While the number of new construction permits is decreasing rapidly, the housing stock continues to melt. Expectations for the construction sector and housing sales are expected in 2020.

Experts say that the number of new construction permits decreased at a record rate after declining housing sales figures; "Our housing stock was especially high in Istanbul. Even though the housing sales decreased, it still seems to be close to 1 million annually. The number of licenses obtained in the last year and this year has decreased significantly. There has been a decline of around 80. That is to say, sales continue while there is not much new housing production.

The Right Time to Buy a House, Opportunity Period in the House Has Started!

Expressing that housing prices have fallen to the bottom, Yilmaz said that the investment in housing has always earned, "When you look at the real estate, it has never been damaged in the last 25 years, it has always won. Other investment tools have been lost from time to time, but there is no such situation in the house. Especially in 2020 housing sales will always be upward, "he said.

Gebze-Halkalı train line was put into service. The route, which reduces the journey time on the 76 kilometers long route to 115 minutes, also affected the housing prices. Between 2013-2019, the prices in the districts where the station increased by more than 100 percent.

Gebze-Halkalı Commuter Train Line, which was opened in March, also affected the real estate sector. The line reduced the road between the 76 km Gebze-Halkalı, which was 185 minutes to 115 minutes, and both the rents and sales prices of the nearby houses increased. Real estate appraisal company TSKB examined the price changes in individual districts. Prices in the European side increased by 68 percent to 199 percent from 2013 to the present. Price increase in the Anatolian side rose up to 134 percent.

European side ahead

In 6 years, prices in second-hand houses increased by 199 percent in Yeşilköy, 186 percent in Küçükçekmece Paradise and 122 percent in Halkalı on the European side. On the Anatolian side, 134 percent in Üsküdar, 104 percent in Göztepe, 103 percent in Erenköy, 119 percent in Gebze increased. In some parts of the Anatolian side, we see that prices have not increased as much as expected in recent years or even decreased. When we look at the years 2016-2019, the value increases lag behind compared to the first 3 years. Prices in Bostancı declined 12 percent in 3 years, while the decline in Üsküdar reaches 20 percent. According to real estate appraisers, the increase in the supply of luxury housing in these regions was effective in price decreases.

Evaluating the impact of the suburban line on real estate prices, TSKB Real Estate Appraisal General Manager Makbule Yönel Maya stated that the impact of the project on the price increase especially in the development walls of the city is clearer. , It is possible to say that the increase in the value of the projects that provide transportation to the city center from the farthest points of the city is more in the walls. The main reason for this is that housing prices in the walls are more accessible. With the launch of the line, we can say that Tuzla, which is the transfer point on the Anatolian side, is the region where real estate prices are affected the most. The increase in value in Üsküdar stands out compared to other regions. On the European side, the Halkalı region appears to be more affected by the project. Of course, as we get closer to the city center, it is not a right approach to link the effects of value change to a single line or a single project. ”

OPENED 6 YEARS LATER

The commuter train line between Haydarpaşa and Gebze, which has been in service since 1969, was closed after its last expedition on June 19, 2013. Simultaneously, a start was given between Zeytinburnu and Halkalı. Renovation works started on the line which is planned to be integrated with Marmaray. On March 12, Gebze Halkalı Railway Line was opened.

WHERE ARE THE CHEAPEST HOUSES?

HALKALI-Gebze line in the vicinity of Halkalı and Mustafa Kemal stations 3 thousand 450 pounds per square meter is possible to find houses. There is more choice on the Anatolian side. 3 thousand 200 pounds per square meter price in Tuzla, 2 thousand 375 pounds in Gebze, 2 thousand 238 pounds in Osmangazi, 2 thousand 900 pounds in Icmeler, 2 thousand 700 pounds in Guzelyali. When we look at how many years the investment pays for itself, one of the most advantageous regions is the 18-year depreciation period in Halkalı and 19 years in Mustafa Kemal.

The devaluation of the Turkish lira is making properties more attractive

Foreign buyers swooped into Turkey’s property market in the wake of the historic lira crisis and purchased more homes in the last six months than in all of 2017.

