Reforms and tax cuts are pushing economic growth in Turkey and stalling inflation in a bid to revitalise Turkey's economy. Growth is expected to be greater than 5 percent this year, and next year experts are hoping it tops 7 percent. At the top of the list are efforts to stall inflation, and a 180-day plan to kickstart the economy.
Turkish property & economy news
Thanks to government reforms which include an offer of citizenship with a $1m property purchase, and the scrapping of VAT, Turkey is more popular than ever with Gulf buyers, who are increasingly turning to Istanbul for lifestyle and investment properties. Cameron Deggin of Property Turkey says the trend should continue as Turkey's economy strengthens.
Istanbul New Airport is almost halfway there, says Turkey's Transport Minister. The behemoth project is on track for the first phase of completion next year, at which point it'll have the capacity to serve 90 million annual passengers. The construction is well underway, and with the first stage being almost twice the size of Monaco, you can appreciate the size and scale of the megaproject.
A huge rise in the number of Russian visitor numbers to Turkey pushed April visitor numbers up by 20%, resulting in an overall 1% increase in visitor numbers to Turkey in the first four months of the year. April marked the first time in 20 months that tourist numbers to Turkey rose. Analysts think momentum should increase as Turkey puts its instability behind it.
A number of government measures aiming to increase the number of buyers investing in Turkish property have been introduced in the last year or so. Tax cuts and incentives like offering Turkish citizenship to buyers spending more than $1m on Turkish property are helping to transform the property investment landscape in Turkey.
The last quarter saw a rise in hotel occupancy rates, a good sign that tourism is on the rebound. However, revenue is down as hoteliers struggle to entice visitors. Meanwhile, visitor numbers from the Middle East are up, while the tourist industry is trying to persuade Turks who'd usually travel abroad to stay at home and travel within the country this year.
Turkey and India are in talks to increase trade between the two countries, with Turkish president Erdogan saying the current $6.5 million trade could reach $10 billion with increased investment on either side. Meanwhile, the southern city of Antalya is aiming to promote itself as an Indian tourism venue - with a focus on weddings.
Turkey's back on track, say analysts, after a record-breaking run on Istanbul's BORSA exchange. Companies traded on the BORSA reached record-level market values, thanks to a flood of investors who'd waited until after post-referendum political tumult died down to invest in Turkey. Analysts say the long-anticipated structural reforms will have a positive impact on the future of the country's economy.
After hard campaigning, President Erdogan has won his victory, with just over half of Turkey's voters approving the sweeping constitutional changes that will see Erdogan take the helm of an executive presidency. However, the country's largest cities voted no, leaving the country polarised. What's in store for Turkey following the referendum?
Turkey´s economy is performing better than expected, prompting rating agency Moody´s to revise its 2.2 percent growth forecast to 2.9 percent. Meanwhile, Russian tourist numbers visiting Antalya have climbed by thousands as tourists return following an improvement in relations between Turkey and Russia.
Reforms will help Turkey's economy continue to grow, says the Deputy PM Mehmet Simsek, who says the country's situation is not as it seems from outside. Turkey's economy has grown by six percent since the early 2000s, he added. Meanwhile, officials are wondering if the situation in Istanbul can be rectified as occupancy and hotel room revenues continue to drop.
President Erdogan's remarks about "Nazis" have done little to heighten relations between Turkey and Germany. But that shouldn't get in the way of tourism, say Turkish tourism officials, who are welcoming Germans to Turkey and especially the favourite German city of Antalya. Meanwhile, a UN official says tourism will bounce back as Turkey seeks to increase tourist share from Israel and the Ukraine.