Turkey’s economy is outperforming the expectations of international financial institutions and remains one of the fastest growing members of the G20 – news that will be welcomed by foreign investors there in 2016.
Data from the Turkish Statistical Institute (TurkStat) released at the end of March showed that of all G20 countries, only China and India outpaced Turkey’s four per cent annual growth rate recorded during 2015. Encouragingly, TurkStat figures revealed 5.7 per cent GDP growth for the last quarter of 2015 alone.
This growth rate surpassed expectations by both the IMF and the OECD, but matched the Turkish government’s forecast in its Medium-Term Program.
Turkey’s Minister of Economy, Mustafa Elitaş, remarked: “Turkey also outpaced 23 EU members with four per cent growth. This success is the result of the last 13 years of resolutely implemented reforms, macroeconomic policies and our courageous exporters, industrialists and entrepreneurs.”
The last quarter of 2015 is the 25th consecutive period of growth in Turkey’s economy. The four per cent rate is also the highest in the last 17 quarters. The country grew by 2.9 percent in 2014.
In terms of property, Arabs remain the largest buying group in Turkey, as they continue to choose it as a safe haven for investment, with volatility in the Middle East deterring many from investing in the their home states.
Turkey’s domestic market is also underpinning property sales in urban hot spots, in particular Istanbul. In the past six years, an estimated six million jobs have been created in Turkey, boosting the middle classes and allowing huge numbers of people easier access to consumer goods and housing. The knock-on effects are benefiting suburban districts of Istanbul, such as Kadikoy, Bahcesehir and Beylikduzu, where new commercial and residential developments are springing up.