Last August, Turkey’s currency lost one-third of its value in a single week, making goods (and homes) that much cheaper to hordes of tourists and prospective home buyers overseas carrying anything from British pounds to Iraqi dinars. The lira stabilized to an extent in the following months, but as of late last week was still about 30% weaker than a year ago. The exchange rate is about US$1 to 5.3 Turkish lira.

The buying opportunity has not been lost on foreigners, who bought double the number of homes in September than they did in the pre-crisis month of July, according to government statistics published last week.

"We definitely made sales off the back of the currency movement, though for some people, it was just fortuitous that it happened at that moment," said Julian Walker, director of Spot Blue International Property Ltd., a London-based Turkish real estate portal targeting foreigner buyers. "It was an extra bonus."

For example, a grand coastal villa selling for 5.5 million lira would have cost a U.S. buyer roughly $1.146 million in July but only $859,000 in September off the exchange rate alone.

Sales to Iranian buyers more than quadrupled in that time, making them the second largest cohort of foreign buyers in 2018. Meanwhile, the number of sales to both Algerians and Jordanians tripled. Besides the discount foreigners are getting on the exchange rate, the Turkish government has also eliminated a pricey 18% value-added-tax on real estate purchased with foreign currency.

Turkey also saw an influx of buyers from the West. Germans more than doubled their activity in the Turkish housing market, as did Americans, who landed in Turkey’s top 20 for the first time in at least four years, according to the government data.

Introduction

The Turkish Government has recently revealed an update of its New Economic Program for the three-year period starting from 2020 under the main theme of "Transformation Begins".

Investment in Several Sectors

Among other highlights from the Program, there is the promise of the Turkish Wealth Fund (the "TWF") participating in "greenfield investments" in energy generation, petrochemical and mining.

The role and investment strategy of the TWF has been a topic of debate ever since its establishment in 2016 and it has often been called in as a universal remedy on matters ranging from bank de-leveraging, to construction and energy projects.

This appears to be the first formal commitment towards deploying TWF to directly support markets.

Furthermore, the Program also announces that the mineral exploration and drilling activities are going to be continued with increasing speed. Reserves found are planned to be brought into the economy with new business models and financing mechanisms. In addition, minerals, especially boron – considering that the Republic of Turkey is known to hold 73 per cent of the world's boron reserves –, will be processed, converted into value-added products and marketed in international markets.

Conclusion

Among ambitious growth and sector targets, the Program sets out a key commitment for the TWF to be deployed directly in support of energy independence, which has been a long-standing strategic goal. To that end, the markets are now expecting consequential investments in the petrochemical, mining and especially energy generation industries are expected from the TWF.

The housing market continues to enjoy a great deal of interest from foreigners so far this year, with Istanbul their favorite location and Iraqis as top buyers

Turkish developers continue to enjoy increasing demand from foreign buyers in the housing market. As a result, real estate sales to foreigners posted the highest-ever figures in the first seven months of the year. Foreigners became new owners of 24,144 houses in the January-July period, resulting in a rise of 64.5% year-on-year, according to Turkish Statistical Institute (TurkStat) data released Tuesday. They purchased some 14,674 units in the same period of 2018.

As for July, sales were up 46.7% and hit 4,192 – the highest-ever July figure – up from 2,858 units sold in the same month last year.

Earlier, foreigners acquired some 3,168 units in January, 3,321 units in February, 3,129 units in March, 3,720 units in April, 3,925 units in May and 2,689 units in June with a year-on-year increase of 81.9%, 92.1%, 71.3%, 82.1%, 62.5% and 30.5%, respectively. All six months saw all-time high figures.

The rank among the provinces kept its order as the country's economic locomotive and the most populated city Istanbul continued to be the favorite location for foreign real estate buyers. They purchased some 10,806 units in the city in the first seven months of the year, of which 1,903 were acquired last month. The figure in July was up 99.1% from 956 units in the same month in 2018.

The Mediterranean resort city of Antalya followed Istanbul with 764 houses sold to foreign investors last month. In the same month, they purchased 294 units in the capital Ankara, 217 units in Bursa, 177 units in Yalova, 111 units in Sakarya and 109 in Trabzon.

