Turkish property & economy news
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.10 November 2017
EU raises Turkey's 2017 growth forecast An European Union report predicts Turkey's growth will reach 5.3 percent this year, a correction of more than two percentage points since May. Boosted by economic reforms, Turkey's economy has returned to form this year. Meanwhile, Eurozone growth is predicted to be around 2.2 percent this year.30 October 2017
Qatar to increase its Turkish investment for 2018 Turkey’s strategic position and strong economic fundamentals mean it’s increasingly becoming the investment destination of choice. Qatar and Turkey already have a solid trading relationship, with $834m in bilateral trade in each year, and now Qatar is set to invest $20 billion in 2018, turning Turkey into its fifth largest investment destination.25 October 2017
2017 set to be record year for Turkish home sales A rise in the number of residential property sales in Turkey last month puts the country on track to beat last year's 1.3 million property figure. A raft of new measures by the Turkish government appears to have worked, and investors from the Middle East and Europe are returning to Turkey, particularly Istanbul.18 October 2017
Don't ignore Turkey’s investment potential, says expert The flow of foreign direct investment coming into Turkey has remained strong through the last fifteen years. Weathering political storms and economic upsets, it's grown steadily each year. However, a Turkish investment expert says Turkey can do better, and explains why he thinks Turkey's potential remains barely tapped.10 October 2017
US and Turkey suspend visas in diplomatic spat The US and Turkey have suspended visas for the citizens of each other's countries, following a diplomatic spat in which a US consulate worker was arrested. The countries are NATO allies and major trading partners are waiting to come to an agreement. Erdogan has called the move "upsetting".02 October 2017
Unveiled: economic plan that will transform Turkey A wide-reaching economic plan to transform Turkey's fortunes over the next two years was unveiled last week. Deputy PM Mehmet Simsek announced several targets, including lowering inflation, raising living standards, fostering growth and raising taxes. The measures will have impact on property prices as investors take advantage of favourable growth rates.24 September 2017
Turkey and Russia's $100bn trade target 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.19 September 2017
“Yes, we’re going to Turkey”, say Norwegians 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.
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