golf investment turkey

1. “…If God wanted to build a golf course – he'd probably build it in Turkey…”

4. NEW DIAMOND INDUSTRY OF TURKEY…GOLF

5. EconomyandBusiness Background Overthepasttwodecades, theRepublic of Turkey has undergone a profoundeconomictransformation. Combinedwith an outwardorientedtradepolicy, theTurkisheconomy has beenpursuing a progressivegrowth in mostsectors. Inspite of certaindifficulties, theTurkisheconomy has becomemoreresilienttoexternalanddomesticfluctuations. Turkeyexperiencedtwomajoreconomiccrises in November 2000 andFebruary 2001. Thecost of thesecrisesand of thesubsequenttransformation of theeconomywassubstantial. Publicsector's net debt-to-GNP rationearlydoubledwithin a yearandtheeconomyexperienceditsmostseriouscontraction since theWorldWar II. Economicactivitydwindledandunemploymentrose. As a result of thesedevelopments, a neweconomic reform program wasannounced in April 2001, focusingprimarily on thebankingsectorandfinancialmarkets. Theoverallstrategy of the program comprises of threemeasures: Reformingthebankingsector, ensuringstability in themoneyandforeignexchangemarketsandproviding a sustainablegrowthenvironment in macro-economicbalances. The Reform Process Duringthelastseveralyears, theRepublic of Turkey has beengoingthrough a verycomprehensiveprocess of economic reform andrestructuring. Withthestrongbacking of a singlepartygovernment, theTurkisheconomy has gainedenormous momentum andenduranceespecially in thelastthreeyears. TheGovernmentplaces a particularemphasis on structural reform efforts. Startingfromthefinancialsector, andwiththeacceleratedprivatizationprocess, sweepingreformsincludingagricultureandsocialsecurity, energyandtelecommunicationsectorshavebeensuccessfullycarriedoutbytheGovernment. Thesearefocusedparticularly on the reform of thepublicsectoritselfthroughmeasures in a number of topicsrangingfrompublicfinancialmanagementtotransparencyandgoodgovernance. Macro-economicindicatorshavebeenfollowing a positive trend. Majorobjectives of theprogramme, namely, decreasingtheinflationtoonedigitnumbers, providing a higherandmorestableeconomicgrowthandrealizingstructuralreformshavebeenachieved. ThecurrentGovernment'seconomic program continuestodealwiththeroot-causes of Turkey'sunderlyingeconomicproblems. Theeconomic program focuses on restructuringthefinancialsector at largeandremovingtheobstaclesforprivate-sector-ledgrowth. Thankstothestrictimplementation of the program, recovery has nowresumedandtheTurkisheconomy has becomemuchmoreinstitutionalized. Economicagentsarenowmoreconscious of theimportance of sustainingthe program andtheresults it can deliver. EconomicGrowthTo be moreprecise, after an averagegrowth of only 2,8 percentfor ten yearsfrom 1993 to 2002, Turkeywasabletoachieve a growth rate of 5,9% in 2003. Lastyear’sgrowth rate was % 9,9, one of thehighest in theworld. Interestrates, whicharestillhigh in comparisontomostEuropeancountries, havebeenswiftlyshrinkingdowntorecordlowlevels. It is alsoworthmentioningthatinstead of a policy of fiscalexpansionandmonetaryloosening, growth has beendrivenmainlybyprivatesector. ProductionCapacity Productivitygrowth in privatemanufacturingsector has beenaround 10 percent on averageduringthelastthreeyears. This has beenveryencouraging in terms of sustainabledevelopmentandcompetitiveness of theTurkisheconomy. It is alsonoteworthythatindustrialanddurablegoodsnowconsist a greaterportion of the total productioncapacity of theTurkisheconomy.