In the seven-month period, foreigners became new owners of 4,857 houses in Antalya, 1,360 in Ankara, 1,217 in Bursa, 988 in Yalova, 703 in Sakarya, 534 in Trabzon, 479 in Mersin and 468 in Muğla.

IRAQIS TOP BUYERS

The rank among nations also did not change over the course of the year so far. Iraqis maintained their position as top buyers, acquiring some 4,071 houses in the first seven months, followed by Iranians with 2,666 units, Russians with 1,479 units, Saudis with 1,312 units and Afghans with 1,150 units.

As for last month, 734 houses were sold to Iraqis, up from 584 in the same month last year, 465 were sold to Iranians, 219 to Kuwaitis, 218 to Saudis, 215 to Russians and 163 to Afghans.

UPWARD TREND TO CONTINUE

Foreigners who utilized the opportunities over the summer have further benefited from the legislative amendments that eased citizenship with investment limits for foreigners, said Istanbul Constructors' Association (İNDER) Chairman Nazmi Durbakayım.

Turkey reduced the limits for foreigners to acquire Turkish citizenship to encourage investments in September 2018. Thus, foreigners who own real estate in Turkey worth a minimum $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship.

Pointing to significant mobility in the area, Durbakayım noted that the distribution in the foreign sales show that citizenship-purpose sales were more dominant than the usual summer sales.

"In other words, foreigners who see that Turkey is a reliable and stable country continue their real estate purchases. Here we see the most purchases for the purpose of citizenship and investment. We believe the upward trend will continue throughout the year," he told Anadolu Agency (AA).

eeping up with a skyrocketing rise, Turkey's property market saw its best May ever in real estate sales to foreigners across the country. What's more, the market has hit all-time figures in sales to foreign buyers during each month since the beginning of the year.

Sales to foreign buyers jumped by 62.5 percent last month to some 3,925 units, up from 2,415 units in May 2018. As for the January-May period, purchases by foreign residents surged significantly, from 9,756 to 17,263, posting an increase of 77 percent, according to the Turkish Statistical Institute (TurkStat) Monday.

On the other hand, overall house sales in Turkey in May dropped by 31.3 percent year-on-year and totaled to some 82,252 units.

Sector representatives say incentives and legal amendments introduced, particularly for foreigners, continue to maintain their contribution, emphasizing that the upward trend in sales to foreign investors continued despite negativities and tensions on the international and regional level.

Earlier, foreigners acquired some 3,168 units in January, 3,321 units in February, 3,129 units in March and 3,720 units in April, with a year-on-year increase of 81.9 percent, 92.1 percent, 71.3 percent and 82.1 percent, respectively. All four months saw all-time high figures.

The national statistical body said the country's most populous city, Istanbul, has continued to be the top choice for foreign buyers. Residential property sales to foreigners in the city last month skyrocketed by 103 percent year-on-year to 1,734, compared to just 854 in May last year.

As it was the case recently, Istanbul was followed by the holiday resort city of Antalya, where foreigners purchased some 850 houses in May. It was followed by the capital of Ankara with 216, Bursa with 187, Yalova with 136 and Muğla with 109 units sold.

This rank is almost the same in the January-May period, Istanbul was still the top choice with 7,894, followed by Antalya with 3,425, Ankara with 977, Bursa with 878, Yalova with 688 and Sakarya with 520 houses sold.

IRAQI CITIZENS HOLD TOP SPOT

On the other hand, when it comes to nationalities, Iraqi citizens continue to top the list of foreign buyers.

Having purchased some 407 residential properties in May last year, Iraqi citizens became new owners of 594 houses in May of this year. Iraq was followed by Iran with 509 units, Russians with 285 units, Afghanistan with 183 units, Saudi Arabia with 157 units and Germans with 155 units.

The highest increase in property purchases last month was seen from Libya; property sales to Libyan citizens skyrocketed by 493 percent compared to the same month of last year, followed by Yemen with 198 percent, the U.S. with 162 percent and Egypt with a 161 percent increase year-on-year.

As for the first five months, Iraqi citizens purchased a total of 2,908 houses, followed by Iranians with 1,787 units, Russians with 1,074, Saudis with 992 units, Afghanis with 879 and Kuwaitis with 757 units.

