Turkey's favorable climate, archaeological sites and beautiful beaches make it a popular tourist destination, attracting around 20 million visitors per annum.
As the Turkish economy continue to expand the possible membership of the European Union will further lift the economy. Ongoing government reforms are being introduced and the period of co-operation with business and overseas investors continues to develop to facilitate an ever increasing property market in Turkey. It is estimated that Turkey needs approximately 400.000 new residences each year.
New mortgage law passed in February 2007 encouraged competition in the market by bringing down the interest rates and increased the homeownersip.
Turkey Investment Property gains momentum as the Turkish economy grew an annual 10.3 percent in the second quarter as record-low interest rates helped push output above the level it reached before the 2008 collapse of Lehman Brothers Holdings Inc.
The increase, which matched China’s as the fastest expansion in the period among the Group of 20 major economies, followed growth of 11.7 percent in the first quarter, the state statistics agency in Ankara said today on its website. The median estimate of seven economists surveyed by Bloomberg was 9 percent. The economy grew 3.7 percent from the previous quarter after seasonal adjustment.
Turkish consumers are driving a recovery from last year’s 4.7 percent slump. Bank loans for cars, homes and other purchases have risen every week since January, and consumer confidence rose to the highest for more than two years in the second quarter. To ensure the rebound continues, central bank Governor Durmus Yilmaz has held the key interest rate at 7 percent for nine months.
News Update: Minister calls on Kuwaiti businessmen to invest in Turkey
The Turkish finance minister Wednesday called on Kuwaiti businessmen to invest in Turkey. Wednesday, 26 May 2010 15:37
The Turkish finance minister Wednesday called on Kuwaiti businessmen to invest in Turkey.
Turkey's Finance Minister Mehmet Simsek invited Kuwaiti businessmen to invest in several projects in Turkey, including 5 billion USD of health campus projects.
Simsek visited the Kuwait Chamber of Commerce and Industry on the sidelines of his visit to this country, and said Turkish businessmen could also take part in Kuwaiti projects.
"If we can bring the Kuwaiti capital together with dynamic Turkish companies, we can do successful things," Simsek also said.
Also, Kuwaiti chamber's chairman Ali Mohammed Thunayan Al-Ghanim said Kuwaiti businessmen had invested over 10 billion USD in Turkey in recent years and that figure had to be raised.
Turkey Investment Property