6. MonetaryPolicy MonetarypoliciesconductedbytheTurkishCentral Bank, which is in linewiththeinflationtarget, werealsocrucial in bringingdowninflation. There had beendouble-digitsinflation in Turkeyformorethanthreedecades. Thefactthatinflation has beenbroughtdowndespite a highgrowth rate is a landmarksuccess. As a result of thestricteconomic program, inflationwascutdowntosingle-digitslastyear. For 2004, theyear-endtarget of inflation rate was set at 12%, but realized as 9.32%. Targeting an inflation rate of 8% forthisyear, theTurkishGovernment’sultimategoal is tofurtherreduce it so as to be in linewiththe rest of Europe. As a furthersign of growing self-confidence, Turkeydiscardedsixzerosfromitsnationalcurrency at thebeginning of 2005 and re-introducedlowdenominationbanknotesandcoins.FiscalDiscipline Thesedevelopmentsowemuchtofiscalpolicy of recentyears. Turkey has beenextremelycarefulwithitsbudgetforthelasttwoyears. Thebudgetdeficitto GNP ratiopeakedto 17% in 2001. Turkey is expectedtocompletethisyearby a budgetdeficit of around 4,5 – 5%. Moreover, nextyear’sbudgetdeficit is plannedto be around 2%. CurrentlyTurkey is in themidst of an IMF-ledausterityprogrammethatreliesprimarily on fiscalrestraint. Inthisvein, fiscaldisciplinewasthekeypolicyinstrumentbehindthesuccessfulresults in theeconomyduringthelasttwoyears. With a verystrongfiscalpolicy, net publicdebtto GNP ratiodeclinedto 63,5% at theend of 2004 from 90,5 percent in 2001. Thecomposition of thedebtstock has alsobeenimprovedandbecomemoreresilienttodisturbances in interestandexchangerates. ReservesDespitethewidening of currentaccountdeficit, which has beendrivenmainlybythegradualincrease of imports, Turkey’sinternationalreserveshavecontinuedtoincreasesteadily as well. Jump in portfolioand FDI inflowsarethekeyfactorsbehindthestrongreserveposition. As of August 2005, theofficialreserveassets of theCentral Bank of theRepublic of Turkeyhavereachedalmost 43 billion USD, indicatingthestrength of theTurkisheconomytopossibleturbulences in domesticand global markets. EconomicIntegrationSchemeswithInternationalOrganizations Turkey has recentlybeguntoextenditseconomictiesbeyondthemorefamiliarterrain of theBalkans, theMiddle East, theCaucasusandCentralAsia. Turkey'svisionfor 21st century is toachieveintegrationwithEuropeandbecome a leadingcountry in itsregion. Convincedthat a liberal internationaltradesystembased on theprinciples of freecompetition, non-discriminationandelimination of barrierstotradeare in theinterest of theinternationalcommunity, Turkey’stradepolicies since 1980s havebeenconsistentwiththisprincipledstand. Beingone of theleadingmembers of the OECD, Turkeyalsobecame a foundingmember of the WTO in 1995 andestablished a CustomsUnionwiththe EU in 1996. FreeTradeAgreementshavealsobeensignedwithvariouscountries. Turkeyconductsmost of itsforeigntradewith EU and OECD countries. WiththeCustomsUnion, Turkey has loweredits rate of protectionand as a resultindustrialgoodshavestartedtocirculatefreelybetweenTurkeyandtheEuropeanUnion. Withrespecttoimportsfromthethirdcountries, TurkeyappliestheCommonCustomsTariff.

