Leading newspaper The Wall Street Journal has recently
reported on the excellent economic prospects of a new group of countries: the
CIVETS nations. This group of
emerging economies are increasingly catching the eye of investors and
attracting significant property investment.
Two of the major nations in the
CIVETS group are Turkey and Egypt which both have attractive property markets.
Egypt property market expected to boom
The recent revolution in Egypt has,
unsurprisingly, slowed growth prospects although the results of the political
upheaval will put the nation on a steadier footing in the long term.
Experts predict that strong
growth in Egypt will start as early as next year and the large, young population
is expected to drive domestic demand for property. Prices of property in Egypt have increased this year and
there have also been high levels of foreign investment as buyers have been
quick to identify the potential of the countryââ¬â¢s property market.
Turkey continuing to grow strongly
Turkeyââ¬â¢s economy has been growing
strongly over recent years thanks to its tourism industry and its central
location between Russia, Europe and the Middle East. For example, the nation hosts strategically important gas
pipelines that between Europe and Asia.
Phil Poole of HSBC Global Asset
Management said: ââ¬ÅTurkey is a
dynamic economy that has trading links with the European Union but without the
constraints of the euro-zone or EU membership.ââ¬Â
Turkey is also set to become one
of the worldââ¬â¢s most visited tourist destinations in the next ten years whilst
its economy was the fastest growing in the world during the early part of
2011. Indeed, it was the only
nation in the world to achieve double digit growth and outgrew China by over 2
per cent.
Property prices in Turkey have
also risen and are expected to continue to grow in coming years thanks to a
strong domestic demand and interest from overseas buyers.
