The new Turkish currencies to come into effect as of the 1st of January, 2009, have been introduced to the public.
Special features of the new currencies…
The smallest banknote will be 5 TL, the largest denomination will be 200 TL.
There are three different portraits of Ataturk on the currencies.
The currencies will carry photographs of Ataturk with a smile.
The photograph of Ataturk taken in 1927 will appear on the 5 and 10-lira banknotes.  His photo taken in 1931 at the Gazi farm will appear on the 20 and 50-lira banknotes. The photos taken at the Çankaya Palalce will appear on the 100 and 200-lira banknotes.
While the portraits of Ataturk appear on the front of the banknotes, there will be the following pictures on the bankside:
5 TL: Distinguished Prof. Aydın Sayılı
10 TL: Distinguished Prof. Cahit Arf
20 TL: Architect Kemaleddin
50 TL: Lady Fatma Aliye, one of the first lady novelists
100 TL: Buhurizate Mustafa Efendi (the founder of Turkish Classical Music)
200 TL: Yunus Emre

SPECIAL FEATURES OF BANKNOTES
5 TL banknote: On the front side, Ataturk’s portrait framed by red crescent and star and stylized motif of atom. On the bank side the portrait of  scientific historian, Distinguished Porof. Dr. Aydın SDayılı with additional motifs of some significant events such as the solar sysem, the structure of the atom and DNA.
10 TL BANKNOTE: On the front side, Ataturk’s portrait, famed by ppurple crescent nd star and numbers symbolizing two digits, within which there is a heptagon with a cross-section of Ataturk. On the back side, a portrait of Distinguished Prof. Dr. Cahit Arf as well as arithmetical series, abacus, numbers, a cross section of Arf constant and figures representing digital system.
Arf was one of the most famous Turkish mathematicians, renowned all over the world with his theorems, who lived during the years 1910-1997.
20 TL banknote: On the front side, Ataturk’s portrait framed with light brown crescent and star and a geometrical form in yellow and white. On the left side of the portrait an outline of the Gazi University and cubic, square and cylindical forms symbolizing the 3 dimensions of architecture.
Architect Kemaleddin is one of the forerunners of national architecture with his plans and style, who lived in the years 1870-1927.
50 TL banknote: On the front side, Ataturk’s portrait framed by crescent and star, inkpot and feather pen. On the back side, portrait of author and philosopher Fama Aliye Hanım, used by permission of the Directorate of Library and Museums of the Istanbul Municipality. Lady Fatma Aliye was one of the first female authors of Turkish literature and the fist Turkish female philosopher. She lived during the Tanzimat (Reform) years, mostly writing about the status of women in society and in family life as well as in marriage, education of women and women’s rights.
100 TL banknote: On the front side, Ataturk’s portrait framed by purplecrescent and star within which there is a pink circle with musical notes. On the back side, a portrait of Buhurizade Mustafa Efendi better known as Iti. On the left side of the portrait there are symbolic musical notes and instruments as well as a whirling dervish playing the nay to stress the Mevlevi personality of Itri. The records indicate that Buhurizade Mustafa Efendi lived in the years 1640-1712 and was the founder of classical Turkish music. Although only 42 of his musical compositions are available at present, he is known to have composed close to 1000 pieces of music.
200 TL banknote: On the front side, Ataturk’s portrait, framed by blue crescent and star and an octagonal form in orange. On the back, the portrait of Yunus Emre. To the left of portrait, the rose Motif of Yunus Emre, the motif of a pigeon symbolizing peace, brotherhood and the dervish spirit, his worlds, “let us love and be loved” and the image of his mausoleum. Yunus Emre who lived in the years 1238-1324 is the pioneer of Sufism in Anatolia and poems in Turkish.
-Only the names and conception of the currencies are changed.
-Throughout the year both YTL and TL will be in circulation. At the end of one year, the YTL will be totally withdrawn from the market.
-Except for the differences in conception, there seems to be no difficulty in transmission to TL.
 

 U.K. home sales fell in September to the lowest level in at least three decades, led by London, as the financial crisis prompted price drops across the nation, the Royal Institution of Chartered Surveyors said.

  Estate agents and surveyors sold an average of 11.5 homes in the quarter through last month, the least since the series began in 1978, RICS said in an e-mailed report yesterday. In London, the figure was 8.3. The number of residential property agents and surveyors saying the prices fell exceeded those reporting gains by 84, compared with 82 in August.

  “London continues to occupy bottom place in the activity league” for home sales, the report said. “Further price falls in the near term are likely.”

  Prices declined further in London, Wales, northern England, northwestern England and the East Midlands, and the price balance fell to the lowest on record in Scotland, RICS said.

  Consumers have pared spending as weakening house prices and the slowing economy squeezes incomes. Sales in U.K. shops open at least a year fell an annual 1.5 percent in September, the British Retail Consortium, which represents 80 percent of stores, said in a separate report yesterday. Clothing, footwear, furniture and household goods led the drop.

