Turkey’s development during the previous two decades has contributed to the country’s real estate market ranking among the best in the world. This article will focus on the culture in Turkey, Turkey’s food culture, economic development in Turkey, and the real estate market in Turkey.
The Republic of Turkey was established in 1922 after the overthrow of Sultan Mehmed VI by the new republican parliament.
However, Turkey’s development did not improve for a very long period, until when the Justice and Development Party (AKP) came to power in 2002.
The economic development in Turkey has come to be associated with success and well-implemented reforms.
Turkey’s development has passed through centuries in a record time that has amazed the whole world, so that it has become a competitor of the main European countries, whose strength should not be underestimated, despite the fact that it was only a developing country 20 years ago.
Turkey’s Development Overview
Economic development in Turkey was the basis for social and political stability within the country as well as the AKP’s ambitious foreign policy agenda.
By focusing on all fields on which the state is based at the same time, in order to maintain balance within the country, and therefore the ability to realize Turkey’s development goals.
Economic Development in Turkey
The last decade was a period of economic development in Turkey between 2002 and 2007.
The economic development in Turkey grew at an annual rate of 7.2%, and the global financial crisis affected Turkey relatively well.
This occurs after the GDP growth slowed to just 0.6% in 2008 and then the subsequent recession (which saw a 4.6% contraction in GDP), the economic development in Turkey rebounded strongly, producing 8.8% growth in 2010 and 9.2% in 2011.
Economic success was due to a series of reforms initiated by Economy Minister Kamal Darwish during the 1999-2001 economic crisis, and in part to IMF bilateral programs implemented between 2000 and 2001.
These reforms were carried on by the Justice and Development Party after it obtained a parliamentary majority in the 2002 elections, stabilizing the country’s political environment and creating the necessary conditions for reformulation.
Turkey’s development in the economic field has a positive impact on its growth and the development of the Turkish real estate market.
Additional Information to The Economic Development in Turkey
Turkey’s development benefited from natural conditions, such as its geographical location, its proximity to the European Union countries, as well as from its rising population, where it increased by ten million people to reach 75 million.
Turkey’s development has also profited from the global economic recovery by initiating accession talks with the European Union, which served as a motivator for more reforms and improved the country’s reputation among foreign investors.
One of the effects of the reforms was the emergence of a new class of new entrepreneurs in Central Anatolia, creating a traditional ally of the industrial class centered in and around Istanbul.
Small and medium-sized business owners in central Turkey who support the AKP have become the primary factors of Turkey’s former port’s expansion in the MENA area.
The GDP growth of Turkey and the rising purchasing power of the population, along with the public’s view that Turkey development is going up, all contributed to the AKP’s popularity and served as the foundation for Ankara’s ambitious foreign policy.
Turkey’s political and economic model was warmly embraced by the European Union and other Middle Eastern countries, and it was to be used as a prospective export product.
Turkey’s economic growth has also arisen to Ankara’s ambition to play a leadership role in the Middle East and be regarded as an equal partner by the European Union.
Business Development in Turkey
Turkey’s industrial production increased 10.8 percent each year in April 2022, following an upwardly revised 9.8 percent increase in March and far beyond market expectations of a 7.95 percent increase.
Among the sub-sectors, production rose the fastest in non-durable consumer goods (18.4 percent versus 16.4 percent); followed by capital goods (13.2% vs. 4.9%); intermediate goods (8.1 percent vs. 9.0 percent); durable goods (5.8% vs 7.8%); and energy (2.4% vs. 6.1%).
In Turkey, industrial production measures the output of companies incorporated into the industrial sector of the economy.
Manufacturing is the most important sector and accounts for 84 percent of total production.
The largest manufacturing sectors are: food products (16% of total production). base minerals (11%); cars, trailers and semi-trailers (9 percent); textile (8%); other mineral products (6%); rubber and plastic products (5 percent); chemicals (5 percent); electrical equipment (5 percent); ready-to-wear clothes (5 percent); and manufactured metal products (5 percent).
