President Erdogan's announcement of an early election boosted the markets, sending the lira higher. It's likely he'll lead a landslide victory, which will herald stability and growth for Turkey. The news has prompted urgency among property investors looking to beat the post-election lira's inevitable upward climb.
Turkish property & economy news
More than 400,000 people moved to Istanbul last year, putting pressure on the municipality to provide more homes and better infrastructure. The rise is due to a rising middle class and increasingly educated population moving to the city in search of work, and it's having a knock-on effect on Turkish home ownership.
With its fairy chimneys, strange rock formations and cosy cave hotels, Cappadocia is an enchanting tourist destination. Like the rest of the country, the central region has suffered in recent years with a fall in tourist numbers. But tourists are back with a vengeance, causing hotel occupancy to shoot up to almost 100 percent this April and May.
Turkey’s “sun, sea and oxygen” have been cited as one of the reasons for improved real estate sales last year, which saw twice as much spent by foreigners buying properties in Turkey as in 2016. British home owners lead in property ownership in Turkey, although Middle Eastern buyers are snapping up Turkish properties at an increasing rate.
Turkey’s growth is set to continue, as exports grow by almost 13 percent to $159bn, tourism revenues predicted to reach $30bn this year and fiscal stimulus continuing to give the economy a much-needed shake up. However with growth still tied somewhat to Europe’s, there’s room for caution in the positive figures as the EU economy is expected to slow in 2018 and 2019.
Who doesn't love a budget flight to a warmer clime? Ryanair is now offering two flights from Dublin and Bratislava to Dalaman. The Irish budget carrier is going through a period of growth and expansion, and Turkey's resurgence in tourist numbers has caught the attention of newly-minted billionaire Michael O'Leary, Ryanair's CEO.
With 192 passengers travelling through Turkey's airports last year, the country seems well on the road to tourist recovery. Istanbul, which processes around half of the country's passengers, experienced positive growth, but it was Antalya's southern city airport that really stole the show.
E-commerce giant Amazon is finally moving into Turkey, with representatives of the online retailer looking for warehouse space in central Istanbul. The Turkish e-commerce market is worth $8bn a year, and with experts saying this figure should rise by a third this year, it's little wonder the global company is so keen to take advantage of Turkey's move into the digital shopping revolution.
The Turkish government is working to improve the economy, with new measures aimed at increasing investment and providing jobs for Turks. Last year, the country attracted almost $11 billion in investment, with a large proportion of that coming from the EU. Officials are hopeful that this year will see an improvement on this figure as they continue to roll out incentives for investors.
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.
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.
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.