TURKISH INVESTMENT BRIEF - Turkey is an EU accession candidate with 2015 anticipated for entry. - Mortgages from Turkish banks -NEW- to the market. Up to now property deals were through cash. This new factor is expected to impact significantly on property values over time. - Property Capital Appreciation was on average 20% to 30% 2005 to 2006. - Turkey is experiencing strong economic growth with PWC stating its performance better than China and India. 2 of the top 30 World's rich list are Turkish. - Record levels of inward investment. Foreign Direct Investment (FDI) into Turkey estimated at $10 billion per year. For example Dubai is investing €50 billion into Turkey. - Turkey is investing heavily in its transport infrastructure with 105 airports and motorway networK. - The Turkish government is pro-EU and was re-elected in 2007. Their election is widely expected to help sustain economic and political stability. - Access to Turkey is year round from mainland Europe. Easyjet now flies from UK and Turkish Airlines opened in Dublin 2006. - Turkey has been a member of United Nations since 1945 and a member of NATO since 1952. - While the majority of Turks are Muslim it is important to note that Turkey has been a secular state since 1923 i.e. religion and state are separate. - According to a recent study, the country needs more than 5 million new houses by 2010. Furthermore, inefficient financial institutions have historically hindered developer's ability to secure financing, compounding the housing deficit. - Liberal foreign property ownership laws. Private foreign ownership possible. - A large expatriate Turkish community (mainly Germany) is currently investing in Turkish property. "Turkey's housing shortage is estimated to be 500,000 units per annum (McKinsey global Institute) so demand for new homes is expected to remain very strong for some years" TURKEY - FACTS IN BRIEF Geography: Turkey is a large country of 780,000 square km of which 97% is in Asia and 3% in Europe Coastline: 7,200 km with the Aegean Sea (W), the Mediterranean Sea (S) and the Black Sea (N) Population: 72 Million Religion: 99% Muslim. Turkey is the only secular democratic muslim state with complete religious freedom. Visa: 3 month multiple entry visa payable at all ports of entry in Turkey. Health: Vaccination is not required by Turkish Authorities. Most travel insurance companies cover Turkey under standard European policies. Currency: Turkish Lira (new TL or YTL introduced 1st Jan 2005) Electricity: 230 V, 50 Hz Two pin continental plug. Local Time: GMT + 2 - International Dialling Code: + 90 - One of 5 permanent NATO states (since 1952) - Candidate member of European Union.