Business development in Turkey played an integral role in the Turkish real estate market, as many businessmen transferred their businesses to Turkey and invested in Turkey’s real estate market.
The Development of The Real Estate Market in Turkey
The dynamics of real estate prices in Turkey outperformed the European Union, as Turkey ranks first in the Eurostat housing price index among European countries.
From 2010 to the fourth quarter of 2021, the value of the real estate market in Turkey climbed by 427 percent.
The Central Bank of Turkey updated the residential real estate price index in February 2022. During this year, housing prices increased by an average of 96.4% in the country, and in the largest Turkish city, Istanbul, prices increased by 106.3%.
Turkey’s Development in Education
For Turkey’s development, the social and economic progress will also require targeted educational reforms to meet the challenges in this area.
In 2012, the ruling Justice and Development Party introduced a new “4 + 4 + 4” education model, which separated the school system into three four-year segments: elementary school, middle school, and high school.
Turkey’s Development in Health
Turkey is a thriving market for medical technologies and healthcare services, with a population of 83 million people.
The Ministry of Health, which is responsible for planning and implementing healthcare policy, is also the largest provider of healthcare services in Turkey.
Turkey’s health spending in 2020 was $35 billion, or 4.7 percent of GDP, which is comparatively low when compared to the OECD average of 8.8 percent.
The comprehensive healthcare system in Turkey covers 95 percent of the population and accounts for 78 percent of overall healthcare expenditures.
Turkey launched a big healthcare project in 2003 to improve access to healthcare. The Social Security Institute (SGK) has begun to reward private hospitals that have committed to offer health care to public insurance users at public reimbursement rates under this transformative initiative.
The Ministry of Health has also used the Public-Private Partnership (PPP) model to build new public hospitals and renovate the existing ones.
There are currently 895 public hospitals, as well as 63 universities and 575 private hospitals in Turkey with a total of 237,500 hospital beds.
The PPP model has been used to develop thirteen new general hospitals, with five more under construction, contributing to around 10% of Turkey’s total hospital bed capacity.
Today, almost all the advanced medical technologies are available in the Turkish hospitals. Turkish hospitals have 43,488 ICU beds, and 75% of which are equipped with respirators.
Turkey’s Development in Science
The public sector has to play a supporting role in creating the conditions for technology development in Turley to ensure the country’s integration into the global market; this change of direction also shapes the country’s science policy.
One of the indicators of the effectiveness of the various institutions of science and development is the provision of information by the concerned institutions.
The following ratios show the distribution of information centers in different research and development institutions in Turkey.
Universities 38%, public sector 31%, private sector 16%, foreign organizations 4%, international organizations 4%, non-profit organizations 2%, others 5%.
Turkey’s development in the science and technology fields contributed to the progress of the Turkish real estate market by providing the latest technologies and devices for use in the Turkish real estate market.
Turkey’s Development in Military
On July 15, 2018, Turkish President Recep Tayyip Erdogan issued an order to reform the army and its structure.
One of the primary tasks of this reform was the conversion of many motorized infantry units into commando brigades, which increased from five in 2002 to 12 in 2015 and 16 in 2018.
The main task of these forces was to conduct special missions and to be trained on new advanced weapons and medical methods.
These reforms and deployment of advanced equipment were tested on the ground, paving the way for Turkey to employ hard power in managing regional affairs and shift the balance of power in some countries.
The Culture of Turkey
The Turkish government supported historical and linguistic communities dedicated to preserving the magnificent Turkish history and instilling pride in the hearts of the country’s citizens.
Additionally, the culture of Turkey is so efficient that most residents identify as ethnically and nationally Turkish, regardless of their non-Turkish ancestors.
Read more: The Best Investment in Turkey for Foreigners
The Culture in Turkey and Customs
Housing patterns in tiny towns and villages were determined by tradition, family structure, the environment, local building materials, and income in ancient times.
According to the culture of Turkey, most of the houses were divided into selamlik (public reception room) and harem (private family residences).