SALES TO CONTINUE OVER SUMMER PERIOD

Evaluating the latest figures, Istanbul Contractors Association (İNDER) Chairman Nazmi Durbakayım said the tension experienced between the U.S. and some countries in the Gulf, particularly Iran, led wealthy citizens in these countries to turn to safe countries.

Durbakayım told Anadolu Agency (AA) this situation has been going on for the last five to six years; however, the incentives and advantages introduced for foreigners in Turkey have accelerated this trend toward the country.

"We knew there was a new record expectation in foreign purchases for 2019. Foreign sales in recent months have confirmed this expectation," he said, emphasizing that they expect these sales, which point to property sales of 50,000 units and an inflow of foreign currency of nearly $10 billion by the end 2019, will also continue in the summer period.

Similarly, Babacan Holding Board Chairman İbrahim Babacan emphasized that they have seen the benefit from the applications that facilitate foreign investors' investments in the sector.

"Demands have not slowed down despite the economic downturn affecting the whole world since September last year," said Babacan, adding that the upward trend seen so far this year will continue with purchases by foreigners coming to Turkey in the summer period.

On the other hand, pointing to the sales in the first five months, Nevita Board Chairman Faruk Akbaş said the figure is equal to annual sales from a couple of years ago.

"The number of house sales to foreigners has accelerated by around 50 percent on a monthly basis, especially as of May. As of the last quarter, it reached double the average of the first quarter. Therefore, we expect the number of property sales to foreigners to reach over 50,000 and the amount it will bring to our country is expected to exceed $7.5 billion with a similar course this year," Akbaş noted.

Iranians continue to take greater interest in investing in Turkey, according to a statement issued by Elit Citizenship and Investment Consultancy, which offers consultancy services to foreigners in Turkey about company founding and investments under the brand of VIPTurkishPass.

While 3 million Iranian tourists visit Turkey annually, a remarkable increase has also been seen in the number of Iranians investing in Turkey.

In the last few years, Iranians are ranked second after Iraqis in buying houses in Turkey and first in applying for Turkish citizenship through investment. In addition, in the first six months of 2019, they are also ranked first among foreigners who have made direct capital investments by opening companies in Turkey.

Having started to implement a series of policies aimed at attracting foreign direct capital in recent years, Turkey has come to attract a number of investors from many countries in the region, especially from the Middle East.

After the "Turkuaz Kart" (Turquoise Card), a practice similar to the U.S. Green Card application, was launched in 2016, it became possible to get Turkish citizenship by investing in the country as of 2017.

In September 2018, lowering the minimum investment limit in the Citizenship Through Investment Program to $250,000 in real estate investments led to an increase in foreigners' interest in the country.

While a significant portion of foreign direct investment in Turkey has been made in the real estate industry, there has also been a remarkable increase in direct capital investment in the recent period.

According to the Turkish Trade Registry Gazette data, 559 foreign-owned joint stock companies and 5,622 foreign-owned limited companies were established in Turkey in the January-June 2019 period. The total capital of these companies is TL 2.04 billion while TL 700.86 million of it has been brought by foreign capital holders.

According to the data, the amount of foreign capital investment in Turkey has exceeded 83%. With this capital ratio, the amount of direct capital investment made by foreign nationals in Turkey in the first half of 2019 has pushed TL 1.8 billion. It is estimated that the foreign capital investment commitment to Turkey will exceed TL 4 billion by the end of the year.

Foreigners' great interest in capital investment in Turkey is also confirmed by the statistics of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) about the companies opened and closed in Turkey. The statistics indicate that foreigners take a great interest in founding companies in Turkey, especially in Istanbul.

While 63% of the foreign-capitalized companies established in the January-June 2019 period are registered at the Istanbul Chamber of Commerce (ITO), the amount of foreign capital brought to Istanbul has neared TL 1.2 billion. In the first six months of the year, a total of 362 joint stock companies and 3,530 limited companies were established by foreigners in Istanbul. In terms of the number of companies opened, Istanbul is followed by Antalya, Gaziantep, Ankara and Mersin, respectively.

