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Turkish unemployment falls to an 11 year low

At a time when most EU countries are struggling with unemployment rising to new highs, around 670,000 new jobs were created in Turkey in June this year, dropping the unemployment level to an 11 year low of 8%, down from 9.2% in June 2011, according to data from the national statistics institute (TurkStat).

The total number of registered workers in Turkey increased to 24.76m, and the Turkish Economic Minister, Zafer Caglayan, announced soon after that he expects unemployment to continue falling in Turkey in the coming months, with a further decline in unemployment in 2013. This strong economic growth is helping the Turkish property market.

Ozlem Gokse, vice chairman of the Turkish Association of Real Estate Investment Companies (Gyoder), told Gulf News: “Last year, the Turkish economy grew at 7.5%, the second highest after China. Today Turkey has a natural advantage as a safe haven for investment. With the relaxation of the Law of Reciprocity, we expect a large number of GCC investors to invest in Turkish real estate in the short term.”

Gokse forecasts that FDI into Turkish property will rise from $2.5bn now to “$5bn in the short term eventually rising to $10bn per annum in the long term.”

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