Economy – VIP PROPERTY

Erdogan congratulates Trump over US election win

admin — Thu, 16 Jul 2020 10:13:25 +0000

Turkish president says he looks forward to further strengthening bilateral relations.

ANKARA

President Recep Tayyip Erdogan congratulated over the phone Donald Trump for his victory in the U.S. presidential election.

According to a Turkish presidential source, Erdogan said he believed bilateral ties would strengthen further in the coming days.

The Turkish president said Turkey and the U.S. were allies that had “mutual respect, mutual profits and shared values,” the source said.

Trump and Erdogan also emphasized their determination to cooperate over regional and international issues, particularly counter-terrorism, the source added.

Erdogan later also tweeted: “I congratulate @realDonaldTrump on being elected as the 45th President of the US and look forward to further strengthening our relations.”

Trump is expected to take oath of office on Jan. 20 as the 45th president of the United States.

Source: Anadolu ajansı, AA

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One house sold every 2.5 minutes in Turkey in 2017

admin — Thu, 16 Jul 2020 10:12:31 +0000

A total of 440,226 houses changed hands in the first four months of 2017, the equivalent of 2.5 residential sales per minute, according to Turkish Statistical Institute’s (TÜİK) report released Wednesday.

With big real estate projects, the sector increased its diversity and thus offered investors and those looking to buy a house new opportunities.

Long-term sales also reflected positively on the market, and during the period between January and April residential sales increased by 7.42 percent to 440,226 sales. The same period saw an average rate of 3,668.55 sales per day, the TÜİK said.

According to the data, nearly 35 percent of the sales were made in Turkey’s three biggest cities – Istanbul, Ankara and Izmir. 76,099 houses changed ownership in Istanbul in 2017 so far, making up 17 percent of Turkey’s overall residential sales. Ankara and Izmir followed with 50,328 and 27,184 sales respectively.

Source: Daily Sabah

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Turkey’s Golden Visa—Obtaining Citizenship

admin — Thu, 16 Jul 2020 10:10:40 +0000

A slew of terrorist attacks plotted by the so-called Islamic State (ISIS), a failed coup attempt on July 15, poor performance of the Turkish lira against the U.S. dollar—it is hard to claim that 2016 was a good year for Turkey. Despite of the chain of unfortunate events of last year, the stability that Turkey has gained in the last 15 to 16 years has not been dramatically affected. Yes, we’ve struggled… The fear of going into a dark tunnel with no light at the end has increased as well as criticism that Turkey is now facing a dictatorship, but last year’s general election and the referendum of April 2017 have proven that the Turkish people want stability and have no intention of giving up on the gains of the last two decades.

The gains I’m referring to are multi-dimensional, not just economic (like the GDP’s stable increase) or social, and they’re helping to shape a new national identity and new lifestyle, as well.

Real Estate—The Sector Driving Turkey’s Growth

According to official figures, the manufacturing industry contributed 16.7% of GDP in 2015, down from 17.1% in 2003, the Justice and Development Party’s (AKP) first full year in power. The construction and real estate sectors, meanwhile, accounted for about 15.8% of GDP in 2015, up from 12.5% in 2003. Investment spending on construction is lifting values in almost every
sector, particularly in household durables and related services, as well as increasing activity in various service sectors such as real estate, finance, and transportation. Direct and indirect construction-related spending has reasonably accounted for about 40% of real economic growth from 2010 to 2016.
Urban renewal and megaprojects dominate the agenda for the foreseeable future, particularly in Istanbul. Some mega projects in this megacity include the Marmaray rail project, the Istanbul Canal, the third Bosphorus Bridge, and Istanbul’s third international airport, projected to be the largest airport in the world.

Adding to the urban renewal and megaprojects, growing population, increased income per capita, and ease of buying property are driving rapid growth of Turkey’s real estate sector. Real estate is playing a dominant role in the national economy and Turkey’s position in the international arena. Through 2015 to the beginning of 2016, the property market in Turkey, particularly in Istanbul, was doing explicitly well, as evidenced in articles published in The Telegraph and Global Property Guide, just to name a few. On the other hand, after the first quarter of 2016, and especially after
the failed coup attempt in July 2016, the market slowed down for international buyers. Despite the drop in foreign buyers, the number of sales in Turkey increased compared to 2015. In fact, the local market has not slowed down…

Number of House Sales (2015–2016)

Source: Turkish Statistics Institute (TUIK)—
Published on Jan. 24, 2017
Domestic buyers have been crucial to Istanbul’s rise. More than their Western European counterparts, Turkish investors have a preference for property over more liquid assets such as equities. Falling interest rates have helped make new home loans affordable. Real estate’s share in total bank loans is quite large and continues to increase. The Banks Association of Turkey says the share of real estate loans issued through financial institutions was 37.7%. A sharp fall in real estate business could push the Turkish economy into trouble.

