Returning Migrants to Boost Turkish Economy and Property Market

Posted on 04 August 2011

Large numbers of migrant workers who have been employed in Western countries are now returning to their Turkish homeland some 50 years after this economic migration began. Although unemployment is one of the major causes as to why Turkish workers are returning home, many are also attracted by the rapidly growing Turkish economy.

Lately around 190,000 young Turkish people have returned to Turkey from Germany. All in all there are about 5.2 million Turkish people living in European Union countries, and around 144,000 of these run their own businesses.

Some experts are predicting that their return to Turkey could significantly boost the country’s economy. In 2008 260,000 Turkish people living in Germany bought houses, while today that figure has fallen to just 200,000, with many of the 60,000 selling up and buying homes in Turkey. This figure hasn’t gone unnoticed by the property companies who are now targeting certain housing projects towards people living in Holland and Germany.

However many of those living abroad are choosing to return to Turkey for holidays; it’s estimated that around 2 million migrant workers visit the country every year, with most now preferring to fly.

Although 1 million come to visit relatives, many also return to holiday in eastern and southern resorts. This is especially true for second generation Turkish families living in Germany who prefer to spend their summer holidays in Turkey. What’s more these tourists spend around 30% more than Germans, with each visit costing around €1500. There are even tour operators who are specifically target tourism packages towards people of Turkish descent now living abroad.

This is not a hard trend to predict. In years gone by Turks left the country in search of better job opportunities and lives. Now Turkey is the fastest growing economy in the world, with a low crime rate, low house prices and the potential to offer a fantastic life. It is easy to see why people would want to sell up and move back. As they bring across their money, their business, their wants and their needs, this has great potential to boost the Turkish economy and property market.

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