As far as the field of activity of these companies goes, wholesale trade in stores which are not allocated to a particular property comes to the fore among foreign-capitalized companies from January 2019 to June 2019.

A total of 770 out of these companies have been established to operate in this area.

Foreign buyers swooped into Turkey’s property market in the wake of the historic lira crisis and purchased more homes in the last six months than in all of 2017.

Last August, Turkey’s currency lost one-third of its value in a single week, making goods (and homes) that much cheaper to hordes of tourists and prospective home buyers overseas carrying anything from British pounds to Iraqi dinars. The lira stabilized to an extent in the following months, but as of late last week was still about 30% weaker than a year ago. The exchange rate is about US$1 to 5.3 Turkish lira.

The buying opportunity has not been lost on foreigners, who bought double the number of homes in September than they did in the pre-crisis month of July, according to government statistics published last week.

"We definitely made sales off the back of the currency movement, though for some people, it was just fortuitous that it happened at that moment," said Julian Walker, director of Spot Blue International Property Ltd., a London-based Turkish real estate portal targeting foreigner buyers. "It was an extra bonus."

For example, a grand coastal villa selling for 5.5 million lira would have cost a U.S. buyer roughly $1.146 million in July but only $859,000 in September off the exchange rate alone.

More than 30 companies from Turkey met local, regional and international players involved in the Qatari construction sector and followed recent trends and issues at The Big 5 Construct Qatar, which opened its doors for a second time between Sept. 23 and Sept. 25. Held at the Doha Exhibition and Convention Center (DECC) located right in the middle of the capital's West Bay financial area, this year's exhibition welcomed more than 150 exhibitors from 20 countries. Exhibitors, customers and sector professionals also had the chance to attend some 40 free workshops, panels and education sessions in the exhibition organized by dmg events Doha. For a second time, Turkey was an exhibiting country at The Big 5 Construct Qatar. The country's trade volume with Qatar increased by 70% year-on-year since the blockade imposed on Qatar by its Gulf neighbors in 2017.

Burak Güreşçi, Turkish commercial counselor at the Embassy of Doha, explained that Turkish exports to Qatar increased from $450 million $1.1 billion in 2018, and current trends show year-end figures for 2019 somewhere between $1.3 billion to $1.4 billion. These numbers can increase rapidly once the Economic Cooperation Agreement — signed on Nov. 26, 2018 at the Turkey-Qatar Fourth High Level Strategic Committee Meeting attended by President Recep Tayyip Erdoğan and Qatari Emir Sheikh Tamim bin Hamad Al Thani — is ratified, Güreşçi explained, noting that information technology (IT) and defense are also among the key sectors in which trade ties are growing between the two countries.

Turkish construction giants have had a strong presence in Qatar for long time, taking part in megaprojects like high-rises, stadiums, highways or airports, therefore it is no surprise that the sector has a significant share in total exports to Qatar. The $282 million volume of the construction sector is expected to double this year, Kılınç Yetkiner, the group manager for Expotim/Ladin representing the Turkish companies at The Big 5 Construct Qatar, explained.

"The state of Qatar refers government institutions or private companies to Turkey for tenders whereas public institutions take Turkish firms faster to their vendor lists," Güreşçi said, describing it as a "psychological advantage" for Turkish companies. Güreşçi added that Turkey participates in fairs in Qatar such as The Big 5 Construct at the national level and the ministry of commerce provides firms with market research opportunities.

"There is no visa between Qatar and Turkey, no time zone difference, we have good political relations and the people are sympathetic toward Turkey," Güreşçi said, advising Turkish firms to either find solid local partners in Qatar or to establish strong brand recognition in their respective areas before aiming for the market. He also advised firms to register in the Public Works Authority's (Ashghal) vendor reference list as a must to make meaningful business in Qatar.

Turkish suppliers, which have long penetrated into the Qatari market projects that have been awarded to Turkish contractors, now eye making a name for themselves both in the country and the region, and The Big 5 Construct Qatar provides an important opportunity to do just that.