7. EuropeanIntegrationMembershiptothe EU is a process, which has itsrootsback in late 1950s. It has beenthemainpillar of Turkishforeignpolicy, andconsolidatedovertheyears. Turkeywasdeclared a candidatedestinedtobecome a fullmember in 1999. Since then, Turkey has undergone a verycomprehensive reform processgeared at meetingthemembershipcriteria as stipulatedbythe EU. Consequently, based on therecognitionbytheEuropeanCommissionandtheCouncil on 17 Decemberlastyeartohave met sufficientlytheCopenhagenCriteria, Turkeywasgiven a firm a date (3 October 2005) to start theaccessionnegotiations. The start of theaccessionnegotiation on 3 October has opened a newpage in Turkey - EU relations. Now, Turkey is an accessioncountry. However, economicintegrationbetweenTurkeyandthe EU is evenmoreadvancedduetotheCustomsUnion, which has been in forceforalmost a decadenow. Turkey is theonlycountrytohaveenteredinto a CustomsUnionwiththe EU priortoaccession. The EU holds a bigshare in foreigninvestment in Turkey. It is also a majortrade partner of thecountry. Theprogress in accessionprocessaccompaniedbysignificantstructuralreforms in theTurkisheconomywillappealtomoreforeigninvestors, whichwillreflect on theeconomicrelationsbetweenTurkeyandthe EU positively. Turkey’seconomiccontributiontothe EU will not only be limitedtoitsowneconomicpotential but alsoencompassthestrategicgeography it is located in. Turkey is situated on a keylocationfortheincreasinglyimportantenergy, transportation, andcommunicationnetworksthat link the East toEurope. Aimingforleadership in foreigntrade in itsgeography, Turkey has developedextensivetraderelationswiththeCentralAsian, BlackSeaEconomicCooperationandtheEconomicCooperationOrganizationcountries. Turkeywillthus be abletocontributebothtotheEU’sopeningtothesemarketsandtotheprocurement of rawmaterialsandinputsthatare of vitalimportancefortheEuropeaneconomy.ForeignTrade Withinthecontext of globalization, Turkey has beenpursuing an outward-orienteddevelopmentschemeandexport-ledgrowth since 1980. Byvirtue of thecomprehensivestructuraladjustment program, amongothermeasures, restrictions on importshavebeenlifted, safeguardpracticesreducedandforeignexchangetransactionsliberalized. Byabandoningimportsubstitutionpolicies, Turkey has experiencedmajordevelopments in itsforeigntrade. On thepath of becoming a completelyopeneconomy, Turkey has beensearchingfornewmarketsandnetworkswithin a broaderspectrumextendingfromthe Far East to Latin America. Theexternaltradevolume in 2004 was 160 billiondollars, and GNP was 301 billiondollars. Thismeansthattheexternaltradevolumeexceeded % 50 percent of the GNP lastyear. As a result of theeconomicreformscarriedoutduringthelasttwodecades, boththevolumeandcomposition of theTurkishtradehaveradicallychanged. Intheprocess, thevolume of Turkishexports has increasedalmost 22 times. Whileonly 2.9 billionDollarsworth of goodswereexported in 1980, thisfigure has grownconstantlyandreachedthelevel of 63 billionDollars in 2004. This trend seemsto be continuingwhenlooked at thefollowing data announcedbytheStateStatisticsInstitute of theRepublic of Turkey: Inthefirsteightmonths of 2005, Turkey’sexportsreached 46 billion USD, whereastheimportsmoveduptonearly 75 billion USD. Theseaccountto a total foreigntradevolume of 121 billion USD forthesaidperiod. Moreover, whileTurkishexports had mainlybeencomposed of agriculturalproducts in the 1980s, manufacturedgoodsnowconstitutearound 90 percent of Turkishexports, indicatingthestructuraltransformation of theTurkisheconomy. Textilesstillbeingthepredominantsector, exportproductshavebeendiversifiedtoincludeironandsteel, glassandceramicware, leatherandleatherproducts, householdappliancesandvehiclesandvehiclespareparts. Themainprinciples of Turkishimportpolicyarethereduction of bureaucraticprocedures, in compliancewith GATT94 rulesandsecuringthesupply of rawmaterialsandinter-mediarygoods at suitablepricesandcertainqualitystandards.