Courting FDI
One of the key recommendations from the Organisation for Economic Co-operation and Development (OECD) published in July 2016 was for Turkey to “reduce barriers to foreign direct investment.” This helps explain why the Turkish government has decided to attract overseas property investors by loosening regulation on visa applications, as well as easing the path to citizenship.
On Jan. 12, 2017, a new regulation was published in the country’s Official Gazette (T.C. Resmi Gazete) stating that if a foreigner buys a property valued at US$1 million or higher, then the owner will be eligible for citizenship.
Applicants who meet two conditions, listed below, are eligible to apply for Turkish citizenship straightaway…

• The owner cannot sell the property for three years. In other words, the applicant/owner cannot transfer the Title Deeds (TAPU) to another person.
• The value of the property/properties must be assessed by the Ministry of Environment and Urbanization (Çevre ve Şehircilik Bakanlığı).

Applications to obtain citizenship can be done directly with the Governorships in the major cities or with the local District Governorships in the districts/counties. Applications can be done through some private agents/firms and also through a solicitor, the latter being highly recommended. The application process should take four or five months, from submitting the application
to getting the result. A criminal background check is required. This program is a unique opportunity, particularly for Middle Eastern middle-class families concerned about the uncertainty in the region. Istanbul, for example, is an ideal destination for them, as they can freely practice their religion while enjoying a Western lifestyle with their families and securing their children’s future. In Turkey, they can send their children to top-class schools and universities and access first-rate health care. Being a citizen of Turkey opens new doors for business, too, as Istanbul is turning into a crucial finance center and gateway between two worlds. Turkish citizenship means having room to maneuver both, and to reap the rewards accordingly.

Evren Erem was born in Istanbul, Turkey, in 1961, and holds a BA and MA in classics from Istanbul University. He moved to the U.K. in 1996, obtaining a Ph.D. in linguistics at Manchester University. He has worked as a research assistant at Istanbul University until 1996. Since 2001, he has been in the private sector (mainly in real estate and property management), and is now with Universal21 & VIP Property, where he’s been since 2013.

Source: Simon Letter July 2017

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VIP PROPERTY AT CITYSCAPE – DUBAI

admin — Thu, 16 Jul 2020 10:08:42 +0000

We are pleased to inform you that we have attended the Cityscape in Dubai between 11^th of September and 13^th of September 2017 with the developers for one of our recent projects called 211 Park & Plus. Overall, it was a very successful event, which is recognized as the annual barometer for the real estate industry in emerging markets and is one of the largest and most influential real estate events held globally, for us in terms of networking and expanding our business.

For the three-day event, 300 exhibitors from both local and international markets have arrived at Dubai World Trade Centre. One of the facts that made the event successful and exciting was the restrictions on direct sales has been lifted. As noted by James Morgan “there are many reasons for developers and real estate service providers to attend an exhibition like Cityscape, not least to showcase their latest wares. Indeed, the event saw a diverse array of high-profile participants, many of which unveiled their upcoming developments. Aldar Properties, Azizi Developments, Deyaar Development, Jumeirah Golf Estates (JGE), National Bonds Corporation, and Union Properties (UP) all launched projects at the show” (Source: http://www.constructionweekonline.com/article-46346-cityscape-global-2017-highlights-need-for-more-nuanced-sales-strategies/) According to Khaleej Times (14.09.2017), boosted by a year-on-year increase by 25% in visitor traffic during its first two days, Dubai Land Department (DLD) transactions registered a 186% increase while most big-ticket developers recorded overwhelmingly positive sentiment driven by onsite sales. Cityscape Global data partner Property Monitor have confirmed that the number of transactions for off-plan properties on the first day of Cityscape had grown to almost three times the size, jumping from 37 to 106, year-on-year. There is no doubt that the key appealing point was the attractive payment plans. It was also published some figures on Khaleej Times (12.09.2017): total value of projects in UAE as September 2017: $227.9 billion; value of buildings being developed in Dubai: $121.1 billion; number of building projects under way in UAE: 7,878; value of projects under way in Abu Dhabi: $64.3 billion.

