Company description
Real Estate
Investment in Turkey
1. SUCCESSFUL ECONOMY
> Booming economy (USD 230 billion to USD 736 billion GDP from 2002 to 2010)
> Sustainable economic growth (4.8 percent annual average real GDP increase for the last 8 years)
> Promising economy with a bright future as it is expected to be the fastest growing economy among the OECD members during 2011-2017 with an annual average real GDP growth rate of 6.7 percent
> 16th largest economy in the world and 6th largest economy compared to the EU area in 2010
> Institutionalized economy fueled by over USD 94 billion of FDI in the last 8 years and ranked as the 15th most attractive FDI destination for 2008-2010 (UNCTAD)
*2010 data http://www.invest.gov.tr
2. POPULATION
> A population of 74 million people
> Largest youth population compared with the EU
> Median age 28.8
> Half the population under the age 29
> Young, dynamic, well-educated and multi-cultural population
3. QUALIFIED LABOR FORCE
> Over 25 million young, well-educated and professionals
> Increasing labor productivity combined with decreasing real unit wage
> 4th largest labor force compared with the EU
> The longest working hours, and the lowest sick day leaves per employee in Europe (53.2 hours worked per week and annual average of 4.6 sick days per employee)
> Approximately 500,000 graduates from 156 universities
> Around 663,000 high school graduates, including one third from vocational and technical high schools
4. LIBERAL AND REFORMIST INVESTMENT CLIMATE
> A dynamic and mature private sector with USD 114 billion worth of exports and an increase of 225 percent between 2002 and 2010
> Business-friendly environment with average of 6 days to set-up a company, while the average in OECD members is more than 13 days
> Highly competitive investment conditions
> Strong industrial and service culture
> Equal treatment for all investors
> More than 25,000 companies with international capital
> International arbitration
> Guarantee of transfers
5. INFRASTRUCTURE
> New and highly developed technological infrastructure in transportation, telecommunicationsand energy
> Well-developed and low-cost sea transport facilities
> Railway transport advantage to Central and Eastern Europe
> Well-established transportation routes and direct delivery mechanism to most of the EU countries
6. CENTRALLY LOCATED
> A natural bridge between both East-West and North-South axes, thus creating an efficient and cost effective outlet to major markets
> Easy access to 1.5 billion customers in Europe, Eurasia, the Middle East and North Africa
> Access to multiple markets worth USD 23 trillion of GDP
7. ENERGY CORRIDOR AND TERMINAL OF EUROPE
> An important energy terminal and corridor in Europe connecting the East and West
> 70 percent of energy resources are located in the south and the east of Turkey, while the largest energy consumer, Europe, is located in the west of Turkey.
8. LOW TAXES & INCENTIVES
> Corporate Income Tax reduced from 30 percent to 20 percent
> Individual Income Tax varies from 15 percent to 35 percent
> Tax benefits and incentives in Technology Development Zones, Industrial Zones and Free Zones could include total or partial exemption from Corporate Income Tax, up to 80 percent grant on employer’s social security share, as well as land allocation.
> New R&D and Innovation Support Law
> Region and sector-based incentive system
9. CUSTOMS UNION WITH THE EU SINCE 1996
> Customs Union with the EU since 1996, and Free Trade Agreements (FTA) with 20 countries
> More FTAs underway
> Accession negotiations with the EU
10. LARGE DOMESTIC MARKET
> 35 million internet users in 2010, up from 4 million in 2002
> 62 million GSM users in 2010, up from 23 million in 2002
> 46 million credit card users in 2010, up from 16 million in 2002
> Over 102 million airline passengers in 2010, up from 33 million in 2002
> 28.5 million international tourist arrivals in 2010, up from 13 million in 2002
Well established magazines like “Homes Overseas” and TV exposure by “A place in the Sun” have highlighted the Turkish Gold Rush
Turkey is being described as “The new Marbella of the Eastern Mediterranean”
* BENEFITS
> Better value in land and property price per m2
> No restrictions on movement of foreign monies
> No capital gains tax after 5 years of ownership
> Government Restriction on Over Development