8. ForeignDirectInvestment WhenTurkey is taken as a centerand a circle of four-hourflightdistance is drawn, thiscirclecoversonefourth of theworld’s GNP andonefourth of theworld’spopulation. Easyaccesstothesehugemarkets is alsosomethingthatmakesTurkey an attractiveplaceforforeigninvestors. Inparalleltothepoliticalandeconomicrealignmentsunfolding in theworld, theongoingprivatization program andhugeenergyandinfrastructureprojectshaverenderedTurkeymoreattractivetoforeigninvestorsovertherecentyears. Withitsdynamiceconomy, largeinternal market, competitiveindustryandskilledlaborforce, Turkeyoffersnumerousopportunitiesforforeigninvestors. A new "ForeignInvestmentlaw" wasenactedbytheTurkish Grand NationalAssembly on June 5, 2003. ThisLawgrantsequalrightstoforeigninvestorsandabolishes minimum foreigninvestmentcapitalrequirements, specialforeigninvestmentpermitrequirements, andtheprohibition on purchases of Turkishrealestatebyforeignindividualsandfirms. Forinstance, it takesnowliterallyjustonedayto start a company in Turkey. As a result, there has been a majorincrease in theamount of foreigndirectinvestmentsenteringTurkey. Forinstance, duringtheperiod 1993-2002, the FDI inflowtoTurkey on averagewasabout 1 billiondollars, which is verylowcomparedtoTurkishforeigntradeorTurkish GNP. In 2003 thisfigureincreasedto 1,7 billion, andto 2,6 billion in 2004. It is a strikingrecordthat in thefirsteightmonths of 2005, theforeigndirectinvestmententeringTurkeyamountedto 2.9 billion USD. From 2005 to 2007 weareexpecting an inflow of an average of 5 billiondollars a year. As part of the liberal tradeandinvestmentpolicieslaunchedafter 1980, a "FreeZonesLaw" wasenactedlayingtheframeworkfortheestablishment of freetradezones in 1985, thuspavingthewayforacceleration of capitalinflowandexport-orientedinvestment. Currently, 20 freetradezonesare in operationthathaveattained a total tradevolume of 22.1 billionDollars in 2004. There is no restriction on transactionsconducted in Turkey'sfreezones. Whileentrepreneursareexemptedfromallkinds of taxesincludingincome, corporateandvalueaddedtaxes, revenues can be transferredtoanycountrywithoutpriorpermission. Formoreinformationaboutinvesting in Turkey, pleasevisittheInvestmentPortal of Turkey. TurkishInvestmentsAbroad Turkishbusinessmenhavebeenexpandingtheirinvestmentssteadilytotheneighboringandwiderregionalcountries. Forinstance, they do not hesitate, evenunderworstconditions, to do business in suchcountries as AfghanistanandIraq. Traditionalandstrongengagements of ourbusinessmenwiththeircounterparts in mostArabiccountriespavethewayforeasieraccessiontotheMiddle East market. Particularly, Turkishcontractorshaveso far successfullycompletedover 3000 projects at internationalstandards, in 63 countriesacrossfourcontinents. Their total businessvolume, nearlyonethird of which is in theMiddle East region, reached 64 billion US Dollarsbytheend of June 2005.

