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.
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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.
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.
The US and Turkey have suspended visas for the citizens of each other's countries, following a diplomatic spat in which a US consulate worker was arrested. The countries are NATO allies and major trading partners are waiting to come to an agreement. Erdogan has called the move "upsetting".
A wide-reaching economic plan to transform Turkey's fortunes over the next two years was unveiled last week. Deputy PM Mehmet Simsek announced several targets, including lowering inflation, raising living standards, fostering growth and raising taxes. The measures will have impact on property prices as investors take advantage of favourable growth rates.
Trade has resumed between Russia and Turkey - with the exception of the humble tomato. With the warming of relations between the two countries there is now an ambitious new target: $100bn bilateral trade. In 2015, the volume of trade reached $34bn, and officials believe this number will be surpassed within a few years.
Norwegians are angry about the lack of flights between their country and Turkey - and they're speaking out about it on social media. A campaign under the hashtag £JaJegReiser has gone viral, with many people adding their support for more flights and lower prices to their favourite summer holiday destination.
More than half a million Gulf tourists have visited Turkey's Black Sea region this summer. Attracted by the cooler climes and green valleys of destinations like Trabzon, Gulf tourists are coming in droves - and spending up large, changing the face of the beautiful northern region.
Property sales and tourism have both risen dramatically this year after a less-than-stellar 2016. July saw a 65 percent increase in the number of properties sold to foreign buyers, while tourism across all areas is up, particularly in Antalya, where more visitors have arrived to date than during the entirety of 2016.
Foreign direct investment in Turkey is up significantly, with a 50% increase on 2016. President Erdogan says this is proof that recent political tensions have not affected economic ties between Turkey and the European countries who stand much to gain from investing in Turkey. Turkey's Deputy PM has also announced measures to cut red tape for foreign investors.