Twenty years ago, the rare and valuable Kocatas Mansion in Istanbul was subjected to a disastrous fire but finally it has been restored to its former glory. Situated on the waterfront in the Sariyer district of Istanbul, the mansion was bought by Qatari businessman Omar Hussain Alfardan, who has spent 200 million USD renovating the mansion.
Turkish property & economy news
Before the last elections, President Recep Tayyip Erdogan introduced a load of stimulus measures aimed at placating voters. This time round, ahead of March's local body elections, there's little available to help woo voters. Which means the long-time leader is going to have to get smart, working with what he has to court much-needed votes.
Turkey’s Culture and Tourism Minister, Mehmet Nuri Ersoy has announced Turkey will use new strategies on social media that will be implemented to increase tourism revenues in the country and claim a bigger share of the global tourism sector.
Turkey's finance minister Berat Albayrak has reassured Turks and anyone seeking to invest in Turkey that any slowdown is part of a well-managed strategy to steer Turkey's economy into a more sustainable growth. However, as part of this "period of balance" the economy is set to slow before picking up again, and this year's growth is set at a cautious 2.3 percent.
Thanks to a blockade by its neighbours, Qataris are turning to Turkish products in higher numbers than ever. Trade between Qatar and Turkey has never been better. Trade between the two countries topped $2 billion last year, a 54 percent leap over the previous year, said a Turkish official.
Antalya, on Turkey's Mediterranean coast, is going from strength to strength. More than 13 million visitors arrived in the city last year, and this year's set to be even better, with the city off to a flying start. It's little wonder this beguiling city, with its easy connections opening up a world of cobbled streets, sandy beaches and leisure activities, is gaining such attention amongst visitors.
In Turkey for the season? Celebrating Christmas in a non Christmas-celebrating country doesn't have to be low key. Here's the lowdown on the Christmas events happening in the country's expat hotspots. Join others in song, pick up gifts at a Christmas market, or enjoy a traditional Christmas meal with lashings of gravy in Fethiye, Bodrum and Istanbul.
Property sales to foreigners have grown just about every year. This year, they're looking particularly healthy. With government incentives such as lowering the minimum investment amount for citizenship, and the lower lira enticing buyers from the Middle East, property sales were boosted by 134 percent in October.
When the weather outside is frightful - and in Turkey, this is only for a short time - the skiing is delightful. Occupancy rates are hitting new highs in Turkey's ski areas as the the ski season gets underway. Foreigners and domestic tourists are pushing numbers up in prominent ski resorts like Uludag.
In September, in a bid to shore up the falling Turkish Lira, the Turkish government ruled that all property sales, rental contracts and leases must be made in Turkish lira. Now, they've rolled back restrictions, loosening the rules for foreign property buyers.
Fear not: Turkey's economy is back on track, says the country's finance minister Berat Albaryak. The country's in better shape than it was two months ago, and that's set to improve by the year end. The next task for the government is tackling record inflation levels, and in the longer term, structural reforms will turn Turkey into a prosperous production economy, he said.
Since the Turkish government lowered the minimum threshold for citizenship investment, interest in Turkish real estate has grown significantly. Particularly from Arab investors. With a similar culture and a great economy, Middle Eastern buyers see Turkish property as more than an investment - but a second home.