Turkey will grow more than Europe and United States in 2012

Organization for Economic Cooperation and Development (OECD) announced that Turkey will grow 3 percent in 2012 at a rate higher than Europe and the United States.


The report states that while the  three major EU countries such as Germany, France and Italy might have a mild recession predicted , only 0.2 percent economic growth is estimated for Euro Zone. The OECD states in the report that the European Central Bank needs to take a more active role in eliminating the crisis and the strengthening of the euro rescue fund.
The report of economic growth forecast for the United States in 2012  has been revised from 3.1 percent to 2 percent.

Historical Pera Palas Hotel again changing hands

Historical Pera Palas Hotel in Istanbul where Mustafa Kemal Ataturk made ​​the work of the War of Independence, hosted the famous names from Agatha Christie known the world-famous author with the detective novels to Queen II Elizabeth , Pierre Loti, Jacqueline Kennedy and Ernst Hemingway has been taken by Demet Sabanci Cetindogan who is the partner of Demsa holding the sole rights of many prestigeous international brands in Turkey.

Restored and re-opened in 2010 with the participation of Prime Minister Recep Tayyip Erdogan, Pera Palace Hotel owned by Ihsan Kalkavan since 2005 shook hands with Demet Sabanci Cetindogan.

Expectation of Reciprocity Law Change For Foreigners

For more cash flow into Turkish Economy from housing sales to the foreigners regardless of the basis of reciprocity arrangement for residential and commercial ownership in real estate sector in Turkey has created hope for property developers. From Gulf and Arab countries, the minimum expectation is being sold over 10 thousand properties in Turkey.

Environment and Planning Minister Erdogan Bayraktar said earlier days, "we will open the way for the sale of real estate to foreigners, regardless of the principle of reciprocity". This positive manner of Minister of Turkey's appreciated by the most luxurious project developers with 'Turning point in History', 'Good News', 'Date of Decision' assessments.  The half potential of expected number of properties sold is to be in Istanbul to the Gulf countries, Arab world , Russia, the Turkish republics, Iran and Azerbaijan.

A lot of attention to Istanbul

The booming after the removal of reciprocity is mostly expected by real estate authorities to take place in Istanbul. In particular, Arabs, Russians, Azeris, Kazakhs attached to the barrage of reciprocity , are showing interest  to Istanbul's central locations overlooking the sea for lifestyle and the outskirts targeted more profit in investment.
In addition, foreigners, is very popular in coastal regions.

Arab Spring draws big attention to Istanbul Property Market

Arab investors are now very much interested in buying property in Istanbul due to the political unrest in the Middle East and North Africa pushing Arab’s towards Turkey.

Wealthy Arabs generally can pay between $2 million to $30 million for luxury houses in top locations in Istanbul, whereas remaining Arabs look to spend between $70.000 and $250,000 for residence projects in outskirts of Istanbul.

One of the main reasons; ‘’Cultural Similarity ‘’ between Turkey and Arab countries and other religious connections play an important role for Arab buyers when deciding which country to invest in. Especially Turkish soap operas widely watched and followed in Middle Eastern countries also attract many wealthy Arab investors looking for luxury here. The country’s economic and political stability also encourages investors to consider Turkey for new investments.

Total Arab investments in Turkey totalled $10.6 billion last year as Arab’s looked to the Turkish real estate market to invest money in with a view to make a healthy profit.