Former İstanbul Chamber of Commerce (İTO) Chairman Mehmet Yıldırım is poised to initiate a grand project in the Aegean tourist resort of Bodrum in southwest Turkey.
His company Yıltaş has developed a project to construct a massive tourism complex including around 3,000 luxury villas along with three golf courses. The project is estimated to cost between $200 and $250 million. Yıldırım says he is ready to set up a partnership with interested foreign companies. In a meeting with several press members yesterday in İstanbul, Yıldırım underlined the importance of investing in golf, a tourism sector that he believed has the potential to improve rapidly. The complex is 14 kilometers from Milas Airport and the region is believed to be ideal for a tourism resort, overlooking with a canyon with a waterfall, although not near the sea. Yıldırım’s project also includes a hotel with 150 beds.
Source: Today's Zaman 23/10/2007
Thursday 25 October 2007
Massive increase in visitors to Turkey, and steady increase in returning Turks
According to a report released by the Turkish Institute of Statistics, Turkey is getting hotter! The number of visitors and returning citizens has seen a sharp increase over the same time last year, signalling a strong upturn in the fortunes of the Turkish tourist industry and indicating a resurgence in Turkey’s appeal to its expatriate citizens.
The numbers are taken from border control figures and measure the number of people entering and leaving Turkey via plane, boat, car and rail. These have been compared with data taken from the same period one year earlier and show an emphatic change both in visitor numbers and in nationalities.
The figures are those from September 2007, outside the main domestic tourist season but a popular month for visitors who are free from the restrictions of school term times, and are compared against September 2006.
The overall number of foreign visitors to Turkey went up by an impressive 23.5% to 2,799,276 from 2,267,146, with plane the most popular mode of entry - chosen by 29.6% more people this year than last. Arrivals by sea also increased impressively, by 14.6% - both figures suggesting wealthier overseas visitors compared with the previous year.
Wealth is also suggested by the top ten nations favouring Turkey as a destination (who make up an overwhelming 63.9% of Turkey’s foreign visitors): Germany, Russia, the UK, Bulgaria, the Netherlands, Iran, USA, Ukraine, Israel and France; with popularity growing most among Americans and members of the former Soviet states. Obviously, even the fragile condition of the US economy and the poor performance of the dollar against the Turkish lira can’t put Americans off Turkey!
An upturn is also indicated in the number of Turkish citizens returning to Turkey, whether for a visit or more permanently: up by 11.3% from 587,845 to 654,362, though this is still outweighed by the number of departures in the same month, down 1.6% from 963,509 to 948,195.
The news is particularly pleasing for those who’ve been keen to see Turkey’s vitally important tourist industry thriving: investors both private and commercial; travel agencies; property developers; banks; and all the millions of companies offering services and products aimed at foreign visitors. It also underlines the wisdom of investment in quality attractions such as Didim D-Marin megayacht marina and the two golf courses planned for Altinkum at Third Beach and Mercimek.
Source: TURKISH STATISTICAL INSTITUTE, PRIME MINISTRY, REPUBLIC OF TURKEY PRESS RELEASE NUMBER 172, OCT 23 2007: NUMBER OF ARRIVING-DEPARTING FOREIGNERS AND CITIZENS, SEPTEMBER 2007
© Dizayn Homes 2007
The numbers are taken from border control figures and measure the number of people entering and leaving Turkey via plane, boat, car and rail. These have been compared with data taken from the same period one year earlier and show an emphatic change both in visitor numbers and in nationalities.
The figures are those from September 2007, outside the main domestic tourist season but a popular month for visitors who are free from the restrictions of school term times, and are compared against September 2006.
The overall number of foreign visitors to Turkey went up by an impressive 23.5% to 2,799,276 from 2,267,146, with plane the most popular mode of entry - chosen by 29.6% more people this year than last. Arrivals by sea also increased impressively, by 14.6% - both figures suggesting wealthier overseas visitors compared with the previous year.