9. Privatization Turkey'sprivatizationeffortshaverecentlygained a significant momentum. Privatizationportfolioincludesmajorstateeconomicenterprisessuch as Türk Telekom, StateTobacco, Salt andAlcoholEnterprises, TurkishElectricityDistributionCompany, TurkishAirlines, ironandsteelmillsandsugarfactories. Thisprocess is ongoing. Privatization in Turkey not onlyaimto minimize stateinvolvement in economicactivitiesandtorelievethefinancialburden of stateeconomicenterprises on thenationalbudget, but is alsogearedtowardsthedevelopment of capitalmarketsandthe re-channelling of resourcestowardsnewinvestments. InfrastructureProjects in TurkeyTurkey has alsoembarked on grandinfrastructureprojectsbothwithinandoutsideitsterritory. TheSoutheasternAnatolian Project (GAP) is themostambitiousdevelopmentprojectundertakenbyTurkey. Itcomprises 22 dams, 19 hydroelectricpowerplants, andnumerousirrigationnetworks. Theoverallprojectwillregulate 28% of Turkey'swaterpotential, generate 27 billionkw/h of electricenergyandirrigateabout 17,000 squarekilometers of land, thusincreasingthe total arableland in Turkeyby 50%. It is consideredone of the 9 mega projects in theworld. Takingadvantage of itsgeopoliticalpositionand as an emergingregionalenergy terminal, Turkey has alsopioneeredlarge-scaleenergytransportationprojects, throughwhichoilandnaturalgasexports of theCaspianBasinwillreachthe Western markets. Theseprojectshavemajorlong-termimplicationsforbothTurkeyandEurope. Materialization of theseprojectswilltransformTurkeyinto a hub of energytransportationlines in Euroasia. HumanResources Turkey’sbiggestasset is itsyoungandwelleducatedhumanresources. Turkey, at thesame time, is theleadingcountry in Europe in sending studentstooverseas, includingthe USA forhighereducation. Allovertheworld it is thefifth in thisfield. This is expectedtocontributeconsiderablytoenhancethehumancapacity not only of Turkey, but also of thewholeregion. A country of 72 millionpeople, which has a percapitaincome of USD 4172 as of lastyear, is a sizeable market foranymultinationalcompany. Ifweadjust it to GNP bypurchasingpowerparitypercapitaincome in Turkey, it is closeto 8000 US Dollars. LookingAhead Turkey’s recentperformancesuggeststhat as long as thepublicsectorkeepsitshouse in order, privatesector is readyand has thepotentialtotaketheleadboth in Turkeyand allaroundtheglobe. Turkey’sstrongmacro-economicperformance has been a reflection of boththedynamism of theregionandtheunlocking of thehighpotential of itseconomy. Turkey has provedthatconfidence, consistencyandcontinuity in macro-economicpoliciesarethekeytoproducebettermacro-economicresults. Turkeywasabletoattain a significantresult in a relativelyshort time on the economicfront. Behindthissuccessrests “confidence” and “stability”. TheTurkishGovernment has beenveryconsistent in theimplementation of economicpolicy. It has alsobeenverytransparentanddetailed in explainingtheessences of thefollowedeconomicpolicies. Hence, predictability, transparencyanddelivering on itscommitmentshelpedTurkeybuild a hugeconfidence not only in thedomestic market, but alsoamongforeignbusinesscircles. Turkey'smessagetotheoutsideworld is quiteclear: A resoluteimplementation of theadjustmentpoliciesandstructuraleconomicmeasuresarethebestwaytotacklethedifficultiesandusher in a newperiod of prosperitywithsocialbenefits.

10. Thebridge of investmentbosphorus

11. WhyTurkey , TheProperty Market ByEuropeanstandards, Turkey is huge – aroundhalf as largeagain as France. When it joinsthe EU in thenext ten yearsorso, it will in factbecomethelargestmemberstate – sowhen it beganitsapplicationformembershiplastyear, it witnessed a flurry of foreigninvestment, particularlyfrom Dubai, whichwillhelpboostitsalreadyfast-improvinginfrastructure.With a steadyincrease in annualtourism, Turkey is experiencing an unprecedentedlevel of internationalexposureandthis is, in turn is creatingmoretouristinterestandincreasingdemandforTurkishproperty. Thevalue of Turkishproperty is expectedtoappreciate in beachfrontareasby as much as 50% initially, withforecastsforthenexttwotothreeyearsreaching 100%.Thesepromiseto be fascinatingtimes: allthisincreasedinvestmentwillstimulatetheTurkisheconomyand – giventheirrelativelymodeststartingpoint – capitalgrowthratesshould fare verywell, particularlyalongtheAegeanandMediterraneancoasts, whereBritsaremostlikelytoinvest. Theareaaround Dalaman and Antalya areparticularly popular amongstTurkeypropertyinvestors as theTurkishgovernment is improvingthetourisminfrastructure in an attempttomaketheseareasthemost popular of Turkey’s top touristattractions.Dalaman is seeingenormousinvestmentincludingtheexpansion of Dalaman airport, thebuilding of threemarinasandtheareasfirst golf course. Antalya is nowthesecondmostinvestedcity in Turkeyafter Ankara andIstanbul, withnewroadnetworks, golf coursesandhotels. As thisinvestmentprogramme is only in itsearlystages, propertypriceshave not yet reacted. This is certainly an area of greatpotentialtopropertyinvestors.

