Turkish property & economy news
24 April 2024
260 Australian-owned companies operating in Turkey Australia has made significant strides in foreign direct investment (FDI) within Turkey, with a substantial capital infusion totalling 708 million USD. This investment is bolstered by the presence of 260 Australian-owned companies operating within Turkish borders, contributing to economic growth and fostering bilateral relations between the two nations.03 April 2024
Celebrating the Pinnacle of Turkish Democratic Expression In the recent local elections, the opposition party, CHP, emerged triumphant, securing victory in 35 out of 81 cities. This resounding victory marks a historic moment in the annals of Turkish politics. The multifaceted reasons underlying this electoral landslide have become subjects of rigorous debate among pundits and analysts, a discourse I shall defer to their expertise.28 March 2024
Russian companies emerging as key investors in Turkey In 2023, Russian companies emerged as the most prolific investors in Turkey, marking a significant milestone in the economic relations between the two nations. With over 2,000 Russian companies venturing into Turkey, bilateral trade volume soared to a substantial $60 billion, propelling growth and strengthening ties.22 March 2024
Investors prefer Turkey: Deutsche Bank German companies have been key players in Turkey's economic landscape, having injected a substantial $12 billion into the country over the past two decades. With over 8,000 German companies actively engaged in various sectors within Turkey, the recent decision by Deutsche Bank to redirect its investments towards the nation marks a significant shift.16 March 2024
Istanbul surpasses Paris and London as top tourist destination From humble beginnings to a cosmopolitan metropolis, Istanbul's journey as a tourist destination has been nothing short of remarkable. In 1990, the city welcomed 1.98 million tourists, a number that surged to 2.69 million by 2002. However, it was in 2019 that Istanbul shattered records by attracting 14.9 million visitors, a feat that continued to soar as it hosted over 20 million tourists in 2023.16 March 2024
Fitch upgrades Turkey’s rating to B+ Fitch, the Rating Agency has upgraded Turkey’s rating from “B” to “B+” – citing tighter approaches to its monetary policy that have helped reduce macroeconomic issues within the country. Following the Rating upgrade, Fitch also revised Turkey’s outlook from stable to positive after Turkey’s Central Bank left its key interest rate steady in February.16 March 2024
A rising star in 2024: Istanbul Airport In 2022, one airport stood out as a bustling hub of international travel: Istanbul Airport. With a staggering 64 million passengers passing through its terminals, it claimed the title of the busiest airport in Europe for the year. Spanning connections across an impressive 114 countries, Istanbul Airport serves as a pivotal junction linking travellers from various corners of the globe.16 March 2024
Turkey's Energy Profile and Investment Potential Turkey, ranking as the fifth largest electricity consumer in Europe, has historically relied heavily on foreign energy sources. However, significant strides have been made with a staggering $70 billion invested in renewable energy between 2002 and 2023, resulting in 80 percent of electricity production being sourced domestically.15 March 2024
WHO: Life expectancy extended in Türkiye to 78.6 years The World Health Organization (WHO) has released a report stating that the average life expectancy in Turkey has risen to 78.6 years. This marks a significant increase from previous years. The report revealed that women in Turkey have a life expectancy of 81.3 years, while men have a life expectancy of 75.9 years.15 March 2024
Saudi Arabia eases visa process for Turkish Citizens In a statement released on Tuesday, the Saudi Tourism Ministry revealed that it has extended its e-visa program to six additional countries, allowing nationals from those nations to apply for visas online before travelling. The move is part of a broader effort to encourage tourism in Saudi Arabia and make it easier for nationals from selected countries to enter.08 February 2024
Investment opportunities in Turkey: New Technologies and R&D Positioned as a dynamic and progressive nation, Turkey has continually directed substantial investments towards its burgeoning technology sector over the years. From an initial industrial export value of $20 billion in the early 2000s, Turkey has remarkably surged, expanding its industrial exports exponentially to a formidable $200 billion.02 February 2024
The Norwegian Wealth Fund’s investment in Turkey Throughout the 2000s, the commercial relationship between Turkey and Norway has experienced a significant upswing, marked by a robust expansion in mutual foreign trade. This upward trajectory reached a noteworthy milestone in 2008 when the bilateral trade volume surpassed the 1 billion-dollar mark for the first time.
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