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Investing in the future, an overview of the Turkish economy

According to the International monetary funds semi annual world economic outlook, Turkey has the 19th largest economy in the world in terms of GDP in 2005. In the prior years it achieved growth rates of 5.9%, 9.9% and 7.6%. As global investment bank Morgan Stanley has pointed out, cumulative growth over the past 4 years has been 32%. The bank agrees with Turkey’s economic planners who are expecting growth to average 7% in the period from 2007 – 2013.

Price Waterhouse Coopers has identified Turkey as one the seven largest emerging economies in the world; they forecast that by 2050 that these economies will be around 25% larger than the current G7 (US, Germany, UK, Japan, France, Italy and Canada) measured in dollar rates at market exchange rates.

Properties in Alanya have capital appreciation as 70% of the population are under 30, so there will always be a need for housing. This is the key to capital appreciation for a secure investment.

The difference between Turkey and other emerging countries is that Turkey is benefiting from growing popularity as a holiday destination and has already an established mature market from Tourism which accounts for 18 billion in revenues from tourism, mostly from Western Europe.

Turkey is an EU candidate with expected accession of Turkey to join the E. U. This is a factor that will contribute to Turkey’s property market. Prices are expected to double, treble within a few years. New regulations designed to stimulate growth for foreigners buying property in Turkey have also contributed to the recent boom to the purchase of second homes.

BANKING

All banks are subject to the banks actand related governing building laws.
the national monetary unit is the new TURKISH LIRA (YTL) and the new kurus coinage . the exchange rate for foreign currencies are advertised daily in the banks and local newspaper the euro is widely accepted throughout Turkey.

Bank notes are in denominations of 100 YTL, 50 YTL ( the 50YTL has a remarkable resemblance to the 50 euro note so be aware of this as it can easily be mistaken) 20YTL, 10 YTL ,5YTL, 1YTL,

All major credit cards are accepted , laser cards can be used in any of the ATMS (provided it has the cirrus mark on the back of your card) cash dispensers located on main streets and shopping centres and banks . you can withdraw Turkish lira or euros.

Foreign investment has begun to flood into the country , Turkeys economic development plan is anticipating that foreign direct investment will average 12 billion a year from now until 2013.

FOREIGN MORTGAGE

Since february 2007 the law has been passed now for foreigners to take out mortgages in Turkey . we are personally on hand to assist you with obtaining a turkish mortgage ;

REQUIREMENTS ARE AS FOLLOWS

application form
copy of passport
military clearance form
detailed 3 month bank statement
employment status form

2014-10-18 tarihinde yayınlandı.

 
 
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