Borsa experiences record-level trades as investors return
Turkey's back on track, say analysts, after a record-breaking run on Istanbul's BORSA exchange. Companies traded on the BORSA reached record-level market values, thanks to a flood of investors who'd waited until after post-referendum political tumult died down to invest in Turkey. Analysts say the long-anticipated structural reforms will have a positive impact on the future of the country's economy.
YES: Turkish voters give the nod to constitutional changes
After hard campaigning, President Erdogan has won his victory, with just over half of Turkey's voters approving the sweeping constitutional changes that will see Erdogan take the helm of an executive presidency. However, the country's largest cities voted no, leaving the country polarised. What's in store for Turkey following the referendum?
Moody´s optimistic about Turkey´s short-term growth
Turkey´s economy is performing better than expected, prompting rating agency Moody´s to revise its 2.2 percent growth forecast to 2.9 percent. Meanwhile, Russian tourist numbers visiting Antalya have climbed by thousands as tourists return following an improvement in relations between Turkey and Russia.
Turkey “not in a bad position”, says Deputy PM
Reforms will help Turkey's economy continue to grow, says the Deputy PM Mehmet Simsek, who says the country's situation is not as it seems from outside. Turkey's economy has grown by six percent since the early 2000s, he added. Meanwhile, officials are wondering if the situation in Istanbul can be rectified as occupancy and hotel room revenues continue to drop.
Forget politics: we love Germans, say Turks
President Erdogan's remarks about "Nazis" have done little to heighten relations between Turkey and Germany. But that shouldn't get in the way of tourism, say Turkish tourism officials, who are welcoming Germans to Turkey and especially the favourite German city of Antalya. Meanwhile, a UN official says tourism will bounce back as Turkey seeks to increase tourist share from Israel and the Ukraine.
Property Turkey's $11 million week at Doha Cityscape
Partnering with Sinpas at the CityScape Expo this week in Doha, Property Turkey took 37 reservations for developments in Istanbul, Bursa and Ankara. Property Turkey director Cameron Deggin said the success was down to interest from Middle Eastern buyers, who are increasingly looking to Turkey for second homes and investment properties.
Overseas buyers now exempt from VAT on Turkish property
A recent law change aiming to boost Turkey property sales to foreigners has eliminated the 18% VAT tax on Turkish property. If you're an overseas buyer, or a Turk living abroad, you can buy a commercial property or residential property in Turkey and avoid paying tax - as long as you hold onto the property for a year.
Turkey’s economic outlook positive despite inflation
The overall outlook for the Turkish economy is positive, with 2.8 percent growth expected this year despite inflation reaching double digits. Analysts say measures taken by the Central Bank, as well as improved tourism and export figures, will temper inflation to 8 percent, and result in an overall growth for the economy this year.
Erdogan launches campaign for greater presidential powers
President Recep Tayyip Erdogan has begun a six-week campaign ahead of a referendum in April that will ask Turks to approve constitutional changes that will allow him to wield greater presidential power. At the moment, Turks are divided on the issue, but Erdogan is a seasoned campaigner and skilled at the election rhetoric that has seen him win election after election.
Turkey set to be world's 11th largest economy by 2050
A Pricewaterhouse Coopers report showing what the world's largest economies will likely be in 2050 reveals some surprising results: current powerhouses will slip from their comfortable top spots to allow for emerging markets to take prime position. Among them is Turkey, currently at 17th place, which will climb to 11th position.
Turks abroad: come home for the holidays, urges Erdogan
President Erdogan is urging the 5.5 million Turks living outside the country to travel back to Turkey for their holidays this year. The tourist sector has taken a battering from a depressed lira and a turbulent year 2016 where security concerns deterred foreign visitors from holidaying in Turkey. Meanwhile, domestic holiday demand has soared as Turks seek to take advantage of early holiday promotions.
Fikirtepe urban transformation: building a new Istanbul city
Fikirtepe on the city's Asian side is a notorious slum area. However, this is about to change quite dramatically as $18 billion is poured into the area to build new homes and improve local infrastructure. A government official has said Fikirtepe will become a city within a city as construction ramps up in earnest.