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Turkish Economy to Grow by 0.4 Per Cent This Year

Turkish Economy to Grow by 0.4 Per Cent This Year

Turkey’s economic growth is set to rise to 3.8 per cent for 2013 – an increase of 0.4 per cent on the current forecast, Oceanwide Properties is pleased to hear. The news was revealed at the announcement of the International Monetary Fund (IMF) latest World Economic Outlook report at the end of last week.

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Other good news for those living in Turkey – both citizens and non-Turkish residents who have holiday or retiral homes in the country – is that the cost of living is about to get easier with inflation set to drop in Turkey next year by 1.3 per cent (bringing the figure down to 5.3 per cent).

Unemployment, which currently stands at 9.4 per cent is expected to rise unfortunately – although only by one per cent, and is expected to fall below 9.4 per cent at the end of the first quarter of 2014. Turkey’s unemployment record is still one of the better statistics when compared to its Middle Eastern neighbours and European countries such as Spain and Italy where out of work figures are currently (26.2 and 12 per cent respectively).

The economic recovery in Turkey is  expected to continue next year, although Turkey has been advised to tighten its belt in terms of its fiscal and monetary policies and at the same time warned to prioritize its domestic savings.

Speaking last week Turkish Deputy Prime Minister Ali Babacan vowed to decrease inflation in Turkey still further and cut unemployment gradually to the extent he aims to have reduced out of work figures to around 8.9 per cent by April 2014.

Turkish Government and Property

As far as the property market in Turkey is concerned, the sector is booming – especially when it comes to non-Turkish residents investing in property in Turkey. Russian, British and German nationals in particularly have a large presence in the country and that’s expected to continue with the Turkish government actively encouraging foreign nationals to invest in bricks and mortar – particularly in coastal areas with plenty of property to rent in Kalkan, Fethiye, Antalya, Bodrum and similar. Istanbul too is undergoing a large boost in overseas property sales – in both domestic and commercial sectors. This is predicted to rise even further with the completion of the first phase of Istanbul’s third Airport in 2017, which it’s reckoned, will be the largest airport in the world, making access into both the city and coastal resorts even quicker and easier than at present.

And on the subject of making life easier, the Turkish government is now awarding residency permits after three months – rather than a year – for foreign nationals who have invested in property in Turkey. The reciprocity laws (which applied more to Middle Eastern countries) have also been softened so that non-Turkish residents can buy property in Turkey even if their own country doesn’t allow Turkish citizens to do likewise.

Find out more about buying or renting Turkey property, and how investing fits in with Turkey’s current economic climate by calling any of the Oceanwide Properties Turkey team today.

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