New waterway to spur Turkish property market

The Turkey property market could be about to get a huge boost if plans by the newly re-elected Prime Minister are given the go-ahead.

Last month the electorate gave a resounding vote of confidence to Prime Minister Reccep Tayip Erdogan to continue to lead the country through the financial crisis and the nation’s leader now plans a project that many believe will continue to boost the Turkish economy for many years hence and the benefits to the property market are sure to be massive.

The Prime Minister’s Canal Istanbul scheme which involves linking the Black and Mediterranean seas is expected to see demand for housing explode during the next ten years. If the ambitious project goes ahead it will create thousands of new jobs which in turn will lead to a substantial increase in demand for homes to buy or to rent.

Estate agents believe buy-to-let investors would be well advised to capitalize on the opportunity that this project represents.