Turkish Prime Minister Erdogan's AKP manages to win a clear victory at local elections held on 30 March 2014 in what is seen as a major support for his popularity and governing party. According to many commentators, Turkey voted for continued prosperity and development. They voted for economic growth, improved health service and infrastructure enhancements, which AKP has been very successful in delivering since coming to power in 2002. Despite severe allegations by the opposition of misconduct by AKP officials (none proved) leading up to elections, it appears that Turks were not deterred from voting for their best economic interests.
Turkish property & economy news
The once Ottoman ruled Crimea has been the focus point of international news for some time recently due to the increasing tensions between Ukraine and Russia over the region. The region is strategically important to both nations for oil pipelines and port access to the Black Sea for distribution of oil and gas, Crimea is seemingly at a breaking point with over 50% of current residents being Russian, 24% being Ukrainian, and over 10% having Turkish roots - we take a look at why is Crimea such an important region for all countries involved? And what is the likely outcome of the current tension between the nations?
Oscar nominated actress Julianne Moore is set to become the new face of Turkey by starring in a series of new films shot later this year to promote Turkish tourism overseas worldwide and beyond. The multi-award winning actress will work alongside acclaimed documentary photographers such as the famous Steve McCurry to bring out the best of Turkey and show exactly why Turkey is currently ranked as the 4th best destination for tourism in Europe and 6th in the entire world by the World Tourist Barometer - those who have previously been to Turkey will know more than most what makes this nation such a difficult one to resist.
With growing pressure from investors to intervene in the fall of Turkish Lira, Erdem Basci of Central Bank of Turkey raised overnight lending rates to 12% from 7.5% in an emergency meeting held on 28 January 2014. The size of the hike came as a shock to most analysts, who expected a rise but not to this magnitude. On the other hand, CBRT's decision to oppose Prime Minister Erdogan's suggestion not to increase interest rates was perceived as bold and positive indicating monetary policy independence. Erdem Basci wowed to rescue Turkish Lira and ensure that inflationary pressures are kept under control. Immediately after the announcement Turkish Lira recorded a sharp rise against USD on 29 January.
Revised foreign nationals military clearance process will reduce the time overseas property buyers register title deed (TAPU) in Turkey to just ONE day. This means easier mortgages, access to better bargains and auction deals, as well as a safer and more transparent real estate purchase process. This will open up opportunities for foreign nationals to participate in bank repossessions, property auctions and distressed sales. Real estate investments from overseas expected to increase by up to 30% in the forthcoming 18 months.
If you thought that Turkey was all sun, sand, sea, and beaches - think again. After spending a day lounging by some of the prettiest beaches in Europe, why not take a trip to the recently discovered Gate to Hell? A recently discovered site at the ancient home of Phrygian of Hierapolis, near Pamukkale in Turkey, has recently been confirmed to have been home to Pluto's Gate - the entrance into the underworld. Have a read to discover the fascinating history and story behind the Gate to Hell. Would you care to buy your Turkish house near the Gate to Hell?
Turkey has made an oil start to 2014 with the discoveries of 3 oil reserves in 3 different parts of the country. In addition, Iraqi Kurds announced that 12 million barrels of crude oil will be pumped to Turkey from end of January 2014. Turkey has announced its own agenda to start serious explorations for crude oil. A key player in Iraqi Kurdish oil will be newly formed Genel Energy of Rothschild merging Turkish Genel Energy International with an IPO backed entity. Will the discovery of new oil reserves have an impact on property prices in Turkey?
Recently you may have seen that the Turkish Lira has weakened against the USD and other hard currencies in the world. In this news post, we take a look at why this has happened, and answer the question of whether Turkey is still a strong nation for investors to place their money.
After the opening of the first tunnel in the world that connects two different continents in just 4 minutes, the brand new Marmaray tunnel connecting European and Asian sides of Istanbul is set to lead a revolution of infrastructure in Turkey by Recep Tayyip Erdogan including the opening of a 3rd airport and a 28 mile long canal. No doubt these will pay dividends to the nation's prospering economy in the long run by opening a wave of new trade links and business possibilities for Turkey.
As Turkey revises its annual GDP growth rate for economy down to 3.6% for 2013 it still manages to remain over 25% above the global expansion index for the year. A soft landing for Turkey that plans to grow at a rate of 4% pa in 2014 - 2016 period whilst IMF underlines much lower predictions for India, Russia and South Africa. Ali Babacan states that Turkish economy is being well managed for years ahead
New reforms announced in Turkey have been heralded as a new beginning of liberalisation in the nation following months of negotiations and talks between different parties. Prime Minister Erdogan said the reforms represented a “fundamental and historic phase” of Turkey’s march toward democracy.
Istanbul has been named as the favourite to host the prestigious Euro 2020 Semi-Finals and Final. UEFA President Michel Platini even going as far to state that he will certainly vote for the city. What would this mean for Istanbul? And how will the city capitalise and grow hosting the Finals?