Turkey Financial News

Posted by meb at July 10th, 2008

News in the foreign press pertaining to Turkey’s real estate sector experienced a surge in the aftermath of the approval of a bill by Parliament on July 5 that regulates property sales to foreigners. The attention paid to Turkey’s real estate sector, which is characterized by low prices, has been increasing, wrote British newspaper The Times, adding that prices in the sector are expected to skyrocket if Turkey manages to join the European Union.

“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote. (more…)

Posted by meb at July 5th, 2008

Parliament passed a bill late Thursday regulating property sales to foreigners after it was re-arranged bearing in mind the Constitutional Court’s annulment of previous legislation.

Foreigners and foreign foundations will be able to own up to 10 percent of land within a building scheme, according to the new amendment. In case of liquidation of foreign companies in Turkey, the legislation will apply certain limitations which will enable foreigners to buy land in strategic and important areas only through special permission. (more…)

Posted by meb at July 4th, 2008

Parliament yesterday passed a bill on property sales to foreigners, drafted taking into consideration a Constitutional Court decision revoking a previous law on the matter.

Foreign citizens and companies will now be able to buy real estate in Turkey. However, sales of land in areas under protection, designated as irrigation, energy, agricultural, mining, religious or cultural sites or due to their flora or fauna as well as strategic areas with security considerations are not allowed. Areas will be designated as such by the Cabinet. (more…)

Posted by meb at June 30th, 2008

Trade volume in Turkey’s free trade zones increased 14 percent to $11.1 billion in the first five months of 2008 when compared to the same period last year.

According to figures from the Foreign Trade Undersecretariat, the İstanbul Leather Free Zone exported $2.5 billion of products, while the Aegean Free Zone exported $1.7 billion and İstanbul-Atatürk Airport (AHL) $1.3 billion in the first five months of 2007. (more…)

Posted by meb at June 27th, 2008

The head of the International Investors Association (YASED) has stated that Turkey’s poor performance with respect to intellectual property rights (IPRs) and trademark protection is impacting foreign investment in the country.

YASED President Tahir Uysal told the Anatolia news agency there is social resistance to the issue of intellectual property rights and that Turkish lawmakers and law enforcement officials have a lack of awareness on this issue that is an extension of this resistance. “For instance, when you ask in a survey, ‘Do you want the people who sell counterfeited products to be punished?’ you get 60 percent ‘yes,’ but 40 percent of the people interviewed still say that such people should not be punished,” he noted. (more…)

Posted by meb at June 13th, 2008

Parliament yesterday debated the law that regulates the sale of land to foreigners. Some experts believes the new act will allow for more land to be sold to foreigners, while others believe it will bring more limitations, as it will make the procedures more confusing.

Yet, another long-standing issue is will selling land to foreigners become a threat to Turkey’s security and independence?

“It should not be overlooked that taking hold of land [by foreign entities] will also mean giving away political and cultural independence,” read a press statement by the Union of Chambers of Turkish Engineers and Architects, or TMMOB. (more…)

Posted by meb at June 8th, 2008

Exporters and both Turkish and Russian business councils reacting to the decision of Russian authorities to ban imports of some Turkish agricultural products highlight Russia’s high standards for agricultural imports and the significance for Turkey of trade between the two nations.

Last Friday, Russia’s agricultural regulator, the Federal Veterinary and Phytosanitary Control Service (Rosselkhoznadzor), announced that it would suspend Turkish agricultural imports beginning June 7 following the discovery of high levels of chemical fertilizer in certain products. The agency said around 4 million tons of agricultural produce that Turkey exported to Russia in 2008 contained pesticides and nitrate traces in “amounts significantly exceeding the maximum permitted levels set by Russian law.” (more…)

Posted by meb at June 6th, 2008

Turkish real estate agents and foreign buyers remain at loggerheads over Parliament’s failure to pass a law regarding the purchase of property by foreigners.

Despite the government’s promise to pass the law as soon as possible, recent political tensions have stalled the necessary amendments to Turkey’s Title Deed Law, halting all sale of property to foreigners for the moment.

With the advent of summer, foreigners, who believe they have purchased property in Turkey, are arriving by charter planes only to find they cannot collect their property because of legislative delays – a situation that is making real estate agents furious over the delay in passing the law. (more…)