The lira's loss in value has prompted a scramble by the Turkish public to exchange their dollar reserves into lira or gold - and inspired a wave of patriotism amongst the public, with businesses offering incentives for people with proof of currency conversion. Meanwhile, President Erdogan is assuring the public that the volatility will not affect the economy in any significant way in the long term.
Turkish property & economy news
Turkey's economy and trade relations with the US will improve under a US-led trump, says the head of the Turkish-American Business Association, who says he's optimistic about bilateral ties between the US and Turkey. In other Turkish news, the government is implementing measures to bring economic growth to the country - and improve tourist numbers, which fell this year amidst political uncertainty.
A 41% rise in the number of properties bought from July to August clearly shows any lingering doubt after July's coup attempt has passed. The number of property sales around the country has risen, with Istanbul retaining its top spot and Antalya coming in second place. Property Turkey director Cameron Deggin says the numbers are testament to Turkey's enduring economic success.
Turkey's geographical significance as a bridge between east and west has played a large part in the country's fortunes. Now, its pivotal position is set to turn the country into an energy hub. Turkish President Erdogan and Russian President Vladimir Putin have signed an agreement signalling the beginning of the new pipeline that will bring natural gas resources from Russia, through Turkey and to the European market. It's a chance for Turkey to transform to a world energy leader, and will have significant impacts on the country's economy.
The Banyan Tree has a global reputation for delivering discreet, high-level service in its luxury hotels. Now, the brand has partnered with a top local developer to develop a new project on the shores of Yalikavak. The Banyan Tree Residences offer incredible design and facilities a stone's throw from Bodrum's most sought-after centre. The high-calibre residences offer not only an incredible lifestyle opportunity, but a sound investment for anyone wishing to buy in at the ground level.
Istanbul's Media Highway region has become an investment hotspot as new developments draw buyers attracted by quality builds, favourable capital gains and high rental returns. The government has ploughed almost a billion dollars into the region's infrastructure and construction, improving links from Media Highway around the city and beyond. Discover why investors are turning to this central city area.
“The coup attempt did not have even a shadow of effect on the economy,” Turkey's prime minister has said. Cashflow into the country surpassed cashflow out, he added. In other news, record takeoffs and landings at Ataturk Airport, as well as the return of Russians to Turkey herald an improvement in the tourism sector.
Istanbul's third bridge opened last week to great fanfare. The eight-lane bridge has eased congestion in the city, shortening commuter journeys all over the city. What's more, according to
A Knight Frank report shows us that Turkish property prices are the most buoyant in Europe, with an increase of 65% since 2012. Prices are being pushed higher by domestic demand with the country's burgeoning mortgage industry, and a strong economy, which continues to outperform expectations. Read on to find out more economic and real estate news from Turkey.
The Turkish tourism industry is taking measures to boost visitor numbers after falling numbers of tourists this year. Showing the resilience Turks are famous for - the same resliliance that saw Turkey go from a economically crippled country to one of the most economically powerful on the globe - the country is determined to win back numbers for its tourist sector. Read what the industry is doing to ensure visitor numbers bounce back.
Turkey's agreement to rehome thousands of Syrian refugees in exchange for greater freedom around EU has sparked controversy around Europe, especially in the UK where both sides of the Brexit camp are weighing in on Turkey's possible EU accession. We explore Turkey's history with the EU - and discuss how likely it is that the country will be granted EU membership.
With the aim of boosting the property market, the government is planning to offer work permits to anyone who buys Turkish real estate above a certain level. The move follows the 2013 offer of residency visas for home buyers, and will probably extend to allowing buyers to become Turkish citizens. Turkey's property market is booming, with properties increasing by 93 percent in the last five years. However, critics say the market still has room to grow.