Foreign trade using Turkish Lira jumps 72% According to a new report from an Agency where they cited data obtained from the Trade Ministry, Turkey’s trade in Turkish Lira is still enjoying the upward trend it enjoyed over the past year. The sanctions that have been put in place recently against Russia have served to reveal again how important trade using local currencies is. Imports and Exports in...

Foreign Direct Investment from the USA In 2020, foreign direct investment from the US topped 5.8 billion USD in total. Data also showed that in 2019, US owned affiliates employed almost 60,000 people. Eadeh said it is the US’ wish to develop Turkish-American economic ties and trade even further. She went onto to say that the growing economic relationship that the USA and Turkey enjoy, has led to the...

The amendment on the subsequent acquisition of Turkish citizenship was published in the Official Gazette. The amendment makes it possible to purchase real estate worth 400 thousand dollars. The legal amendment granting the right to become a citizen of the Republic of Turkey not at birth but afterwards was published in the Official Gazette. The legislative amendment, which will enter into force on June...

The Central Bank of the Republic of Turkey (CBRT) has come up with a new economic model that will be giving 4 percent interest on USD deposits to foreigners. The government of Turkey has embarked on this model in order to boost its foreign currency.  On the 29th of April 2022, the CBRT announced that it sold 1 billion 306 million dollars to the markets. The bank is doing this to maintain the exchange...

Housing Sales Statistics | Jannah Group Turkish Statistical Institute recently revealed the rates of housing sales statistics of March. According to the statistics, housing sales increased 20.6% in March when compared to the same month last year. The sales went up to 137 thousand 170 and Istanbul had the highest share with 17.9% as 23 thousand 974 house sales. Ankara and Izmir followed Istanbul on the...

Turkish Airlines Makes Big Planes For 4 Tourism Towns in Turkey Ahmet Bolat, the new chairman of the board of directors of Turkish Airlines has announced that the establishment has made major plans for Antalya, Dalaman, Bodrum-Milas and Izmir. It was announced that Turkish Airlines would make 388 flights a week from 47 cities in 29 countries to Antalya, Dalaman, Bodrum-Milas and Izmir next summer. In...

Revise Residential Property VAT On the 28th of March 2022, President Recep Tayyip Erdogan announced that the housing VAT will be increased in some areas and properties of a certain size. As many may know, property VAT is one of the fees that you have to pay on time because it benefits the community you reside in one way or the other. Some of it goes towards public safety, maintaining public schools,...

The Longest High-Speed Train Project in Turkey Noting that participation in the 500-kilometer-long Ankara-Izmir High-Speed Rail Project is the largest non-defense agreement in the history of the UK Official Export Credit Facility (UKEF), an official from UK said, “The EximBank of the United Kingdom will finance the construction of this longest high-speed train project in Turkey. I hope that we can...

The Average Price to Build a Property in Turkey The cost of constructing a new house in Turkey is determined by a variety of factors, each of which contributes to the overall cost of building your own home. The size of your property, the materials you choose, and the number of professionals you hire to finish the project are just a few of the major ones. For this reason, it's almost impossible to have...

13 of Istanbul’s Best Malls | Elegance, Tourism and Entertainment The malls of Istanbul are particularly well known due to the large size of their buildings, their various designs, and attractive sales, and the several activities they provide such as shopping, sports, entertainment and even housing. In the following paragraphs, we will show you some accounts of Istanbul’s famous malls and...