Artstone, an Istanbul-based firm producing decorative wall panels, is among those firms. Since 2017, the number of their customers in Qatar has been increasing incrementally. Exports constitute nearly 35% of total sales but Qatar has already climbed to 10%, Bilal Emre Türkgeldi, the company's managing director, explained. He says product availability and timely deliveries are of key importance for the Qatari market especially ahead of the 2022 World Cup, and Turkish firms currently have an advantage regarding this feature along with quality.

For two companies that have long made shipments to Qatar inside larger projects and conducted sales to Qatari customers in their respective showrooms in Istanbul — sanitary ware producer Armadi Art and bronze ware producer Vista d'Oro — The Big 5 Construct Qatar is a step to increase their brand recognition ahead of the opening of their joint showroom in Doha.

The Big 5 Construct Qatar is very efficient in the sense that most participants were end users, Export Manager Mehmet Atay from Yıldırım Cooling, a back-to-back exhibitor firm that exports 70% of all its products, said.

For a small and medium-sized enterprise (SME) looking for alternatives as the domestic market has been rescaling, Qatar provides opportunities on the FIFA World Cup level. Eren Boz, the owner of CTU that offers a wide range of construction tools, says one of their products outperformed a Swiss giant's product and is currently being used in Lusail Iconic Stadium, an 86,000-seat venue that will host Qatar 2022's opening and closing matches.

Following their attendance to The Big 5 Construct Dubai, it was The Big 5 Construct Qatar's first edition that brought CTU to this booming market, which has quickly climbed the ranks as their largest export destination with more than half of all their exports, despite connections in significant economies like Germany, the U.K. or Egypt.

Boz explains that the diplomatic crisis among the Gulf Cooperation Council (GCC) countries was a key factor in their decision to take part in the event, along with its reputation in the construction sector. The exhibition was also helpful for the company to determine what products are being sought by their potential customers, helping them shift their focus there. It that sense, it is indeed valuable for SMEs, Boz says, also citing serious support and consulting provided by the Ministry of Trade.

"The biggest difference of Qatari buyers and wholesale traders is that they know what they are looking for very well and they are very focused on details," Boz says, also pointing out the strength of their local partner ICS along with their own efforts to win the trust of their Qatari customers, which included some 15 trips to Qatar that featured on-site training and demonstrations.

Ideal, an Istanbul-based firm primarily producing laminate products such as toilet cabins or separators, is currently on the verge of being another World Cup supplier with a prospective sale to be used in Al-Thumama Stadium located on the southern outskirts of Doha, and they already have another stadium project in their sights. Deputy General Manager Savaş Topal, who is in charge of the company's sales and exports, said the company has made it to the vendor list and they are currently providing samples, saying this progress owes to their participation in last year's The Big 5 Qatar Construct Qatar, where they were spotted by one of the contractors of the project.

Exports to Qatar already make up 10% of all their exports and Topal said it could rise to 20%, he explained, saying the share of exports in the company's total sales has risen from 30% to 50% in the last couple of years due to the decrease in demand in the domestic market. He advised firms to spare a regular budget for fairs and exhibitions, along with regular attendance at such events.

Comprehensive projects ongoing in Qatar

There is no doubt Qatar 2022 is the talk of the town in Doha, both for football fans and the business community alike. Apart from five ongoing stadium constructions that will serve as World Cup venues, both the capital and the rest of the country is also undergoing a rapid overhaul of infrastructure, building new highways, metro lines and accommodation options while providing significant deals for companies and thousands of jobs. However, there are also various projects looking beyond 2022, and we wanted you to take a closer look at two significant ones:

Lusail City

A planned city project covering a giant 38-square-kilometer area near Doha, Lusail City is perhaps the cream of the crop of all projects in Qatar as the country puts it in the global spotlight by holding the World Cup opening match and the final at the 86,000-seat Lusail Iconic Stadium, which will be the largest in Asia when completed.

The project developed by Qatar Investment Authority's real estate developer Qatari Diar is located just north of the West Bay area, where the University of Qatar and the famous The Pearl-Qatar and Katara Cultural Village projects are also located.

Lusail City spans through a 27-kilometer coastline divided by two "wadis," shallow seabed filled with water during high tide. Development Director Hamad Ali Alabdulmalik explained that the natural course of the seafront and the wadis largely shaped the project as their preservation was among key priorities.