In traditional houses, male visitors are restricted to the selamlik, where they chat with male family members, while women live in the harem.
Many of which also include an enclosed garden where females can do some of their homework and chat with the neighbors.
Read more: Why is Bosphorus Bridge in Istanbul Famous?
Islamic Culture in Turkey
About 98 percent of Turkey’s citizens are Muslims, of whom about 80 to 85 percent are Sunnis from the Hanafi school and 15 to 20 percent are Shiite sects (mostly Alevis).
Turkish Muslims recognize the Islamic belief and duties, and they keep the rituals of fasting and pilgrimage to Mecca in particular.
For most Turks, Islam plays an important role in daily life, naming after birth, circumcision of children, marriages, and funerals.
The state controls religious education and most of the clergy by supervising schools that train Sunni imams and certifying imams as civil servants working in the community’s mosques.
In recent decades, the revival of basic Islam has been supported by about 20 percent of the population. A small percentage of the population participates in Sufi orders and brotherhoods.
The most important event in the Islamic calendar of Turkey is Ramadan, the month of lunar fasting. Laylat al-Qadr, on the twenty-seventh day of the month of Ramadan; Eid al-Fitr, a three-day national holiday at the end of Ramadan, in which people exchange visits and sweets; Eid al-Adha, a four-day national holiday held during the lunar month of Hajj (Hajj) commemorating Prophet Ibrahim’s willingness to sacrifice his son Ismail, peace be upon them.
So that up to 2.5 million sheep are sacrificed in Turkey on this holiday; most of the meat is shared with neighbors or donated to the poor.
Turkey’s Food Culture
For Turkey’s food culture, special dishes are associated with holy days and festivities. For example, in Gaziantep, Yuvarlama dish is a mixture of minced meat, rice, chickpeas, onions and spices with yogurt, which is a special dish for Eid al-Fitr at the end of the Islamic month of fasting. In some southern governorates, the special meal for that consists of kebab meat with tomatoes.
For the holy month of Ashura, there is a Turkey’s food culture, which comes after Eid al-Fitr. Many families prepare a dessert called Ashour to share with guests, friends and neighbors.
According to Turkey’s food culture, an Ashura dish should contain at least fifteen different ingredients, such as peas, beans, almonds, grains, rice, raisins, rose water, pomegranate seeds, orange peels, figs, and cinnamon. Turkish drinks include all-day tea, Turkish coffee, and ayran (yogurt).
Read more: What is a Real Estate Appraisal in Turkey?
Arab Culture in Turkey
The culture of Turkey and Arabia are remarkably similar. In reality, despite being two distinct peoples, the Turks borrowed much of their culture from the Arabs. The Turks, like the Arabs, practice Islam, and their architecture is extremely similar to that of the Middle East.
The culture of Turkey is significantly more influenced by Arabic than Greek culture. In addition, there is no difference between Persian and Arabic culture. People from Europe find it very difficult to find out whether a person is Arab or Turkish unless he speaks his own language. The language is the main way to confirm if you are in a Turkish city rather than an Arab country.
Advantages of The Development of The Real Estate Market in Turkey
The real estate market in Turkey has improved due to the reforms and laws stipulated to protect the investors’ rights.
The Real Estate Market in Turkey
One of the aspects of Turkey’s development is that it has surpassed the rest of the European countries.
In the real estate market in Turkey, you find quality properties that compete with real estate in Europe, but at lower prices in addition to many advantages.
The Real Estate Market in Turkey is a Profitable Investment
The real estate market in Turkey is considered profitable, especially in Istanbul, as it has become the first destination for foreigners from all over the world, for study, work, holidays, investment, as well as permanent living, especially for retirees.
Getting Turkish Citizenship by Buying a Property
One of the most important privileges that Turkey provides when entering the real estate market in Turkey is Turkish citizenship.
People who own one or more properties with an amount of $400,000 can apply for Turkish citizenship directly and enjoy the full rights of Turks.
