Turkish property & economy news
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.30 January 2024
1,000 Swiss-backed companies now operating in Turkey In the dynamic landscape of global economic collaborations, the bilateral relationship between Switzerland and Turkey has witnessed significant growth over the years. As of the latest data provided by the Central Bank, approximately 1,000 companies backed by Swiss capital are actively contributing to Turkey's economic landscape.22 January 2024
SunExpress added more than 2,000 flights due to demand SunExpress increased capacity and added over 2,000 flights to Turkey to meet strong demand during the longer 2023 tourism season. This helped the carrier exceed its passenger target for total numbers in 2023. CEO, Max Kownatzki, told reporters that SunExpress flew almost 10 million passengers from January to September, an all-time high.22 January 2024
Turkey to develop school-based performance evaluation system Turkey recently announced the "12th Development Plan" – which will be a school performance evaluation process. The main aim is to assess where there could be limited progress being made by pupils in schools that have displayed diminished levels in terms of development, so that suitable action can be taken.17 January 2024
Record income as number of foreign visitors soar According to official figures recently released, Turkey's tourist industry generated an all-time high revenue in the third quarter of 2023 thanks to a spike in international arrivals. This indicates that the country is almost certain to surpass its record year-end targets.17 January 2024
Turkey welcomes more than one million cruise passengers Official data indicates that in the first nine months of last year, the number of passengers arriving in Turkey via cruise ships exceeded one million, confirming the robust tourism season that is expected to conclude at a new all-time high.16 January 2024
US a significant player in Turkey’s economic growth United States remains a significant player in Turkey's economic growth, ranking as the second-largest investing country with a substantial $1.1 billion investment in 2021. Data provided by the Investment Office of the Presidency of the Republic of Turkey highlights a noteworthy 87% increase in foreign direct investment (FDI) inflows to Turkey during the first 11 months of 2021.16 January 2024
China now Turkey’s third largest trade partner In a significant economic milestone, the trade cooperation between China and Turkey has surged to $23.6 billion, positioning China as Turkey's third-largest trade partner, following Russia and Germany. The noteworthy increase in Chinese investments in Turkey, reaching an impressive 120%, underscores the strengthening economic ties between the two nations.11 January 2024
South Korea’s role in the Turkish economic landscape Over the period spanning from 2002 to August 2023, South Korea has played a pivotal role in Turkey's economic landscape through Foreign Direct Investment (FDI). Official figures report a noteworthy FDI amounting to 1.4 billion USD during this period, marking a substantial contribution to the Turkish economy.11 January 2024
257 Japanese companies now operating in Turkey In recent years, the economic collaboration between Japan and Turkey has reached new heights, exemplified by the presence of 257 Japanese companies operating in Turkey, and reciprocally, four Turkish companies making their mark in Japan.04 January 2024
Increasing UK investments in Turkey In the year 2021, the United Kingdom invested a substantial £8.9 billion in Turkey, marking a noteworthy increase of £1.8 billion compared to the previous year, 2020. This surge reflects a 25.6% growth in the UK's Foreign Direct Investment (FDI) stock in Turkey.04 January 2024
Spain invests $11 billion in Turkey over ten years In the dynamic landscape of international business, Spanish foreign direct investment (FDI) has significantly contributed to Turkey's economic growth, with a remarkable total of $11 billion USD pouring into the country over the past decade. This substantial inflow underscores the robust economic ties between Spain and Turkey, fostering a mutually beneficial relationship.
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