US sanctions have impacted on Turkey. But Erdogan has ignored them, banking on the fact that his country's strategic and regional position makes it an indispensable US ally. And it looks like the Turkish leader has been proved right, with a deal he's struck with Trump that has landed him a long-sought buffer zone in Syria.
Turkish property & economy newsRefer to news releases published by Property Turkey for latest updates on political matters, economic performance, tourism in Turkey, real estate market analysis and other matters that could potentially affect property investment and living in Turkey.
Covering Turkey's popular real estate markets, including Istanbul, Bodrum, Antalya, Fethiye, Kalkan, Kas, and Side as we scour through hundreds of international sources to bring you the very latest updates on Turkey. We look at political affairs, economic updates, mortgages, tourism, weather, taxes, social and cultural affairs that are relevant to all things Turkish.
Data recently released by TUROB (Hotel Association of Turkey) confirmed that in August Istanbul ranked in the top ten cities in Europe with regards to hotel occupancy rates. Istanbul claimed the seventh place above Barcelona, Budapest and London on a recent list of 35 vacation destinations.
Minister Mehmet Ersoy recently announced that Turkey will make up the tourist losses due to the bankruptcy order against the UK holiday operator, Thomas Cook. Ersoy, the Culture and Tourism Minister also confirmed that more airlines are expected to increase the number of flights they make into the country.
Official data has been released which confirms a rise of 5.1% in overall Turkish property sales in August 2019. The first seven months of this year have all seen general property sales slide whilst sales to foreigners have risen, however, thanks to the Central Bank cutting interest rates, not only has the economy been boosted but property sales have too.
US sanctions are taking their toll on Iran. However, Iranians looking for a way to transfer their currency out of the country have found a loophole: Turkish property ownership. Over the last year, 250 Iranians have gained a Turkish passport by investing in property, and more are set to follow.
Residents in Istanbul will soon have the opportunity to use a completely driverless infrastructure which is currently in development stages. The metro system will be developed solely by Turkish engineers using locally sourced components with an expected completion in 2021.
Orhan Sabunca, the Vice Chairman of the Uludag Automotive Industry Exporters Association (OIB) announced that it is expecting exports of vehicles and auto parts from Turkey to Russia to exceed 500 million USD by the end of this year. The announcement was made after the MIMS Automechanika fair held in Moscow.
The last week has seen customers of India's PMC Bank reeling at the news they won't be permitted to withdraw more than $14 over the next six months. The case has highlighted bank vulnerabilities, particularly in emerging markets. We take a look at Turkey's banking fundamentals.
The news that Turkey's not about to slide into recession will be cause for celebration among investors. Steps taken by the Turkish government to shore up the economy against a decline have resulted in green shoots and a promising outlook for 2019. A new economic program on the cards will further pinpoint ways the country can improve.
Turkey's bounce back from last summer's challenge was "impressive", says an expert from Fitch Ratings. "Turkey has shown a very impressive resilience, flexibility, and recovered and stabilised from the financial crisis of last summer."
The surge of foreign buyers purchasing houses in Turkey has seen the furniture market flourish. According to sector specialists, this is mainly due to the program that is run in Turkey to gain Turkish Citizenship by investment in real estate.
The Turkish Foreign Minister has released a statement confirming that Russians wanting to visit Turkey will no longer require a visa to enter the country. This is valid reciprocally for officials, holders of service passports and international drivers of transport. Turkish special passport holders are also included in these new measures introduced.