Turkey is one of the most promising real estate markets in Europe, and the mantra “location, location, location” rings especially true for this country. Strategically situated at the crossroads of Europe, the Middle East, and Central Asia, and home to almost 82 million people, Turkey offers great opportunities for real estate developers and investors by combining a large construction sector with growing commercial and industrial output.

• The real estate sector accounted for approximately 8.4 percent of GDP in the last decade. On the investment side, FDI inflows stood at USD 13 billion, with real estate and construction garnering USD 5.9 billion (45 percent) of total FDI in 2018.
• Urban renewal and mega projects dominate the agenda for the foreseeable future, particularly in Istanbul. Some projects in the city include Marmaray, Canal Istanbul, Yavuz Sultan Selim Bridge, Eurasia Tunnel, 3-Storey Grand Istanbul Tunnel, and Istanbul’s 3rd airport.
• The Urban Renewal and Development initiative will encompass 7.5 million housing units. The initiative has a budget of USD 400 billion, with a large contribution coming from the private sector.
• ​The total number of homes sold in the Turkish property market reached 1.4 million units in 2018; likewise, sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2018, 39,663 homes were sold to foreigners in Turkey, marking a year-on-year increase of 78.3 percent. Regarding home sales to foreigners, Istanbul was the top-performing province with 14,270 sales in 2018, followed by Antalya with 7,938 sales, Bursa with 2,720 sales, and Ankara with 2,133 sales.
• By 2019 year-end, the existing Grade A office stock in Istanbul will have surpassed 5.7 million square meters. Annual gross leasable area growth in the office market has been around 42 percent on average between 2010 and 2019. There is more than 1.7 million square meters of office supply under construction, and it is expected that the total grade A office supply will reach almost 7.4 million square meters gross leasable area by the end of 2023.
• 433 shopping centers are operational in Turkey with a total gross leasable area of 13 million square meters. 126 shopping centers in Istanbul with a total gross leasable area of 4.8 million square meters represent 37 percent of the total leasable shopping center area in Turkey.
• In spite of the growth in recent years, Turkey is still below the average of total leasable area per person compared to the European average. This indicates potential for further retail growth in Turkey.​​​

For further information, you can visit: https://www.invest.gov.tr/en/sectors/pages/real-estate.aspx

Source: Republic of Turkey Investment Office / link: https://www.invest.gov.tr/en/sectors/pages/real-estate.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Turkey’s mining and metals sector has grown in parallel with the country’s robust economy. Harboring a large expanse of the western portion of the Tethyan-Eurasian Metallogenic Belt, which is an ophiolite extending from the Alps to southeastern Europe through Turkey, the Lesser Caucasus, Iran, and the Himalayas on to China, Turkey offers proven potential for mining investors. As the least exploited portion of the belt, Turkey stands out as a very promising region for companies engaged in mineral extraction.

Here are some essential facts and figures about the Turkish mining and metals sector:

• The sector’s total production value soared to TRY 37.2 billion in 2018; it was TRY 27.8 billion in 2017.
• Turkey’s young, dynamic, and well-educated labor force translates into a high-quality labor pool. There are 56 mining engineering departments in 38 cities in Turkey. The number of mining engineers in Turkey has increased by more than 50 percent since 2005, now reaching almost 38,000. In 2018, around 1,000 new mining engineers were added to the talent pool.
• Turkey’s advantages for companies in the mining sector are not limited to a high-quality labor pool, but also include relatively low logistics and drilling costs, proximity to major markets, lucrative government incentives, and highly competitive taxes.
• As a result of its remarkable economic growth, years of political stability, structural reforms, and the backing of governmental bodies, Turkey attracted USD 183 million of FDI to its mining industry in 2018. Meanwhile, mining exports in the sector totaled USD 3.8 billion in 2018.
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• These figures prove investors’ increased interest in Turkey. As of today, Turkey hosts 773 international mining companies, up from only 138 in 2004.

Turkey’s regional investment incentives system is based on a descending pattern where regions vary in a range of 1 to 6 based on their level of development, with a rating of 6 being given to the least developed regions. With this system, the most advantageous incentives are offered to the lesser-developed regions. Mining is one exception to this scheme, as most investments in the mining sector are supported with incentives extended to Region 5, regardless of the investment’s location. ​​​​

For further information, you can visit: https://www.invest.gov.tr/en/sectors/pages/mining-and-metals.aspx

Source: Republic of Turkey Investment Office / link: https://www.invest.gov.tr/en/sectors/pages/mining-and-metals.aspx
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Provisional Article 19 was added to the Unemployment Insurance Law Numbered 4447 and it is stated in the said Article that; ‘’Premium support is provided to employers from the Fund and it will be deducted monthly from all the premiums the employer will pay to the SSI;

-by not exceeding the amount calculated by multiplying the daily gross minimum wage and the number of days that the insured is going to pay premium, in the case where the company operates in the manufacturing or information sector,

-in the total amount of the premiums of the insured and employer’s shares, calculated on the insured person’s income dependent on premium designated in accordance with article 82 of Law numbered 5510,

– in the total amount of the premiums of the insured and employer’s shares, calculated on the lower limit of the insured person’s  income dependent on premium designated in accordance with article 82 of Law numbered 5510, in the case where the company operates in other sectors,

on condition that the employees who are selected among the unemployed that are registered to the Institution and  employed between 01.01.2018 and 31.12.2020 by the private sector employers within the scope of subparagraph (a) of first paragraph of article 4 of Law numbered 5510;

-are not reported to the SSI for 10 days in total during the period of three months before the month they are employed in, within the scope of subparagraphs (a) and (c) of the first paragraph of article 4 of the Law numbered 5510 and

-are not insured within the scope of subparagraph (b) of the first paragraph of article 4 of Lae numbered 5510, except for voluntary insurance,

-are added to the average number of insured in the withholding tax return and premium service declaration or monthly premium and service declarations that were reported by the company they were employed the year before.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.