Turkey: a profitable market for foreign companies
With more than 85 million inhabitants, the former Anatolia is the 18th most populated country in the world. Turkey is a country with a very dynamic economy, especially in Istanbul. With a GDP equal to $851 billion, the country was ranked as the leading economic power in the Middle East in 2017, the 7th largest economy in Asia and the 19th largest economy in the world in 2021. Over the past ten years, the economy has grown by an average of 5% per year, and exports have increased fivefold.
Türkiye has experienced one of the most rapid economic developments over the past two decades. With an average annual GDP growth of 6.9% since 2010, it has become the fastest-growing country in terms of wealth creation in the Middle East, placing it ahead of Saudi Arabia.
Considered the little China of Europe, Türkiye is an attractive country for those who know how to take advantage of it. Indeed, Türkiye has an economic activity, almost similar to the BRIC countries. Moreover, for European countries, creating a business there is even more interesting because the Turkish Commercial Code is strongly inspired by European models.
Having an advantageous geostrategic positioning (between Europe and Asia), Türkiye is an excellent platform for re-exporting European products to the Turkish-speaking countries of the Caucasus, Africa, Asia, the Middle East, or even some countries of the Middle East, countries with which Türkiye has kept very strong religious and economic ties. Moreover, Türkiye is a member of a customs union with the European Union, which once again facilitates exports and imports.
The Turkish market is driven by facts that foreign companies still underestimate. The first fact concerns the evolution of the standard of living and consumption habits of its young population (average age 31), which is characterized by its taste for modernity in several sectors (fashion, decoration, health, etc.). The second fact is the Customs Union agreement between Türkiye and the EU, which clearly favors trade.
The third fact is characterized by the development of large projects in the country such as transport infrastructure, real estate, energy and many others
Istanbul: cosmopolitan city, crossroads between two continents
Straddling Europe and Asia, Istanbul shares borders to the West with European countries and to the East with Near Eastern countries located in Asia. Located on the Bosphorus Strait, it is between the Black Sea and the Mediterranean Sea that the European and Asian continents meet. Due to its unique location, Istanbul is the link between two cultures and their different peoples: the Western culture and the Eastern culture. In fact, the inhabitants of Istanbul are of various cultures and religions, Christian, Muslim and Jewish, and they cohabit very well together.
Today, after 96 years of decline, Istanbul has experienced a very rapid development; its economy represents a good part of its national GDP. It is one of the fastest-growing cities in the world. Although it is not the capital of the country, it is the economic capital and it has maintained an international prestige.
When we talk about Istanbul, a lot of impressive figures come to mind. Istanbul itself has a population of more than 15 million and is more populated than 131 countries, including Belgium, Greece, Switzerland, Tunisia and Denmark. It is one of the most populated cities in the world and is 1.7 times London, 4 times Berlin and almost 6.5 times Paris in terms of inhabitants.
Why invest in Istanbul?
Turkey, and more specifically Istanbul, is a real bonanza to exploit. The city, which has developed at an incredible speed has a very promising future and those who have invested there before will be happy.
According to Hamad al-Hedfa, President of Mazaya Qatar, one of the most important real estate investment funds in the country,
"It is not possible to lose money by investing in Istanbul. It is impossible for an investor who puts money into real estate in Istanbul to lose because there is only one Istanbul. In the medium and long term, he is bound to win".
Whatever the field (real estate, agribusiness, trade, transport logistics, construction...) the investment is good.
Especially since the development of the real estate sector in Turkey over the past ten years is spectacular, Turkey is a sure market full of opportunities.