There are many factors that contribute to a good property market. Demand for homes, economic growth and good rental yields are examples, but having a stable government can really reassure foreign property buyers that a nation is a good place to invest.
Turkey has been making great strides in recent years to make its legal system and economy much more appealing to foreign buyers. As it moves towards European Union accession, changes to the way the country is governed are helping encourage overseas investment.
Recent referendum set out many democratic reforms
Almost 60 per cent of Turkish adults voted in favour of sweeping changes to the country’s constitution in a referendum held in early September. Support for the government’s plans was strong, and the 26 amendments to the nation’s constitution will help Turkey progress towards full membership of the EU.
Examples of the changes to the constitution include:
· Changes to the way that Supreme Court judges are appointed to make it fairer
· Opening investigations into Turkey’s military coup in 1980
· Limiting the army’s power to get involved in politics
Stable democracy is good for the economy
The changes to the constitution reinforce Turkey’s commitment to become one of the most stable, democratic countries in Europe. These changes have been welcomed by other European powers as further moves in the right direction towards the country joining the European Union.
A stable government also means that overseas investors can have much more reassurance about buying in Turkey. With property prices at their lowest for a couple of years and the OECD expecting Turkey’s economic growth to outstrip all other member countries over the next seven years, there clearly has been no better time to buy a property in Turkey.
