Flexing Powerful Muscles: Turkey Has Entered the Mainstream and Become a Favoured Destination for International Real Estate Investment Capital
In Part 1 of this article on Turkey, the authors discuss the country’s macroeconomic and political environment. Part 2, in the next issue, will look at how the favourable demographic and economic trends have resulted in growth in consumer spending and widespread real estate development, particularly in the retail sector and the shopping centre subsector.
Turkey is the sixth largest economy in Europe and the 17th largest in the world. It is growing from a starting point as large as the Dutch economy at 8–10 percent per year, which means that its economy doubles in size every seven to nine years. This impressive growth is driven by the government’s and the people’s attitude in reaching out for new wealth and success. Today’s skillset ranges from producing food for the European market, the automotive industry, aeronautical components and white goods manufacturing to the production of luxury yachts. The country’s geographical location allows easy access to ma