12. Thenumber of Britonsowningproperty in Turkeyrecentlyjumpedbymorethan 200 percent in one 18-monthperiod, andwhat’smore, it is nowpossibleforforeignerstoget a localmortgage, whichwillfurtherencouragethisripening market. Inadditiontogrowingpoliticaloptimism, buy-to-letinvestorsarerelishing a tourismboom: a total of 21 millionvisitorscametoTurkey in 2005, a massive 22-per-centincrease on 2004. Thisyear, thegovernment’starget is 26 million. Thelion’sshare of those 26 millionwill be visitingwest- andsouth-coastresorts, whicharebecomingincreasinglyfamousandfashionable.GivenTurkey’sprospectsfortheyearstocome, investment is lookinglikethesensiblething. Andthankstoits size, it won’trunout of coastlinefor a while yet. 10 Reasonstopurchase a home in Turkey PropertypricesarestilllowerthanequivalentEuropean hot spots Cost of living is 1/3rd of that in the UK TheMediterraneancoastoffers an allroundseasonforgoodholidayrentalopportunities. Excellentpropertyinvestmentgrowth is predictedwithholidayoperatorsandairlinesincreasingcapacity. Lowpropertyacquisitionandongoingtaxes Fastestgoingeconomiesattractinglargecorporateinvestments Rich in culturalhistoryandancienthistoricalruins Excellentroadandairnetworksprovidinggoodinfrastructurearoundthecountry Turkey has some of Europe’sattractiveandstunningbeachesmaking it a very popular holidaydestination Voted 3rd in the A Place in the Sun televisionprogrammeto buy property (2005) and 4thmost popular as a destinationbythe A Place in the Sun reader (2006)

16. BusinessLegislation Turkeyoffers a simplebusinesslegislationsystemwithinternationalstandardsthroughwhichallinvestorsenjoyequaltreatment. RecentamendmentstotheexistinglawwillassistTurkeyevenfurtherwithitspresentimprovements in theinvestmentenvironment. Turkeyoffers: 1. Legal FrameworkforForeignDirectInvestment2. BilateralAgreements, DoubleTaxationPreventionTreatiesandSocialSecurityAgreements3. BilateralFreeTradeAgreementsLegal Framework of ForeignDirectInvestmentTheaim of ForeignDirectInvestmentLaw is: • ToencourageFDI’s in thecountry• Toprotectforeigninvestors’ rights• Tobringtheinvestorsandinvestments in linewithinternationalstandards• Toestablish a notification-basedratherthanapproval-basedsystemforFDI’s• Toincreasethevolume of FDI’sthroughestablishedpoliciesTheForeignDirectInvestmentLawprovides a definition of foreigninvestorsandforeigndirectinvestments. Additionally, it explainstheimportantprinciples of FDI’ssuch as freedomtoinvest, nationaltreatment, expropriationandnationalization, transfers, accesstorealestate, disputesettlement, valuation of non-cashcapital, employment of expatriates, andliaisonoffices. TheRegulationfortheimplementation of theForeignDirectInvestmentlawconsists of:• Specifyingtheproceduresandprinciples of theissuesthatarelaiddown in ForeignDirectInvestment (FDI) Law. Thetargetforthenew FDI law on workpermitsforforeigners is:• Toregulatetheworkcarriedoutbyforeigners• TostipulatetherulesaboutworkingpermitsgiventoforeignersBILATERAL AGREEMENTSBilateralAgreementsforthePromotionandProtection of InvestmentsSince 1962, Turkey has developed an impressiveBilateralAgreements network including 79 countries. Themainpurpose of theseagreements is topromotetheinvestmentflowsbetweentheparties, toensure a morestableinvestmentenvironment, toprovideeconomicand legal assurancetoforeigninvestorsandtoestablish a favorableatmosphereforeconomiccooperation.

