Turkey Financial News

Posted by meb at November 3rd, 2008

Turkey’s trade deficit shrank unexpectedly in September as a weaker Turkish lira, or YTL, helped boost exports to neighboring countries and reduce demand for imported goods.

The gap narrowed to $5 billion from $5.4 billion a year earlier, Turkish Statistical Institute, or TÜİK, in Ankara said on its Web site late Friday. The deficit, which narrowed for the first time since April 2007, was forecast at $5.8 billion, according to the median estimate of 12 economists surveyed by Bloomberg.

“Our exports are growing and at the same time capital goods and consumption imports are losing momentum,” said Ozan Gazitürk, an economist at Şekerbank in Istanbul. “Turkish companies have less tendency to invest and buy imports.” (more…)

Posted by meb at October 30th, 2008

Representatives of the International Monetary Fund met with Turkey’s Mass Housing Administration, or TOKİ, for the first time Monday, to find out the challenges faced by Turkey’s housing industry.

The IMF committee, which included Rachel Van Elkan, who will become IMF chief to Turkey, and IMF representative Davide Lombardo, met withTOKİ chief Erdoğan Bayraktar and other TOKİ officers for 1.5 hours.

“Does Turkey confront problems in the financing of the houses?” asked the IMF committee during the meeting. They also wanted to know whether the provision of mass housing could provide a model for other countries.

The IMF committee was informed about the institutional structure and major activities of TOKİ, while TOKİ officers gave a visual presentation on the administration’s areas of operation. (more…)

Posted by meb at October 29th, 2008

The crisis that started in the United States and has spread globally has started to affect Turkey as well. In these difficult times, shopkeepers and tradesmen are looking to stay afloat, which may mean letting go of some of their real estate holdings.

These conditions provide opportunities for both investors and people who need real estate, commented Retürk Real Estate Board President Aşkın Çınar. “There are a lot of people who sell during a crisis. Anyone who is about to hit bottom sells,” said Çınar.

Çınar, using the expression “crisis equals opportunity,” said now is a good investment time for people looking for real estate because the biggest opportunities take place during a crisis. Real estate prices drop when there is a crisis and there is room for prices in Istanbul to drop even lower, said Çınar. You might never find opportunities like this again. (more…)

Posted by meb at October 25th, 2008

The rent and the prices of the flats in one of Istanbul’s oldest neighborhoods, Beyoglu, continues to rise despite the global financial crisis due to urban renewal plan undertaken in the region, Hurriyet daily reported.

Around 3,500 buildings have been restored and the local municipality has started a rigorous urban renewal plan called the Beautiful Beyoglu Project, the report said.

Restored buildings in Istanbul’s hip Beyoglu neighborhood have broken sales records despite the global crisis, thanks to the area’s historical importance and central location. (more…)

Posted by meb at October 24th, 2008

The Construction Cost Index for the third quarter of 2008 has declined by 7.56 percent compared to the previous quarter of this year, reported the Turkish Statistical Institute, or TUİK, on its Web site. However, the level has increased by 12.33 percent compared to the last quarter of last year and risen by 12.92 percent compared to the third quarter of that year. In addition, the Construction Cost Index has experimented with a 13.19 percent hike compared to the averages of the four quarters of the previous year, according to TUİK.

Meanwhile, the Labor Index concerning the third quarter of 2008 has experienced a 3.04 percent increase compared to the previous quarter of the same year, while the Construction Materials Price Index has decreased by 10.28 percent during the same time span. (more…)

Posted by meb at September 23rd, 2008

The Turkish real estate sector will experience a period of stagnation due to the global financial turmoil stemming from the collapse of the US subprime mortgage market, a real estate sector representative has predicted.

Association of Real Estate Investment Companies (GYODER) President Bekir Cumurcu told the Anatolia news agency that he expects a slowdown in the Turkish real estate sector to begin early next year and persist until 2010.

Pointing to the unprecedented developments in global markets, Cumurcu said he does not anticipate a recovery in the short term. He noted that the real estate sector is among the most fragile sectors and that the global financial crisis therefore is having a much greater effect on it compared to other sectors. Stating that it will take time for the sector to bounce back from the negative impact of the crisis, he said the growth in the sector will start to decelerate in 2009. (more…)

Posted by meb at September 4th, 2008

The ambassadress of Norway to Turkey forecast on Thursday that the number of Norwegian tourists visiting Turkey would be over 200,000 by the end of 2008.

Cecilie Landsverk, the Norwegian Ambassadress in Ankara, said that her country predicted that the number of Norwegian citizens visiting Turkey in 2008 would exceed 200,000.

Turkey had become a very popular tourist destination for the Norwegians, Landsverk said.

Landsverk said that Norway’s population was around 4.7 million and that the number of Norwegians visiting Turkey was fairly high when the population was taken into consideration. (more…)

Posted by meb at August 30th, 2008

Not being a member of the European Union, or EU, has not affected Turkey’s real estate market, reported an international property website citing a property expert.

Although Turkey is still on the waiting list to become a member of the EU the real estate market of the country has been booming already, said Liam Bailey, Property Wire’s global markets expert on propertyshowrooms.com.

One of the greatest advantages the market has is that prices remain “relatively low,” despite increasing by between 30 and 40 percent in the past two years, he said. An example of this is that a two-bedroom apartment in Dalaman, a small Mediterranean farming town situated between Marmaris and Fethiye, can be bought for as little as 40,000 pounds, he added. (more…)