British Trade Minister Liam Fox met his Turkish counterpart on Friday to discuss the countries’ relationship post Brexit. Fox said ties between the two countries are as strong as ever, adding that the UK will most likely increase its investment in Turkey. Turkey’s economy is set to outpace Europe’s in coming decades, leading to investment and trading opportunities for the 80-million strong country.
Property Turkey 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.
Istiklal Avenue, famous for its big brand stores, expensive boutiques and upmarket restaurants, has seen a fall in foot traffic over the past two years. Big brands have moved out, leaving a gap in revenue and rental income. But a new report shows the street might simply need a rebrand. Other main arteries on the European and Asian sides of the city have also seen traffic fall with high levels of construction, but as construction slows pedestrians are set to return.
As new year's resolutions go, Turkey's is significant: to improve its relations with Germany. A series of diplomatic upsets has seen the number of German tourists travelling to Turkey fall. However, Turkish Foreign Minister Mevlut Cavusoglu is aiming to change this and mend the rift between the two countries. The minister will meet his German counterpart soon to find a way to build bridges and restore traditionally strong ties.
Turkish tourist numbers grew by 30 percent this year, earning the country praise from the World Tourism Organisation.This growth in tourism helped the country to net $26 billion.
Turkey's export figures are creeping up after a tumultuous two years. Exports have topped $142 billion this year, surpassing the entire 2016 total. Turkey is finding new markets and strengthening existing ties to boost its trading with regional partners. Automotive exports are especially strong, and November saw record-breaking figures in this industry.
In a bid to improve cultural and economic ties, Turkey's ploughing millions into its railway infrastructure. As part of its development, construction has begun on a high-speed railway line linking Istanbul and Bulgaria. The project, which is fully backed by the EU, will facilitate the movement of people across Turkey and wider Europe and Asia.
A record-long highway tunnel in Turkey’s northeast has opened, 137 years after the project was first mooted in the Ottoman era. It’s the latest in a long line of ambitious infrastructure projects mooted by President Erdogan. The tunnel through Ovit Mountain, connecting the Black Sea province of Rize with the eastern province of Erzurum, opened on November 22.
2016 was a bad year for real estate sales, which goes some way to explaining September's 75 percent jump in sales to foreigners. However, Turkey's economic and political situation remains stable, and government incentives to increase property sales are bearing fruit, says Property Turkey director Cameron Deggin.
An European Union report predicts Turkey's growth will reach 5.3 percent this year, a correction of more than two percentage points since May. Boosted by economic reforms, Turkey's economy has returned to form this year. Meanwhile, Eurozone growth is predicted to be around 2.2 percent this year.
Turkey’s strategic position and strong economic fundamentals mean it’s increasingly becoming the investment destination of choice. Qatar and Turkey already have a solid trading relationship, with $834m in bilateral trade in each year, and now Qatar is set to invest $20 billion in 2018, turning Turkey into its fifth largest investment destination.
A rise in the number of residential property sales in Turkey last month puts the country on track to beat last year's 1.3 million property figure. A raft of new measures by the Turkish government appears to have worked, and investors from the Middle East and Europe are returning to Turkey, particularly Istanbul.
The flow of foreign direct investment coming into Turkey has remained strong through the last fifteen years. Weathering political storms and economic upsets, it's grown steadily each year. However, a Turkish investment expert says Turkey can do better, and explains why he thinks Turkey's potential remains barely tapped.