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Turkey elects for stability - 25 July 2007

As the results of Sunday’s general election in Turkey are finalised and confirmed, many in the West and overseas investors in particular are breathing a sigh of relief. The ruling Justice and Development Party – the AKP – were returned to power with a record majority for Turkish electoral history.

Observers are optimistic that this victory provides a strong mandate for the party to continue the reforms that have led to overall increasing prosperity and economic growth. The results were also welcomed by the EU, who urged Prime Minister Tayyip Erdogan to relaunch reforms which could lead to Turkey’s eventual membership.

At the same time, there have been warnings from various parts of the international community that there are still some major obstacles to overcome and reforms to implement before EU membership is fully ratified. Concerns have also been expressed over some of the AKP’s more radical laws, including the ‘anti-Turkishness’ laws which have seen numerous writers and artists prosecuted for expressing views which questioned the legacy of Ataturk, the founder of modern Turkey.

‘This is most definitely the right decision for the future of Turkey and its long-term economic growth,’ Says Sean Gillic, Managing Director of property developers the IPI Group, ‘We have witnessed average capital appreciation in Alanya City of 13-15% over the last five years and year on year increases in the number of UK purchasers.’

Mr Gillic also pointed out that the election result should dispel any worries over the economic development of the country, as well as reassuring those who have held off buying there until the outcome of the voting was known.

 

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