Apart from some big launches from the biggest players in the regional real estate development, there were some new exhibitors this year including such as Arada (Sharjah), Aldar (Abu Dhabi), Imkan (Abu Dhabi), Oriental Pearls (Dubai), and Northacre from the UK. There were also some new developers at the Bahrain and Pakistan pavilions, which was quite weak in our opinion, whilst some 20 firms from South Korea have exhibited with Korean Tourism Organization, which was quite interesting. Cityscape have also given the opportunity to the visitors not only to meet with the developers, but also the brokers and financiers and some marketing companies (in a broad sense). Cityscape talks on each day have covered various interesting topics.

We have noticed that there is quite huge interest in off-plan projects with flexible payment plans. On the first day of Cityscape Global this year, a total of 107 off-plan units were transferred, whereas on the first day of Cityscape Global in 2016, only 36 off-plan units sold. Lynnette Abad, head of Property Monitor at Cavendish Maxwell, commented: “Due to the winning combination of low price point and attractive payment plan, developers have managed to lure the investor back into the market and have opened up the doors to first time buyers who couldn’t avoid to buy property before.” Individual investors have also made up a large proportion of attendees at this year’s Cityscape. (Source: http://www.cbnme.com/news/highlights-cityscape-global-2017/ )

We are proud of taking a part in this global event, which gave us a chance and opportunity to make some agreements with some big companies and to meet the international investors.

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House Sales Statistics, August 2017

admin — Thu, 16 Jul 2020 10:07:36 +0000

In August 2017, 120 198 houses were sold in Turkey

In Turkey, house sales increased by 4.7% in August 2017 compared to the same month of the previous year and hence, became 120 198. For the house sales of August 2017, İstanbul had the highest share of house sales with 15.6% and 18 696 sold house. The followers of İstanbul were Ankara with 12 630 house sales and 10.5% and İzmir 6 838 house sales and 5.7%. The least house sold provinces were Hakkari with 13 house sales, Ardahan with 16 house sales, Bayburt with 61 house sales.

Number of house sales, 2016-2017

In August 2017, 38 743 ownership of the houses changed by mortgage sales

The mortgaged house sales throughout Turkey became 38 743 by increasing 6.3% compared to the same month of the previous year. House sales with mortgage had a 32.2% share of all house sales in Turkey. Most of house sales with mortgage was in İstanbul with 6 590 sales. İstanbul was the first province in Turkey ranking that has most house sales with mortgage share with 17%. Mortgaged house sales had the highest share in Bilecik with 46.9% of all house sales.

Ownership of 81 455 houses changed by other sales

Other house sales in Turkey became 81 455 by increasing 4% compared to the same month of the previous year. In the other sales, İstanbul was the first province with 12 106 sales and 14.9% share. Other house sales had 64.8% share of all house sales in İstanbul. Ankara was the second province with 8 016 sales. Ankara was followed by İzmir with 4 347 sales. The least other house sales was realized in Ardahan with 9 house sales.

House sales by type of sales, August 2017 House sales by state of sales, August 2017

In house sales, 56 498 of houses were sold for the first time

First house sales in Turkey became 56 498 by increasing 5% compared to the same month of the previous year. First house sales had 47% share of all house sales in Turkey. The most first house sales was in İstanbul with 9 092 sales. İstanbul was the first province in Turkey ranking that had most first house sales share with 16.1%. The followers of İstanbul were Ankara with 4 780 house sales and İzmir with 2 837 house sales.

Ownership of 63 700 houses changed by second hand sales

Second hand house sales in Turkey became 63 700 by increasing 4.5% compared to the same month of the previous year. In the second hand sales, İstanbul was the first province again with 9_604 sales and 15.1% share. Share of the second hand sales was 51.4% in İstanbul in total house sales. Ankara was the second province with 7 850 sales and Ankara was followed by İzmir with 4_001 sales.

In August 2017, 1 684 houses were sold to foreigners

In house sales to foreigners became 1 684 by increasing 11.4% compared to the same month of the previous year. İstanbul was the first province with 524 sales in August 2017. The followers of İstanbul were Antalya with 376 house sales, Yalova with 103 house sales, Aydın with 101 house sales, Bursa with 100 house sales and Trabzon with 99 house sales.

Most house sales were made to Iraqi citizens according to country nationalities

Iraqi citizens bought 317 houses from Turkey in August. The followers of Iraq were Saudi Arabia with 198 house sales, Kuwait with 135 house sales, Russia with 95 house sales and Afghanistan with 81 house sales.