Wealth is also suggested by the top ten nations favouring Turkey as a destination (who make up an overwhelming 63.9% of Turkey’s foreign visitors): Germany, Russia, the UK, Bulgaria, the Netherlands, Iran, USA, Ukraine, Israel and France; with popularity growing most among Americans and members of the former Soviet states. Obviously, even the fragile condition of the US economy and the poor performance of the dollar against the Turkish lira can’t put Americans off Turkey!
An upturn is also indicated in the number of Turkish citizens returning to Turkey, whether for a visit or more permanently: up by 11.3% from 587,845 to 654,362, though this is still outweighed by the number of departures in the same month, down 1.6% from 963,509 to 948,195.
The news is particularly pleasing for those who’ve been keen to see Turkey’s vitally important tourist industry thriving: investors both private and commercial; travel agencies; property developers; banks; and all the millions of companies offering services and products aimed at foreign visitors. It also underlines the wisdom of investment in quality attractions such as Didim D-Marin megayacht marina and the two golf courses planned for Altinkum at Third Beach and Mercimek.
Source: TURKISH STATISTICAL INSTITUTE, PRIME MINISTRY, REPUBLIC OF TURKEY PRESS RELEASE NUMBER 172, OCT 23 2007: NUMBER OF ARRIVING-DEPARTING FOREIGNERS AND CITIZENS, SEPTEMBER 2007
© Dizayn Homes 2007
Friday 5 October 2007
Turkey: A Consolidated Fleet - from Oxford Business Group 05/10/07
Turkey's aviation analysts pricked up their ears this week following the announcement by Pegasus Airlines that partnership negotiations with Onur Air - a no-frills competitor - were continuing and should be completed within one month.
The two carriers are currently in the process of discussing the prospect of a commercial partnership, a share sale and buy-out options, which could pose a challenge to national carrier Turkish Airlines (THY).
"According to our calculations, if such a deal goes through then we will be a firm which would have a volume equal to THY's volume three years ago," Ali Sabanci, the CEO of Pegasus Airlines, told the press. "Turkey does not have an EasyJet. However we are close. We want to be EasyJet when we grow.'"
Onur Air recently told the press that it was not for sale to Pegasus Airlines, but is clearly open to forging a deal with an ever-strengthening player in the aviation industry. However, some aviation analysts speculate that an acquisition of Onur by Sabanci Holding's Pegasus is currently being negotiated.
Based in Istanbul's Sabiha Gokçen Airport, Pegasus Air flies to 16 domestic and 16 international destinations. Compared to the beginning of 2006 when it had 200 flights per week, today's figure is close to 500 per week. While Turkey's aviation industry grew by 36% since the beginning of the year, Pegasus Air registered a growth of 64%.
With its 18 aircraft - of which three are reserved for Izair flights to and from Izmir - Pegasus Airlines holds 13% of the domestic market. The carrier aims to net 3.2m passengers in 2007, having carried 4.1m passengers between November 2005 and October 2007. Although in the red last year, Pegasus Airlines is expecting to register a profit in 2007 and has placed an order for another 18 aircraft over the next three years.
With its 27 planes, Onur Air is now aiming to buy 2 long-haul aircraft in a joint project with Saudi Arabia Airlines, as confirmed by Onur Air's General Manager Sahabettin Bolukcu earlier this year. The airline is looking to begin flights between China and Turkey.
There is no understating the significance of a business partnership between Onur and Pegasus. Unofficial aviation sources say that Onur Air registered around 4.4m passengers for domestic flights and 2.3m in international flights in 2006. Pegasus Airlines by comparison carried around 1.8m passengers for domestic routes and 1.24m for international flights.
This is not to detract from THY's own achievements of late, having increased its number of passengers by 16.6% year-on-year between January and August 2007 to hit 13m, according to ISI Intellinews. For 2006, the number of passengers flying with THY rose by 19.4% year-on-year to hit 17m, while the number of its flights rose by 21.1% year-on-year. The national carrier now has its sights set on 20m passengers for 2007. Yet, THY is likely to feel some heat in Turkey when Onur and Pegasus Air finally hook up and push aggressively forward with development plans.
