Turkey’s economy is in a health place. Property prices are stable and growing steadily, alleviating fears of a property bubble. Rental prices increased significantly in the first half of 2014, good news for buy-to-let investors. The construction industry is growing, and the country is attracting investment from Middle Eastern countries as well as enjoying tourist growth.
Turkish property & economy news
International credit ratings agency Fitch has awarded Turkey a BBB rating with a stable outlook. This is no surprise to Turkish government officials, whose reaction has been along the lines of “just you wait”. And indeed, the potential for future investment looks bright. With a youthful, educated population, healthy GDP growth, excellent infrastructure and its location as a linchpin between continents, Turkey’s economy is currently extremely favourable for investment.
The statistics are in, tourists to Turkey from GCC nations has impressed more than ever in 2014 with numbers reaching an impressive 211,000 in total, a rise of almost 40% over the year before. With so many new visitors looking to Turkey for summer vacations and winter holidays, we look at how this rise in numbers from GCC visitors has impacted Turkey over 2014.
Head of Emerging Market Strategy at the American Multinational Investment Banking Goldman Sachs, Caesar Maasry has tipped three countries to be the best emerging markets in 2015 - Turkey, India, and Taiwan. We take a look at what has made Turkey stand out as one of the top markets for 2015, what is it that Maasry and Goldman Sachs are seeing in these countries?
Turkey’s growing middle class is growing - and in search of new leisure activities. The yachting industry has taken off in a big way, and Turkey is now the world’s third largest producer of yachts after the US and the Netherlands. In Antalya, where yachts are built in the Free Zone, demand is outstripping supply. While most yachts sold are in the 15-22 metre category, there is also a demand by the wealthiest Turks for super and mega yachts.
Initial plans for Istanbul's biggest ever construction project have been released, allowing a glimpse into what the extraordinary Kanal Istanbul might look like upon its completion in 2023. The project will not only involve the construction of a new canal that will free up shipping space, but it will also provide a home for 500,000 residents and become an important hub. An emphasis on natural surroundings mean that the local flora and fauna will be preserved, and plenty of green spaces will allow for residents to enjoy the natural surroundings.
Istanbul is now second only to New York in diplomacy, says the Turkish foreign minister at the opening of the new Istanbul Regional Hub. Turkey, together with the United Nations, has launched the Istanbul Hub to offer assistance and support to nations in Europe and the Commonwealth of International States. With 260 diplomatic centres and its pivotal location at the gateway between the Middle East and Europe, Turkey is well placed to offer support to its neighbours near and far.