Posted on 28 September 2011
Here is a roundup of some of the biggest stories in the world of Turkish property this month as seen from the eyes of Spot Blue.
Turkey Proposes Dropping Reciprocity in Property Sales
People can currently buy property in Turkey from any country in the world, apart from those countries that do not allow Turkish citizens to buy their property. This doesn’t exclude many, but unfortunately it does citizens from many Arab countries across the Middle East.
Due to the Arab Spring and Turkey’s strong position in the Arab world, millions of Arabs are flowing into Turkey shopping and holidaying, and the fact that they can’t buy property in Turkey is more than likely hindering property sales considerably. Currently it is just a Bill, and a similar bill has already been rejected, but the AK Party has a much stronger majority now and the consensus is that the bill will be passed this time.
New Cheap Flights from Edinburgh to Dalaman
Last week saw UK budget airline Easyjet announce a new coverage of the Edinburgh to Dalaman route, to start flying from April 2012. Easyjet is one of the UK’s top budget carriers, and new coverage from Scotland will always be welcome news, especially when it is to top European tourist destinations like Dalaman.
Turkey Remains Fastest Growing Economy in World
The first quarter of 2011, saw Turkey become the fastest growing economy in the world in the year ending the first quarter. Data released by Turkstat in September shows that Turkey remained the fastest growing economy in the world in the year ending the first half of 2011 as well.
S&P Upgrades Turkish Credit Rating
Last week the international credit rating agency S&P (Standard & Poor’s) upgraded Turkey’s local currency rating to the investable rating of BBB-/A-3. Commenting on the upgrade S&P’s analysts Frank Gill and Leila Butt said “The local-currency upgrade reflects our view of continuing improvements in Turkey’s financial sector and the deepening of local markets”.
“The Turkish banking system is adequately capitalised and we expect the state will reduce its holding of some public sector commercial banks,” he added. Remarking on S&P’s upgrade UK’s Royal Bank of Scotland chief emerging markets economist Tim Ash said “says that they are less worried by public finances, but are still worried by the external financing position” but “Still welcome news”. Turkish Economy Minister Zafer Caglayan said “I was expecting such a decision but it is not enough”
Upgrades like this are of course good news for the property market, because they continually increase confidence that Turkey is a safe country to buy property, when there aren’t a lot of those around in Europe at the moment.