Source: www.oxfordbusinessgroup.com
The two carriers are currently in the process of discussing the prospect of a commercial partnership, a share sale and buy-out options, which could pose a challenge to national carrier Turkish Airlines (THY).
"According to our calculations, if such a deal goes through then we will be a firm which would have a volume equal to THY's volume three years ago," Ali Sabanci, the CEO of Pegasus Airlines, told the press. "Turkey does not have an EasyJet. However we are close. We want to be EasyJet when we grow.'"
Onur Air recently told the press that it was not for sale to Pegasus Airlines, but is clearly open to forging a deal with an ever-strengthening player in the aviation industry. However, some aviation analysts speculate that an acquisition of Onur by Sabanci Holding's Pegasus is currently being negotiated.
Based in Istanbul's Sabiha Gokçen Airport, Pegasus Air flies to 16 domestic and 16 international destinations. Compared to the beginning of 2006 when it had 200 flights per week, today's figure is close to 500 per week. While Turkey's aviation industry grew by 36% since the beginning of the year, Pegasus Air registered a growth of 64%.
With its 18 aircraft - of which three are reserved for Izair flights to and from Izmir - Pegasus Airlines holds 13% of the domestic market. The carrier aims to net 3.2m passengers in 2007, having carried 4.1m passengers between November 2005 and October 2007. Although in the red last year, Pegasus Airlines is expecting to register a profit in 2007 and has placed an order for another 18 aircraft over the next three years.
With its 27 planes, Onur Air is now aiming to buy 2 long-haul aircraft in a joint project with Saudi Arabia Airlines, as confirmed by Onur Air's General Manager Sahabettin Bolukcu earlier this year. The airline is looking to begin flights between China and Turkey.
There is no understating the significance of a business partnership between Onur and Pegasus. Unofficial aviation sources say that Onur Air registered around 4.4m passengers for domestic flights and 2.3m in international flights in 2006. Pegasus Airlines by comparison carried around 1.8m passengers for domestic routes and 1.24m for international flights.
This is not to detract from THY's own achievements of late, having increased its number of passengers by 16.6% year-on-year between January and August 2007 to hit 13m, according to ISI Intellinews. For 2006, the number of passengers flying with THY rose by 19.4% year-on-year to hit 17m, while the number of its flights rose by 21.1% year-on-year. The national carrier now has its sights set on 20m passengers for 2007. Yet, THY is likely to feel some heat in Turkey when Onur and Pegasus Air finally hook up and push aggressively forward with development plans.
Source: www.oxfordbusinessgroup.com
Thursday 4 October 2007
Tax Council Focuses on Real Estate Tax Dodgers - from Today's Zaman, 25/09/07
The Tax Council has declared that the average property holding is just 29 square meters per 1,000 residents in Turkey, adding that this amount is really quite low and must be increased at least 10-fold.
The council recently prepared an evaluation and research paper, which also assessed real estate income, within the framework of the new income tax code draft works. According to this paper, released yesterday, informality is very high in the real estate sector. “The problem is mainly from informality in renting and sales. For a proper real estate inventory list, the tax database in the municipalities can be used,” said the report, which also warned that this would be useless in İstanbul where about 52 percent of the houses are illegal. The other assessments and results are as follows:
* The property valuation method has to be changed as it currently has some problems.
* For the houses being rented, information can be gathered from mukhtars (head of the smallest local administrative unit). The rental fees cannot be determined by this method, just those houses being rented.
* High tax rates, low profit margins and the long depreciation periods, re-taxation of after-tax earnings and shanty houses (gecekondu) -- which are estimated to be 80 percent of all the buildings in the country -- are among the major factors contributing to the unrecorded economy in the sector.
* It may be possible to diminish the unrecorded economy by using the psychological effect of requiring the signature of a third person for rent contracts.
* A fixed-rate taxation may be taken into consideration by removing all discounts and dispensations. By discriminating between commercial buildings and houses, a 10 or 15 percent tax rate may be adopted.
* There is $5 billion vying to come to Turkey, but the failure to secure sufficient land is adversely affecting the inflow of these funds.
* It must be kept in mind that dirty money is usually laundered through real estate purchases.