It is planned that 270,000 people will live in Lusail City when fully completed, along with 170,000 employees for commercial areas. A 38.5-kilometer light rail transit (LRT) system including 35 stations will serve Lusail, along with public buses, water taxis, park and ride areas and a 76-kilometer extensive cycling and pedestrian network separated from road traffic. The infrastructure, currently standing at a completion level of 90%, includes significant features such as district cooling systems — saving 1 million tons of CO2 per year — pneumatic waste collection, 20,000 monitoring devices and even a storm water drainage network.

Msheireb Downtown Doha

Msheireb Downtown Doha covers an area of 310,000 square meters located right in the heart of Doha, replacing an old neighborhood with 100 low-rise buildings featuring designs inspired from Qatar's culture and traditions. The project area is in walking distance to the Amiri Diwan – the seat of Qatari emirs — and most ministries, the historic Souq Waqif bazaar, the Corniche waterfront, and Doha's landmark Museum of Islamic Arts and Qatar National Museum. Nearly 90% of the project has been completed.

What makes this mixed-use city unique is that it is among the few redevelopment projects in the Middle East that puts walking and cycling to the forefront with a design minding shading in Qatar's desert climate, reduced car traffic crossing the district and an extensive underground parking system to also be used for deliveries and charging stations and using trams for internal transportation.

The project features a battery-powered tram circulating its streets and walkways, while the adjacent Msheireb Station will be served by three of four lines of Doha's metro system currently under construction.

Putting smart and environment-friendly practices to its core, Msheireb Downtown Doha is also unique in the region for public open space use and street life featuring four plazas and open-air restaurants. The project includes four museums reflecting the old Msheireb area and it also has cultural offerings available on Msheireb Museums, in addition to four hotels occupied by leading brands.

Many Azerbaijani tourists prefer spending their holidays in Turkey and their number grows every year.

150,800 Azerbaijani tourists visited Turkey in August 2019. This is a 12.36 increase compared to the same period of 2018, Trend reports referring to the Ministry Of Culture and Tourism of Turkey.

“The share of Azerbaijani tourist in the total number of foreign visitors during this period amounted to 12.29 percent,” said the Ministry.

The Ministry also noted 630,600 Azerbaijani travelers visited Turkey in January-August 2019. This indicates a 6.44 percent increase compared to the same period of 2018.  

The share of Azerbaijani citizens in the total number of foreigners who visited Turkey in January-August 2019 amounted to 2.03 percent.

According to the Ministry, 6.307 million tourists visited Turkey in August 2019, which is 17.17 percent more compared to the same period in 2018.

During the stated period, 2.4 million of the tourists visited Antalya and 1.5 million visited Istanbul.

31 million tourists visited Turkey in January-August 2019, which is 14.72 percent more compared to the same period in 2018.

Azerbaijani tourists often travel to Turkey for vacation in July and August. Majority of Azerbaijani tourists choose Turkey as a main destination, which attracts them with coastal areas such as Antalya, Bodrum and Kusadasi.  Last year, 14,100 Azerbaijani tourists visited Turkey's Bodrum, which is located in the country's Mugla Province.

Azerbaijan is also among top countries to invest in real estate market in Turkey. Many Azerbaijani citizens prefer Turkey as a real estate investment destination.

Azerbaijani citizens bought 711 pieces of real estate over the period of January-August 2019 which is 128 pieces more compared to the same period of 2018, Trend reported on September 25, citing the Turkish General Directorate of Land Registry and Cadastre.

According to the Directorate, in January 2019 Azerbaijani citizens acquired 95 pieces of real estate in Turkey, 105 pieces in February, 87 pieces in March, 87 pieces in April, 90 pieces in May, 67 pieces in June, 92 pieces in July, and 88 pieces in August.

A rising star in the Balkans, Montenegro continues to attract the attention of world-renowned figures as well as many foreign investors, including Turks.

Turks have been particularly interested in the residential property market in the country, and they come second in Montenegro's foreign residential sales with 15.1 million euros ($16.54 million), a 22-fold increase in the last three years, according to data from the Central Bank of Montenegro on Friday.

While until about seven years ago foreign residential sales in the small Balkan state were scarce, they have made rapid progress in a short time.

