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.
In the weeks leading up to the referendum, investors and developers alike held fire, waiting for the country to vote yes or no on constitutional changes. Last Sunday saw Turks vote "yes." Whichever side you're on, one thing is clear: without the uncertainty surrounding Turkey's political future, the country can begin to move forward again. This includes the property market. In Istanbul, five developers announced new projects this week, signalling to investors that the market and appetite for property in Istanbul and Turkey is still red hot.
Turks are gearing up for a referendum that could change the course of history. On April 16, Turkey will vote yes or no to proposed constitutional changes that could see Erdogan's presidential role expanded from a ceremonial role to an all-encompassing executive presidency. The president is arguing that these changes are necessary to ensure the country's favourable economic and political outlook. However, critics argue that the president's power will be too great.
A 41% rise in the number of properties bought from July to August clearly shows any lingering doubt after July's coup attempt has passed. The number of property sales around the country has risen, with Istanbul retaining its top spot and Antalya coming in second place. Property Turkey director Cameron Deggin says the numbers are testament to Turkey's enduring economic success.
Turkey's geographical significance as a bridge between east and west has played a large part in the country's fortunes. Now, its pivotal position is set to turn the country into an energy hub. Turkish President Erdogan and Russian President Vladimir Putin have signed an agreement signalling the beginning of the new pipeline that will bring natural gas resources from Russia, through Turkey and to the European market. It's a chance for Turkey to transform to a world energy leader, and will have significant impacts on the country's economy.
It's been a rocky few months for Turkey. Following an inconclusive general election in June, majority party AKP failed to form a coalilition with any of the opposing parties. A second general election, held this past weekend, yielded much more decisive votes: AKP is back, and with enough votes to lead without need of a coalition. Whatever you think of President Erdogan, it's clear the economic reforms he spearheaded in the past decade or so have brought the country incredible prosperity. With Erdogan back holding the reigns, the lira has rallied and investment will surely follow.
Should you rush in to buy Turkish property now that the currency dropped off a cliff and lost 22% against GBP, 18% against USD and 17% against Euro in the last 90 days. Will builders and developers in Turkey reduce their prices in line with foreign currency becoming stronger or have their construction costs increased as well? Find out how and when to capitalise on what's happening in Turkey. If indeed you have a window of opportunity to invest in your overseas home at a bargain price, then you wouldn't want to miss out on this one, would you?
Property Turkey looks at the political and economic implications of the government’s recent law reforms, touching upon their potential impact on real estate sector and foreign direct investment. What are the implications for Kurdish and other minorities that make up the mosaic of Turkey? Please feel free to write in and share your thoughts with us.