in the near future, as Istanbul is clearly evolving into a corporate hub, with large global businesses now having a base in the city.
In addition, very soon the Teknopark Istanbul will be built, a science and technology park that will be a clear sign of booming business and growth, putting Istanbul among the elites of the Middle East and Eastern Europe.
While the businesses continue to venture to Istanbul and the flow of tourists persists, the city remains a hotbed for growth and long-term prosperity.