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From the moment the Turkish Republic is formed in 1923 Turkey oriented
its political and economic structure towards the West, becoming a member
of NATO (1952) and the Council of Europe (1949), and signing an
association agreement with the then European Community (1963). A customs
union with the EU took effect in 1996 and recently, in December 2004 the
EU agreed to start of accession negotiations in October 2005.
It has a flourishing democracy, a lively free press and a stable
government with a big parliamentary majority. Although most of its
population is deeply religious, the republic itself is fiercely secular.
Turkey’s economy is booming. Over the past three years there has been a
striking improvement in Turkey's macroeconomic environment. Inflation,
run-away government deficit spending, and sky high interest rates appear
-- finally -- to be part of Turkey's past, not its future. GDP has grown
by an annual average of 8.4%, and inflation has fallen by
three-quarters, close to single figures. Unlike the current EU, it has a
young and growing population, with 75% under the age of 40 and an
average age of 26.
Those economic developments create extremely fertile conditions for a
mortgage market, which will propel the Turkish real estate sector to new
heights.
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