17. DoubleTaxationPreventionTreatiesTurkeysignedDoubleTaxationPreventionTreatieswith 68 countrieswhichenablesoffsettingtaxpaid in one of twocountriesagainstthetaxpayable in theother, in thiswaypreventingdoubletaxation. ThefollowinglistincludesthecountrieswithwhichTurkey has DTT agreements. Europe (34)Africa (7)Asia (18)Middle East (8)Americas (1)Turkeycontinuestoexpandthecoveragearea of theDoubleTaxationPreventionTreatybyaddingmorecountries on continuousbasis. SocialSecurityAgreementsTurkeysignedSocialSecurityAgreementswith22 countrieswhicheasethemovement of theexpatriatesbetweencountries. Thenumber of thesecountrieswillincreaseparalleltotheenlargingspectrum of the FDI origin. BilateralFreeTradeAgreementsTurkey has 11 FreeTradeAgreements (with EFTA, Israel, Macedonia, Croatia, BosniaandHerzegovina, Palestine, Tunisia, Morocco, Syria, EgyptandAlbania) whichforms a levy-freeenvironment in intra-trade on an agreedlist of goods. Thisframeworkexplainswhymany global companiesarenowusingTurkey as thesecondsupplysource, not onlyfor EU andrapidlygrowingTurkish market, but alsoforMiddle East, BlackSeaand North Africa, withtheaddedadvantage of relativelycheaper but well-educatedlaborforce, coupledwithcost-effectivetransportation. Turkey is carryingoutnegotiationstoincludeGulfCo-operationCouncil, Jordan, Lebanon, Georgia andFaroeIslandstotheexisting network in ordertoattractinvestors.

25. NEW DIAMOND INDUSTRY OF TURKEY…GOLF

31. 5 days golf, 1 dayoff ,15 alternatıves

32. General Panorama of Belek

34. TURKISH TOURISM MINISTRY ACTION PLAN 2010 :100 GOLF COURSE IN 4 YEARS & DEVELOP / BUILT 4 OR 5 GOLF COURSES TOGETHER TO PREFER INTERNATIONAL MARKETS…..

35. 100 golf courseproject ,,investmentplace / cities IN TURKEY

40. İSTANBUL,,, TIMELESS CITY

41. BELEK GOLF PARADISE 40 km

44. TURKEY, SPAIN & PORTUGES GOLF TOURISM, 2003 TURKEY PORTUGES SPAIN POPULATION : 70,000,000 10,000,000 39,000,000 TOTAL TOURIST : 15,000,000 14,000,000 78,000,000 TOT.TOURISM INCOMES: 10 BILION $ 9 BILION $ 50 BILION $ INCOMING TOT. GOLFERS : 160,000 1,100,000 2,800,000 GOLF TOURISM INCOMES : 0,02 BILION$ 1 BILION$4,5 milyar $ TOTAL Golf COURSES 9 72 272

46. NEVER ENDING LEGEND

47. “…If God wanted to build a golf course he'd probably build it in Turkey…”

49. Formoreinfo GOLF TALYA REAL STATE smilingsolutions Faruk BAŞARAN www.golftalyarealstate.com talya@golftalyarealstate.com