Turkey may be in a state of turmoil politically and the exchange rate may be at its lowest in years, but the long term outlook of the country in terms of foreign investment is still encouraging, according to a senior economic source. This is good news for the Turkey property market which remains relatively buoyant, despite the recent government upheaval and where British citizens are the third highest non-Turkish nationals resident in the country.
Mustafa Baltaci, the vice president of Borsa Istanbut (BIST) said he was confident this week that Turkey was “in a position to be integrated with global markets,” Oceanwide Properties Turkey has learned.
An optimistic Mr Baltaci went on to add: “Turkey has become an energy corridor. In Ankara there is a relatively primitive, old school electricity market. We will turn it to a modern one.
“Turkey is the world’s sixth biggest producer of iron and steel production. It is a country of construction and huge infrastructure projects are on the agenda… regionally, we are already a leader. Globally, we are a potential leader.”
Turkey to Take Over G20 Presidency in 2015
Meanwhile Turkish Deputy Prime Minister Ali Babacan is set to attend the G20 Meeting for Finance Ministers and Central Bank Governors in Australia later this week where he will discuss, amongst other topics, investment and infrastructure opportunities.
Turkey is to lead the G20 presidency next year (taking over from Australia) where it hopes to make its voice known in terms of economic policy. In doing so, ministers hope to improve the living standards of Turkish citizens as well as the country’s long-term prosperity and the number of jobs being made available for Turkish citizens.
Air Passengers to Turkey Increase
Foreign citizens are continuing to flock to Turkey, statistics show. The number of people either visiting Turkey or passing through increased last month according to a report issued by Turkish Airlines (THY). Their figure for January jumped to four million in January – an increase of 24.3 per cent year on year. Passengers on domestic routes also increased – this time by 31 per cent – while international arrivals rose by 19.7 per cent. The number of routes available from the airline also went up from 218 to 243 within the past 12 months.
British Business Leaders Set up Alliances
Last week executives from more than 17 UK companies visited Istanbul to forge allegiances with Turkish counterparts and strengthen already existing economic ties. Representatives from some of the UKs biggest industries such as energy, technology, medicine and education discussed future opportunities according to the UK Trade & Investment Agency (UKTI), making more foreign investment likely.
Due to the current low exchange rate for the lira British citizens looking to invest in a property in Turkey are currently in an extremely strong financial position. At Oceanwide Properties we have an extensive portfolio of properties in the country’s coastal regions such as Fethiye and Side, as well as Istanbul. To discuss property in Turkey you can call or email either our Fethiye or London offices.