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We Have Just Launched Property Sales By Bitcoin

admin — Thu, 16 Jul 2020 08:50:34 +0000

Adil Yaman, CEO for VIP PROPERTY, has made some new warnings on reduction of Arab capital in the property sector in the recent weeks. He has emphasized that the Government’s implementations of the new regulations, which are regulating the real estate organisations and their commissions, will build up the confidence in the overseas investors/buyers by reducing particularly the overseas buyers’ complaints that ‘they have been deceived and the estate agents have applied higher commissions’ and he has confirmed that they will start selling the big projects they have been marketing by bitcoin.

Adil Yaman, CEO for VIP Property, has also confirmed that this has been tried by same companies in the past, but it was not successful as these companies did not have strong network; he has explained that they will issue the invoices in Turkish Lira (TL) corresponding bitcoin, and that in 3 months they are expecting a $50 million turnover from the sales of the first phase projects through the agents’ network in over 30 countries and an effective advertisement campaign. He has stated that there will be no restrictions on the money transfers due to the fact that bitcoin is universally accepted as an exchange currency and this will make things easier for the investors who want to invest in Turkey, but struggling to take the money out of their country.

Adil Yaman has finalized his words by stating that they, as an innovative company in the sector and as a company that have been always focusing on establishing the global service level and quality in Turkey, will continuously keep working hard.

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House sales in Turkey rise 5.1 percent in 2017

admin — Thu, 16 Jul 2020 08:49:13 +0000

The number of property sales in Turkey rose 5.1 percent in 2017 compared to the previous year, the country’s statistical authority TurkStat said on Friday.

House sales in 2017 exceeded the record from 2016, as more than 1.409 million residential properties were sold last year, while the figure was 1.341 million units in 2016.

Last year, Istanbul – Turkey’s largest city by population and one of its top tourist draws – had the largest share of house sales with 16.9 percent, or 238,383 houses.

TurkStat said Ankara and the Aegean province of Izmir racked up 150,561 (10.7 percent) and 84,184 (6 percent) of total housing sales, respectively.

However, house sales decreased by 6.8 percent in December 2017, compared to the same month of the previous year, and stood at 132,972 units.

For house sales in December 2017, Istanbul had the highest share with 17.2 percent and 22,932 properties sold.

It was followed by Ankara with 12,868 and Izmir: 8,305, of 9.7 percent and 6.2 percent, respectively.

“In Turkey, 473,099 of all sales were mortgaged sales and 936,215 were other house sales,” the institute said.

Some 838,000 houses or 59.4 percent were bought by men, and about 409,500 houses or 29.1 percent were bought by women, TurkStat said, while over 29,000 houses or 2.1 percent were bought jointly by women and men.

House sales to foreigners up 22.2 percent

Official data showed that property sales to foreigners in Turkey rose 22.2 percent year on year in 2017.

“In house sales to foreigners, Istanbul was the number one province with 8,182 sales in 2017,” TurkStat said.

The Mediterranean resort city of Antalya was number two, with 4,707 sales to foreigners, followed by Bursa with 1,474 and Yalova with 1,079.

TurkStat data said the largest number of house sales by nationality went to Iraqis, who bought 3,805 houses in 2017, followed by Saudis with 3,345, Kuwaitis with 1,691, Russians with 1,331 and Afghans with 1,078.

In December 2017, 2,164 houses were sold to foreigners, with Istanbul leading the way with 802, followed by Antalya with 378, Bursa with 188 and Yalova with 141.

In December, Iraqi citizens bought 418 houses in Turkey, followed by Saudis with 271, Kuwaitis with 151 and Russia 129.

TurkStat will release its next property sales report on Feb. 21.

Kaynak: Daily Sabah

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House Sales Statistics, December 2017

admin — Thu, 16 Jul 2020 08:48:07 +0000

In Turkey, 1 409 314 houses were sold in 2017

In Turkey, house sales increased by 5.1% in 2017 compared to the previous year. For the house sales of 2017, İstanbul had the highest share of house sales with 16.9% and 238 383 sold house. The followers of Istanbul were Ankara with 150 561 house sales with 10.7% and İzmir 84 184 house sales with 6%. The least house sold province is Hakkari with 124 house sales. In Turkey, 473 099 of all sales were mortgaged sales and 936 215 are other house sales.

