Turkish property & economy news
13 January 2021
Demand for Turkish citrus booms, fuelling exports When the coronavirus pandemic halted exports from China, importers of citrus fruit were forced to look elsewhere. Enter, Turkey. Last year's citrus exports from Turkey increased by 24%, turning mandarins, lemons, oranges and grapefruit into a central tenet of Turkey's agricultural exports. Russians were at the top of the list, importing almost 200,000 tonnes of fruit.13 January 2021
Mount Nemrut welcomes over 500,000 tourists Mount Nemrut stands between the East and West crossroads in southeastern Turkey and is one of the most spectacular tourist attractions in the country, welcoming over 500,000 international and local tourists in the last few years. Mount Nemrut is a mountain that stands 7,001 feet high in Kahta in Adiyaman province.13 January 2021
4 months Hazelnuts exports provides 732.8 Million USD Hazelnut exports between September and December 2020 by Turkey earned a grand total of 732.8 million USD (TL5.4 billion), according to data provided by a regional trade group. The Black Sea Hazelnut and Products Exporters’ Association provided data which shows that the 4-year figure fell by over 32% from the same time last year.09 January 2021
Investors return to Turkey as lira strengthens There's a bright spot on the horizon with the news that Turkey's economy is set to grow as much as 4% this year. Since November, investors have returned to Turkey, buoyed by the rallying of the lira and an economy revitalised by increased consumer spending and a healthy domestic property market.29 December 2020
UK's free trade pact with Turkey paves the way for 'ambitious deals' in future Days before the UK formally leaves the European Union, London and Ankara have reached an historic trade deal. The two countries have $25bn in annual trade, and the agreement means this will be upheld. It also paves the way for a more ambitious deal in the future, with trade expanding into agriculture and services.27 December 2020
Erdogan: 2021 to be year of reforms for Turkey Never one to shy away from reform, Turkish President Recep Tayyip Erdogan has announced that 2021 will be a year of economic and democratic change in Turkey. And with the country's investment levels rising, it looks like change is already underway, with initiatives in the automotive sector promising to revolutionise the industry.22 December 2020
2021 Turkey holiday bookings up due to top safety measures The way that the tourism industry in Turkey handled the pandemic has inspired visitors to travel and book holidays in 2021. Ulkay Atmaca, head of Turkey’s Professional Hotel Managers Association (POYD) explained that the country had strict safety and hygiene measures introduced, and this is a major reason why the approach for 2021 has been so positive.21 December 2020
Turkish real estate market to hit sales target by end of the year Real estate purchases made in Turkey by foreigners in 2020 are set to reach a total of more than seven billion USD as the year ends. Although there have has been a slump in the total number of units sold because of the COVID-19- pandemic, a sector representative said sales will hit target figures thanks to a recent upward trend in buyers and their spending.20 December 2020
Qatar Holding to buy $1 billion stake in Istanbul shopping mall According to a recent report, the Dogus Group in Turkey are on the brink of selling their 42% share of one of the largest and most prominent shopping malls in Istanbul, Istinye Park, for one billion dollars (TL 7.75 billion) to Qatar Holding LLC.20 December 2020
World’s biggest Sovereign Wealth Fund invests more in Turkey The Norwegian 1.6 trillion USD Sovereign Wealth Fund has expanded its investments in Turkey, with their most recent purchase being a stake in a company that produces confectionary. As of December, the Sovereign Wealth Fund has invested 800 million USD in a variety of Turkish companies.20 December 2020
Turkish real estate investments by foreigners top 8 billion USD According to a report released by the Andolu Agency, to date foreigners have invested 8 billion USD in Turkish real estate. Data gained from the General Directorate of Land Registry and Cadastre of the Ministry of Environmental and Urbanisation confirmed that most foreign buyers purchased in Istanbul, which totalled 18.4 billion Turkish Lira as of the end of October 2020.20 December 2020
Turkish lira set to climb, and with it, property prices Turkey's depreciated lira has been a hot topic. However, with Turkey's new central bank governor working to curb inflation and stabilise the currency. Property Turkey director Cameron Deggin says it's never been cheaper to buy a property with foreign currency, but warns with the lira about to climb, this is a state that is strictly temporary.
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