Turkish property & economy news
19 February 2018
Spain’s loss is Turkey’s tourist gain Tour operators say Turkey’s stable prices are attracting tourists from Germany and Russia who are opting out of Spanish holidays thanks to the high cost of package holidays. German and Russian tourist numbers have dipped over the past couple of years, but tour operators believe the visitors are returning, and that 2018 will mark a return to form for Turkey’s tourist industry.11 February 2018
Turkish inflation slows, prompting talks on rate cuts Turkey’s inflation dipped last month, which means banks will soon be encouraged to cut their interest rates. Erdogan has long been a proponent of lowering interest rates, holding the unconventional view - known to many as Erdoganomics - that cutting rates can result in a lower level of inflation.06 February 2018
Turkey pressing ahead with economic reforms in 2018 - Simsek Turkey's economic reforms made great progress last year, returning the country's growth to normal levels and ending the year on an impressive 7 percent figure. This year, the government is pressing ahead with further reforms aimed at increasing investment, lowering inflation levels and boosting trade.21 January 2018
Kanal Istanbul route revealed After years of speculation, the route for the 45-kilometre canal linking the Black Sea and the Sea of Marmara has been revealed, renewing interest and speculation in nearby real estate, including the Media Highway/Basin Ekspres area.16 January 2018
Turkey-UK relationship to flourish post-Brexit British Trade Minister Liam Fox met his Turkish counterpart on Friday to discuss the countries’ relationship post Brexit. Fox said ties between the two countries are as strong as ever, adding that the UK will most likely increase its investment in Turkey. Turkey’s economy is set to outpace Europe’s in coming decades, leading to investment and trading opportunities for the 80-million strong country.08 January 2018
Fall in foot traffic sees Istiklal Avenue seek a new image Istiklal Avenue, famous for its big brand stores, expensive boutiques and upmarket restaurants, has seen a fall in foot traffic over the past two years. Big brands have moved out, leaving a gap in revenue and rental income. But a new report shows the street might simply need a rebrand. Other main arteries on the European and Asian sides of the city have also seen traffic fall with high levels of construction, but as construction slows pedestrians are set to return.02 January 2018
Turkey’s new year resolution: improve German ties As new year's resolutions go, Turkey's is significant: to improve its relations with Germany. A series of diplomatic upsets has seen the number of German tourists travelling to Turkey fall. However, Turkish Foreign Minister Mevlut Cavusoglu is aiming to change this and mend the rift between the two countries. The minister will meet his German counterpart soon to find a way to build bridges and restore traditionally strong ties.20 December 2017
WTO praises Turkish growth as country nets $26bn tourist income Turkish tourist numbers grew by 30 percent this year, earning the country praise from the World Tourism Organisation.This growth in tourism helped the country to net $26 billion.10 December 2017
Turkish exports top $142 billion this year Turkey's export figures are creeping up after a tumultuous two years. Exports have topped $142 billion this year, surpassing the entire 2016 total. Turkey is finding new markets and strengthening existing ties to boost its trading with regional partners. Automotive exports are especially strong, and November saw record-breaking figures in this industry.29 November 2017
Railway connecting Turkey and EU to boost ties, economy In a bid to improve cultural and economic ties, Turkey's ploughing millions into its railway infrastructure. As part of its development, construction has begun on a high-speed railway line linking Istanbul and Bulgaria. The project, which is fully backed by the EU, will facilitate the movement of people across Turkey and wider Europe and Asia.23 November 2017
Turkey’s longest highway tunnel opens after 137 years A record-long highway tunnel in Turkey’s northeast has opened, 137 years after the project was first mooted in the Ottoman era. It’s the latest in a long line of ambitious infrastructure projects mooted by President Erdogan. The tunnel through Ovit Mountain, connecting the Black Sea province of Rize with the eastern province of Erzurum, opened on November 22.16 November 2017
Foreign buyers bought 75% more property in September 2016 was a bad year for real estate sales, which goes some way to explaining September's 75 percent jump in sales to foreigners. However, Turkey's economic and political situation remains stable, and government incentives to increase property sales are bearing fruit, says Property Turkey director Cameron Deggin.
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