Trade has resumed between Russia and Turkey - with the exception of the humble tomato. With the warming of relations between the two countries there is now an ambitious new target: $100bn bilateral trade. In 2015, the volume of trade reached $34bn, and officials believe this number will be surpassed within a few years.
Turkish property & economy news
Norwegians are angry about the lack of flights between their country and Turkey - and they're speaking out about it on social media. A campaign under the hashtag £JaJegReiser has gone viral, with many people adding their support for more flights and lower prices to their favourite summer holiday destination.
More than half a million Gulf tourists have visited Turkey's Black Sea region this summer. Attracted by the cooler climes and green valleys of destinations like Trabzon, Gulf tourists are coming in droves - and spending up large, changing the face of the beautiful northern region.
Property sales and tourism have both risen dramatically this year after a less-than-stellar 2016. July saw a 65 percent increase in the number of properties sold to foreign buyers, while tourism across all areas is up, particularly in Antalya, where more visitors have arrived to date than during the entirety of 2016.
Foreign direct investment in Turkey is up significantly, with a 50% increase on 2016. President Erdogan says this is proof that recent political tensions have not affected economic ties between Turkey and the European countries who stand much to gain from investing in Turkey. Turkey's Deputy PM has also announced measures to cut red tape for foreign investors.
Always looking for ways to improve income after two years which saw takings drop considerably, Turkey's hoteliers are asking the government to consider extending the Eid holiday to allow them to take advantage of the revenue that comes from the full occupancy Eid typically brings.
The Germans who once flocked to Antalya’s beaches and streets are disappearing, adding to an overall European decline. But tourist numbers are on the up, as hoteliers promote themselves and their country to new markets in the Middle East and the Balkans.
House sales to foreign buyers soared by 25 percent in June, as post-referendum uncertainty gave way to an increased confidence in Turkish property. Government measures to increase investment and improve economic growth mean buyer confidence is back - particularly in Istanbul.
An agreement between Ankara and Kyiv allowing citizens of each country to visit the other without passports is set to increase the flow of visitors between Turkey and Ukraine. Three quarters of a million Ukrainian tourists are set to visit Antalya alone this year, a rise of around 45 percent on the previous year. In other news, hotel occupancy rates across Turkey are up - although revenues are down.
Reforms and tax cuts are pushing economic growth in Turkey and stalling inflation in a bid to revitalise Turkey's economy. Growth is expected to be greater than 5 percent this year, and next year experts are hoping it tops 7 percent. At the top of the list are efforts to stall inflation, and a 180-day plan to kickstart the economy.
Thanks to government reforms which include an offer of citizenship with a $1m property purchase, and the scrapping of VAT, Turkey is more popular than ever with Gulf buyers, who are increasingly turning to Istanbul for lifestyle and investment properties. Cameron Deggin of Property Turkey says the trend should continue as Turkey's economy strengthens.
Istanbul New Airport is almost halfway there, says Turkey's Transport Minister. The behemoth project is on track for the first phase of completion next year, at which point it'll have the capacity to serve 90 million annual passengers. The construction is well underway, and with the first stage being almost twice the size of Monaco, you can appreciate the size and scale of the megaproject.