Turkey : Annual Review 2013 & 2014 Outlook

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As observed in most other emerging markets, 2013 was a stress test for the sustainability of the Turkish economy with changing global balances and political tensions. The slowly recovering European and US markets and the FED’s tapering policies encouraged investors to turn their interest back to domestic markets again pulling out part of their cash from emerging markets.

However, FDI in real estate in Turkey maintained its positive trend albeit at a relatively low level. Also M&A activities sustained their level although with dominance of Turkish investors and private equity firms

In terms of currency volatility on the other hand Turkey was not excluded from the general emerging market trend. This caused a sharper-than-expected increase in policy rate and short term interest rate by the Central Bank.

Despite these challenges economic growth was surprisingly strong in the first nine months of the year. Together with an expected short term pressure on consumption and economic growth due the mentioned policy rate increase the fundamentals for a mid- and long term growth are believed to remain strong for the second half of 2014.

Source : Cushman Wakefield

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Mots-clés : Cushman Wakefield

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