Number of house sales, 2016-2017

In December 2017, 132 972 houses were sold in Turkey

In Turkey, house sales decreased by 6.8% in December 2017 compared to the same month of the previous year and hence, became 132 972. For the house sales of December 2017, İstanbul had the highest share of house sales with 17.2% and 22 932 sold house. The followers of İstanbul were Ankara with 12 868 house sales and İzmir 8 305 house sales with the share of 9.7% and 6.2% respectively. The least house sold provinces were Hakkari and Ardahan with 11 house sales, Bayburt with 52 house sales.

In December 2017, 34 029 ownership of the houses changed by mortgage sales

The mortgaged house sales throughout Turkey became 34 029 by decreasing 30.7% compared to the same month of the previous year. House sales with mortgage had a 25.6% share of all house sales in Turkey. Most of house sales with mortgage was in İstanbul with 6 516 sales. İstanbul was the first province in Turkey ranking that has most house sales with mortgage share with 19.1%. Mortgaged house sales had the highest share in Ardahan with 45.5% of all house sales.

Ownership of 98 943 houses changed by other sales

Other house sales in Turkey became 98 943 by increasing 5.7% compared to the same month of the previous year. In the other sales, İstanbul was the first province with 16 416 sales and 16.6% share. Other house sales had 71.6% share of all house sales in İstanbul. Ankara was the second province with 9 101 sales. Ankara was followed by İzmir with 6 061 sales. The least other house sales was realized in Ardahan with 6 house sales.

House sales by type of sales, December 2017 House sales by state of sales, December 2017

In house sales, 66 661 of houses were sold for the first time

First house sales in Turkey became 66 661 by decreasing 7.1% compared to the same month of the previous year. First house sales had 50.1% share of all house sales in Turkey. The most first house sales was in İstanbul with 11 512 sales. İstanbul was the first province in Turkey ranking that had most first house sales share with 17.3%. The followers of İstanbul were Ankara with 5 119 house sales and İzmir with 3 885 house sales.

Ownership of 66 311 houses changed by second hand sales

Second hand house sales in Turkey became 66 311 by decreasing 6.5% compared to the same month of the previous year. In the second hand sales, İstanbul was the first province again with 11_420 sales and 17.2% share. Share of the second hand sales was 49.8% in İstanbul in total house sales. Ankara was the second province with 7 749 sales and Ankara was followed by İzmir with 4_420 sales.

In Turkey, 22 234 houses were sold to foreigners in 2017

House sales to foreigners increased by 22.2% in 2017 compared to the previous year. In house sales to foreigners, İstanbul was the first province with 8 182 sales in 2017. Antalya was the second province with 4 707 sales. Antalya was followed by Bursa with 1 474 sales and Yalova with 1 079 sales.

In December 2017, 2 164 houses were sold to foreigners. İstanbul was the first province with 802 sales in December 2017. The followers of İstanbul were Antalya with 378 house sales, Bursa with 188 house sales and Yalova with 141 house sales.

Most house sales were made to Iraqi citizens according to country nationalities

Iraqi citizens bought 3 805 houses from Turkey in 2017. The followers of Iraq were Saudi Arabia with 3 345 house sales, Kuwait with 1 691 house sales, Russia with 1 331 house sales and Afghanistan with 1 078 house sales.

In December, Iraqi citizens bought 418 houses from Turkey. The followers of Iraq were Saudi Arabia with 271 house sales, Kuwait with 151 house sales, Russia with 129 house sales.

In Turkey, 837 928 men and 409 453 women became the owner of house in 2017

While 837 928 houses with share 59.4% were bought by men and 409 453 houses with share 29.1% were bought by women, 29 178 houses with share 2.1% were bought jointly by women and men in general of Turkey. İstanbul ranked the first in terms of the number of houses purchased by women with 64 147 and 15.7% share in Turkey. While men bought 137 067 houses in İstanbul, 7 162 houses were bought by men and women jointly. The lowest number of houses sold to women was in Ardahan with 29 sales while Hakkari had the lowest number of houses sold to men with 89 sales.

Kaynak: Turkstat

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KNIGHT FRANK’S REPORT: Q3 2017

admin — Thu, 16 Jul 2020 08:44:43 +0000

Knight Frank have recently published the residential house price index for the 3^rd quarter of 2017, which shows that the growth weakens. The overall result is that the index increased by 5.1% year-on-year compared with 6.3% last quarter, which represents the index’s lowest rate of annual growth since the start of 2016. The striking point is that the shift was most evident at the top of the rankings table: 13 of the 15 strongest performing housing markets around the world registered a slowdown in their rate of annual growth in the year to September.

