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Turkey Real Estate

We offer Turkey real estate investment information for Ankara, Istanbul, Kocaeli, Gernlik, Ismir, Antalya, Icel and Iskenderun. Scroll down for more information about the Turkey.

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Turkey Real Estate

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About Turkey

Turkey Population: 68,893,918 (July 2004 est.)
Languages: Turkish (official), Kurdish, Arabic, Armenian, Greek.
Capital: Ankara
Government Type: Republican parliamentary democracy.
Independence Day: 29 October 1923 (successor state to the Ottoman Empire).
Legal System: Civil law system derived from various European continental legal systems; accepts compulsory ICJ jurisdiction, with reservations; note - member of the European Court of Human Rights (ECHR), although Turkey claims limited derogations on the ratified European Convention on Human Rights.
Currency: Turkish lira (TRL)

Executive Branch:

Chief of State: President Ahmet Necdet SEZER (since 16 May 2000).

Head of Government: Prime Minister Recep Tayyip ERDOGAN (14 March 2003) cabinet: Council of Ministers appointed by the president on the nomination of the prime minister.

American Embassy: 110 Ataturk Boulevard, Kavaklidere, 06100 Ankara
Mailing Address: PSC 93, Box 5000, APO AE 09823
Telephone: [90] (312) 455-5555 FAX: [90] (312) 467-0019

General Overview: Modern Turkey was founded in 1923 from the Turkish remnants of the defeated Ottoman Empire by national hero Mustafa KEMAL, who was later honored with the title Ataturk, or "Father of the Turks." Under his leadership, the country adopted wide-ranging social, legal, and political reforms. After a period of largely one-party rule, an experiment with multi-party politics led to the 1950 election victory of the opposition Democratic Party and the peaceful transfer of power. Since then, Turkish political parties have multiplied, but democracy has been fractured by periods of instability and intermittent military coups (1960, 1971, 1980), which in each case eventually resulted in a return of political power to civilians. In 1997, the military again helped engineer the ouster - popularly dubbed a "post-modern coup" - of the then Islamic-oriented government. Turkey intervened militarily on Cyprus in 1974 to prevent a Greek takeover of the island and has since acted as patron state to the "Turkish Republic of Northern Cyprus," which only Turkey recognizes. A separatist insurgency begun in 1984 by the Kurdistan Workers' Party (PKK) - now known as the People's Congress of Kurdistan or Kongra-Gel (KGK) - has dominated the Turkish military's attention and claimed more than 30,000 lives, but since the capture of the group's leader in 1999, the insurgents have withdrawn from Turkey, mainly to northern Iraq. Turkey joined the UN in 1945 and in 1952 it became a member of NATO. In 1964, Turkey became an associate member of the European Community and is currently undertaking substantial legal and economic reforms in pursuit of full membership in the European Union.

Economic Overview: Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The most important industry - and largest exporter - is textiles and clothing, which is almost entirely in private hands. In recent years the economic situation has been marked by erratic economic growth and serious imbalances. Real GNP growth has exceeded 6% in many years, but this strong expansion has been interrupted by sharp declines in output in 1994, 1999, and 2001. Meanwhile, the public sector fiscal deficit has regularly exceeded 10% of GDP - due in large part to the huge burden of interest payments, which accounted for more than 40% of central government spending in 2003. Inflation, in recent years in the high double-digit range, fell to 11.3% in 2004. Perhaps because of these problems, foreign direct investment in Turkey remains low - less than $1 billion annually. Results in 2002-04 improved, because of strong financial support from the IMF and tighter fiscal policy. A major political and economic issue over the next decade is whether or not Turkey will become a member of the EU. Strategic location controlling the Turkish Straits (Bosporus, Sea of Marmara, Dardanelles) that link Black and Aegean Seas; Mount Ararat, the legendary landing place of Noah's Ark, is in the far eastern portion of the country.

International Disputes: Complex maritime, air, and territorial disputes with Greece in the Aegean Sea; Cyprus question remains with Greece; Syria and Iraq protest Turkish hydrological projects to control upper Euphrates waters; Turkey has expressed concern over the status of Kurds in Iraq; border with Armenia remains closed over Nagorno-Karabakh.

Turkey Map

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