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Article by: email@example.com (Mr:E.TAN) Published: 05/02/2011
Turkey's economy is expected to become the 12th largest in the world, according to the Organisation of Economic Cooperation and Development (OECD), which anticipates economy growth of 8.2% in 2010.
A growing number of Brits having been holidaying and buying homes in Turkey in the recent years as an alternative to more expensive Eurozone destinations, due to the country's proximity to the UK, warm weather, cheaper property prices and property investment prospects.
The property market in the capital city of Istanbul, for example, proved more resilient compared to other major cities around the world, despite the global economic meltdown.
Long-term prospects for the city's residential property market continue to look positive, with residential demand continuing to outpace supply. It is projected that around 250,000 new homes are required annually in Istanbul over the next five years, and yet less than 200,000 new residential properties are currently being delivered each year.
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