Last year, Russians took the lead in Montenegro's residential investments with 39 million euros. Serbs ranked third as they purchased 14.5 million euros worth of real estate. Others include Switzerland, the United States, Germany, Austria, Sweden and the United Arab Emirates (UAE). In 2015, Montenegro received 141 million euros in real estate investment from nearly 50 countries, increasing the figure to 185 million euros in 2018 and some 100 million euros in the first half of this year alone.

While Turkish investors did not prefer the country on the Adriatic Sea for residential purchases until 2015, the Balkan country has seen a rapid upward change in this field, particularly in the last three years. Turks, whose housing purchases in Montenegro were zero in 2015, invested 680,000 euros in 2016, 6.8 million euros in 2017, and 15 million euros in 2018 in real estate. Thus, their investment in Montenegro's real estate market showed a 22-fold increase in three years, surging by 2,015%.

Its NATO membership in 2017 and the fact that it is a Balkan country moving forward on the way to the EU have made Montenegro a center of attraction, said Turkish Ambassador to Podgorica Songül Ozan. Noting Turks' rising interest in the country's real estate market in recent years, Ozan said, "Although we do not have official data with definite figures, it is known that many of our citizens have increased interest in Montenegro's real estate market for investment and tourism purposes."

"Residential purchases that most of our citizens make in the coastal regions and the capital Podgorica also point to this fact," she told Anadolu Agency (AA).

In addition to personal investments like housing, Ozan noted that Turkish businesspeople are making investments that shape the economic relations between the two countries in many sectors.

"Our citizens realize the opportunities offered by this wonderful and friendly country. Construction, tourism, industry, textiles and furniture are among the sectors that receive investment," she said.

Since Turks invested and created employment in many fields in Montenegro, such as the manufacturing industry, steel, furniture and construction, Ozan indicated that they expect more factory investments to contribute to employment in five years and the medium term.

Ozan said that there is ongoing factory investment with feasibility studies and that they wish Turkish capital to provide more employment in Montenegro.

The ambassador added that Turkish public lender Ziraat Bank, which operates three branches in Montenegro, is among the most active and important banks in the country and plays an essential role in the financial sector. "THY [Turkish Airlines], with two daily flights to Montenegro, is preferred by Montenegrins not just on flights to Turkey but on connecting flights via Istanbul to the whole world," she added.

In the first seven months of this year, the trade volume between the two countries increased by 51.4% compared to the same period of 2018 and reached $82.4 million, the ambassador said.

With 53.2 million euros in 2018 alone, Turkey ranked fifth among foreign countries investing in Montenegro, Ozan added, noting the increasing number of Turkish tourists coming to Montenegro.

Montenegro has holiday opportunities all four seasons, adding that the country offers serious opportunities for Turkish tourism investors, she noted.

Serkan Şahin, the co-founder of Mirnadom, a Turkish company that realizes real estate projects in Montenegro, added that Turks came second in Montenegro's foreign residential sales last year.

"As of this year, we expect Gulf capital to be Russia and Turkey's biggest competitor. The interest of Turks in housing investment in Montenegro will continue to increase," Şahin noted. Montenegro's integration into the EU would begin in three years, Şahin said, adding that this situation greatly increased investor interest as well.

The number of foreign investors who were naturalized since the new regulation easing the conditions to get citizenship last year has hit 2,611, according to the Interior Ministry.

With the family members, a total of 9,962 foreign nationals acquired Turkish citizenship through investment since Sept. 19, 2018.

Foreigners who invest $500,000 in Turkey, deposit $500,000 in Turkish banks or buy real estate worth $250,000 can acquire lifetime residency or citizenship. The minimum level of necessary investment for a citizenship application was $2 million prior to the new regulation.

Iraqi investors topped the list of naturalization with 327 people. They were followed by 250 Afghan investors. 170 Palestinians, 110 Egyptians, 66 Libyans, 44 Lebanese, 29 Saint Kitts and Nevis nationals, 29 Saudis, 28 Azerbaijanis, 26 Pakistanis, 24 Sudanese, 22 Russians, 21 Algerians and 19 U.S. nationals who were also naturalized through the investment program.