* At least 4,000 evaluation specialists will be needed as a prerequisite of the mortgage law. Yet existing evaluation offices are not able to grow thanks to low market prices. These offices must be urged to expand by providing incentives.
* Taxes and duties should be simplified.
Source: Today's Zaman 25/09/07
Is Turkey the new Spain? from the Sunday Mirror, 16/09/07
SEARCHING for that dream home in the sun but can’t afford Spain?
Then why not take a look at Turkey?
The country at the eastern end of the Med is becoming increasingly popular with Brits buying abroad, with 17,000 homes now under UK ownership.
And with apartments costing as little as £20,000 and the sun shining for more than 300 days of the year, it’s easy to see why.
The trend shows no signs of letting up, with bargain hunters searching the Mediterranean and Aegean coasts for affordable places in golf and beach resorts.And with massive investment in airports, hotels, marinas and tourist hotspots, some property experts are predicting Turkey could soon overtake Spain as Brits’ favourite spot for a holiday home.
The most popular area is the coastline between Kusadasi in the north and Alanya in the south-east, which includes the resorts of Bodrum, Marmaris and Izmir.
Bodrum, one of Turkey’s largest and most cosmopolitan destinations, has long been popular with buyers. The bustling harbour town of Kusadasi and Altinkum, with its stunning beaches, are both rapidly-growing resorts where prices are still competitive.
Michael Johns, of agents the Right Move Abroad, says: “Altinkum has the nicest beaches in Turkey and demand will only increase with two new golf courses planned in the area and a marina to be completed by 2009.”
There are also ambitious plans for Dalaman, including new golf and leisure resorts close to the airport.
One of the downsides of this popularity is that flights have been hard to find recently – although one of the major no-frills airlines is planning more routes to Turkey and a new international airport opens in Alanya next year.
Not everyone is talking up Turkey, however, and a few agents believe some resorts have the same problems as parts of Spain. There is already talk of oversupply in some areas, cheap-looking apartments and arrests of town officials for approving illegal planning permissions.
And when it comes to paying for your home, British buyers will find it far easier in Spain. Most who buy in Turkey either pay in cash or borrow from the equity on their UK home rather than take out a Turkish mortgage.
A spokesman for NatWest International says it has no plans to lend on Turkish homes as yet.
“Spain continues to be No1 and we’re 20 per cent up on mortgage inquiries there since last year,” he adds. “Turkey is maybe Spain 20 years ago, where cheap deals were available. But I wonder if buyers know how safe they are when putting down deposits.”
Things are set to get better, with a new mortgage law in Turkey opening the doors for British buyers to borrow money locally. Spot Blue, an agent in the resort of Fethiye, says come January there should be no problems. “In fact,” says spokesman Julian Walker, “British buyers can already borrow from two Turkish banks right now.”
Popular hotspots
-Kusadasi: Up-and-coming harbour town, near Izmir airport.
-Bodrum: Great nightlife, close to smaller resorts.
-Altinkum: Beautiful beaches, close to Bodrum airport.
-Alanya: Big expat community, good beaches.
-Kalkan: Attractive friendly resort, growing rapidly.
-Dalaman: near airport, plans for golf and leisure resorts.
‘We were priced out of Costas’
HIGH prices on the Spanish Costas left Steve and Ann Jackson wondering where to buy a holiday villa… until friends told them to try Turkey.
“We’d never even thought of Turkey but when we got to Kusadasi we found the people really friendly and we loved the lifestyle,” says Ann. “It’s got a harbour, markets and one of the best sunsets I’ve seen.”
The couple, who work on the construction team at Heathrow’s new Terminal 5, say when they took their daughters, Kelly, 11, and Lauren, 10, to their new three-bedroom villa they absolutely loved it.
The Jacksons have bought next door to friends at The Green Village, a mile from the beach and a short drive to Kusadasi town.Facilities include pools, a fitness centre and restaurant. Steve says: “Being in the building trade I was expecting to trash their workmanship but I was amazed at the high quality.”
Steve and Ann bought from developer Jappa and paid £87,000
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