According to the Q3 Index, Iceland leads the annual rankings with average prices ending the year to September 20.4% higher, down from 23.2% last quarter. Hong Kong is holding the second position in Knight Frank’s ranking, whereas Ukraine is the weakest performing market, and naturally it is at the bottom of the ranking. Turkey’s position in the ranking is still strong: 6^th with 11.1% growth even though the growth has slowed down compared to the first two quarters in 2017 – 13.3% in Q1 and 12.4% in Q2. According to Knight Frank’s report, here is the point, Turkey is holding the 1^st position over 5 years to Q3 2017; the overall growth is 95.3%. It is worthwhile to note that 11.1% growth of Turkey is almost double compared to the average growth of 5.6% in Europe. The UK market has incurred a marginal dip from 2.8% to 2.6%, and its position in the ranking for Q3 2017 is 42^nd. New Zealand slipped from 10th place to 27th as annualised price growth declined from 10.4% to 5.2%, which is not surprising (please check the article on our website on New Zealand). Chinese market has slowed down (dropped from 12^th to 19^th position).

For full list and further details, please check the following link: http://content.knightfrank.com/research/84/documents/en/global-house-price-index-q3-2017-5139.pdf

Evren Erem, VIP Property

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PwC Report – “The Long View:

admin — Thu, 16 Jul 2020 08:42:02 +0000

In February 2017, PwC have published an important report on how will/could be the global economic order in 2050. The report, as very much rightly emphasized by the Chief Economist John Hawksworth, the report has been drafted by “taking a longer term view of global economic prospects that looks beyond the short-term ups and downs of the economic and political cycle, which are indeed very difficult to forecast”. By 2050 PwC project that China will be the largest economy in the world by a significant margin, and US of the second place will be replaced by India and Indonesia have risen to fourth place. One of the striking predictions is that the EU27’s share of global GDP could have fallen to below 10%. It is also claimed that the world economy will more than double in size between now and 2050, far outstripping population growth. The projected shift to E7 economies is worthwhile to note: in 1995 E7 were half of the size of G7 countries, in 2015 they were around the same size of G7 and in 2040 E7 economies could be doubled size of G7 economies.

Here are the key findings:

It is projected that the world economy could more than double in size by 2050, assuming broadly growth friendly policies (including no sustained long-term retreat into protectionism) and no major global civilisation-threatening catastrophes.
Emerging markets will continue to be the growth engine of the global economy. By 2050, the E7 economies could have increased their share of world GDP from around 35% to almost 50%. China could be the largest economy in the world, accounting for around 20% of world GDP in 2050, with India in second place and Indonesia in fourth place (based on GDP at PPPs).
A number of other emerging markets will also take centre stage – Mexico could be larger than the UK and Germany by 2050 in PPP terms and six of the seven largest economies in the world could be emerging markets by that time.
Meanwhile, the EU27 share of world GDP could be down to less than 10% by 2050, smaller than India.
We project Vietnam, India and Bangladesh to be three of the world’s fastest growing economies over this period. UK growth has the potential to outpace the average rate in the EU27 after the transitional impact of Brexit has passed, although we project the fastest growing large EU economy to be Poland.
Today’s advanced economies will continue to have higher average incomes, but emerging economies should make good progress towards closing this gap by 2050. This will open up great opportunities for businesses prepared to make long-term investments in these markets. But this will require patience to ride out the storms we have seen recently in economies like, for example, Brazil, Nigeria and Turkey, all of which still have considerable long-term economic potential based on our analysis.
To realise this growth potential, emerging market governments need to implement structural reforms to improve macroeconomic stability, diversify their economies away from undue reliance on natural resources (where this is currently the case), and develop more effective political and legal institutions.

According to the projects GDP rankings (at PPPs) Turkey will climb up to the 11^th position from its current position of 14^th. Basar Yildirim, the Chief Economist for PwC Turkey “if Turkey can overcome its short term political uncertainties and focus its attention on reforms in all needed areas, the country can provide great long-term business opportunities with its favorable demographics and geopolitical position. According to our estimates, Turkey has the potential to grow at an annual average rate of around 3% over the next 34 years – the fastest of the European countries in this study – compared to 1.6% on average for the G7 countries. Therefore, the country is projected to become the world’s 14th largest economy as of 2030 in PPP terms and will reach 13th by 2050 if it manages to implement significant structural reforms. In this case, Turkey could also maintain its second position in 2050 within the E7 countries in terms of GDP per capita in PPP terms.”

For further details, please check the full report on the link below.

pwc-the-world-in-2050-full-report-feb-2017

Evren Erem, VIP Property

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