Obtaining a Residence in Turkey by Buying a Property
Turkey is the easiest European country to obtain residence for foreigners only by owning a property, and without any other impossible conditions.
This is one of the encouraging reasons for foreign investors to invest in Turkey’s real estate market.
The Low Taxes of The Real Estate Market in Turkey
While foreigners pay taxes on income and capital in all European countries, we find that in Turkey they pay them only once when buying a property, in addition to the low annual taxes.
Low taxes are an excellent reason to enter Turkey’s real estate market and start investing safely.
The Low Cost of Living in Turkey
With Turkey’s well-developed infrastructure, secure economy, the culture in Turkey, and even self-sufficiency, the middle-income people can live lavishly and enjoy a luxurious life.
The low cost of living in Turkey has encouraged foreigners to move there and buy real estate, leading to the development of Turkey’s real estate market, in order to suit all the needs of investors in the Turkish real estate market sector.
The Charming Nature of Turkey
Turkey is located between two different continents and is bordered by two different seas, with a beautiful nature full of impressive beaches and quiet forests.
Many investors who enter Turkey’s real estate market choose to buy properties with natural views, in order to resell them at higher prices in the future.
Read more: The Best Guide to Beyoglu Istanbul Turkey
Turkey’s Temperate Climate
Turkey’s climate is temperate in a way that allows tourists from all over the world to enjoy their time in Turkey, as it does not get harshly cold in winter and does not reach high temperatures in summer.
Read more: The Best Reasons to Buy a Property in Turkey
The Culture in Turkey
After opening the doors for foreigners from all over the world to obtain Turkish citizenship and residency, Turkish streets, especially in major cities such as Istanbul, have become a beautiful mixture of different cultures.
Turkey’s development, and especially the real estate market in Turkey, proves to the world that hard work brings excellent results.
And the diversity of cultures in Turkey is one of the main reasons that encourage foreigners to enter the Turkish real estate market.
All these factors are considered advantageous aspects of Turkey’s real estate market, leading investors to search for the best properties in the Turkish real estate market.
We, at Lale Real Estate Group, provide our services for you to find a suitable property in the Turkish real estate market.
- Real Estate Tours
- Real Estate Consulting Service
- Turkish Citizenship by Real Estate Investment
- Real Estate Comparison Service
- Property Management in Turkey Service
Frequently Asked Questions about Turkey’s Development
Is life in Turkey difficult?
No, life in Turkey is not difficult, and many foreigners choose Turkey to reside with their families, but the difficulty can be in the long hours of work for the employees.
Is life in Turkey expensive?
Life in Turkey is not expensive compared to other European countries.
What is the safest city in Turkey?
Istanbul may be considered the safest city in Turkey due to the huge population in this city.
What is the real estate market in Turkey?
The real estate market in Turkey is a huge market that offers many great opportunities, but you should deal with a trustworthy real estate company to help you in this field.
What is the impact of the real estate sector in Turkey on the Turkish economy?
The real estate market in Turkey has achieved high profits which has supported the economic development in Turkey.
Is Turkey a good place to settle?
You can settle in Turkey, but you should first find good work because the rent prices are high, especially in the main countries.
Is Turkey a good place to study?
Turkey is one of the best places to study, as it includes many governmental and private universities.
Is Turkey a good place to start a business?
Yes, Turkey is an excellent place to start a business due to the rising number of tourists who visit it daily.
Is Turkey a good place to retire?
Yes, Turkey is a good place for retiring and living with your family in this gorgeous place.
Is Turkey a good place to invest in the property market?
Absolutely, property market is considered the most profitable field in the whole world, not just in Turkey.
Is there a technology development in Turkey?
Yes, Turkey is developing in all fields, especially the technology and electronic one.
Where to find jobs of business development in Turkey?
You can find business development jobs in Turkey in the big cities such as Istanbul, Izmir, and Ankara.
Do you know what the benefits of buying a property in Istanbul? Contact me to find out why!