  Economic growth stalled in the second quarter, ending the longest stretch of uninterrupted expansion in a century. The International Monetary Fund predicts the U.K. economy will contract 0.1 percent next year after forecasting growth of 1.6 percent six months ago.

During the first 8 months of the current year, the foreign exchange incurred by property sales totals to about 2 billion dollars. This amount was 1,8 billion dollars during the same period last year and 2 billion 88 million dollars in 2006. Property sales to expatriates will become even more significant due to existing crisis. Efforts will be made to remedy the downward trend in local demands and within the construction sector by a certain amount of property sales to expatriates.

In the face of steep fluctuations due to global crisis, the anticipations, risks and opportunities within the tourism sector, like in all other fields, have become a major issue lately. One of the main subjects under discussion is the property sales to expatriates. During this period, a revival in property sales is anticipated.

Significantly, on the basis of balance sheets of recent years, property sales to expatriates in 2005 amounted to a total of 1 billion 821 million dollars. While this figure was close to 3 billion dollars in 2006, it was also at the same level in 2007.

Fluctuations were observed in these sales which were doubtless due to certain problems involved in property sales in decisions taken by the Constitutional Court. In the end, by a circular issued in July of the current year, there has been an enhancement in the sales which had been stagnant. With the new regulations, companies, within the framework of Law No. 4975 on Direct Foreign Capital which stipulated the ownership of property in a similar manner to Turkish citizens, can now carry out purchases by the permission of governors of the provinces. The conditions relevant to permission of governors will be made public within 3 months and therefore no sales will be made to companies during this period. The right of real identities of foreign nationality to acquire real estates and properties in Turkey is limited to 2.5 hectares; therefore, applications in excess of this limitation will not be approved.

Pursuant to the issuance of the circular, property sales gained some momentum during the month of August. Within the first 8 months of the current year, the foreign exchange incurred by property sales amounted to about 2 billion dollars. This figure was 1,8 billion dollars during the same period last year and was over 2 billion 88 million dollars in 2006.

Property sales to expatriates will become even more significant due to existing conditions of the crisis. Attempts will be made to remedy the downward trend in local demands and in the construction sector up to a certain point. As a matter of fact, not only major construction companies but also TOKI are making efforts in this regard.  

After introducing its Tiggo3 and Alia models to the Turkish fans of automobiles, Chery will present its Kimo model to the Turkish market.

Chery Kimo will be displayed at the 2008 International Istanbul Automobile Fair by the Mermerler Group and will be on the Turkish market early in 2009.

Chery Kimo is worthy of attention in various colours, contemporary design and dynamic ,engine, and boasts of a high ceiling, adding to the comfort of driving and a wide space between the front and back seats.

There are no confusing details at the front console table of Kimo which is constructed simply  with high quality materials and where there are double torpedo compartments for a radio and CD/DVD/MP3 player, providing for pleasant driving, as well as a blue light for easy sighting and indicators for speed, revolution and fuel.

The government has initiated efforts to simplify procedures and minimize formalities hindering real estate purchases by foreign buyers in Turkey, the Anatolia news agency reported last week. 

Representatives from  the Finance Ministry, the Ministry of Public Works and Housing, the Interior Ministry, the Ministry of Industry  and Commerce, the Treasury Undersecretary, the Land Registry and Cadastre General Directorate, the Security General Directorate, the Turkish Union of Chambers and Commodity Exchanges (TOBB), the International Investors Association (YASED) and the Turkish Exporters Assembly (TİM) met recently to find solutions for the problems foreign buyers face during real estate purchases.
Reports indicate that demand for real estate from foreign companies and individuals has dropped significantly as a result of the ongoing global financial crisis as well as a recently introduced regulation requiring that foreign buyers secure approval from the governor s office in the province where the real estate they are purchasing is located.

Following are some of major problems discussed at the meeting:  Ambiguities regarding the types of real estate that foreign buyers must get approval to purchase; uncertainty for a company purchasing real estate that has an indirect partnership with a Turkish company or that has shares traded on the Istanbul Stock Exchange (İMKB); the license a foreign company must have to prove its right to purchase real estate in Turkey; a lack of criteria for determining the kinds of operations a company is engaged in; lengthy procedures; an insufficient number of meetings held by the commissions that provide companies with licenses for real estate purchases; ambiguity regarding the procedures of purchasing real estate as part of a privatization process

According to figures released by the Land Registry and Cadastre General Directorate, 347 new companies with foreign partners have been established since the new regulations entered into force in November 2008. Fifty-one of these companies purchased 1,668 properties in Turkey.

In Mugla, playing host to prominent tourism centres, unexpected tax  and other inspections are becoming history prior to approaching tourism season. The establishments will be advised beforehand and an appointment will be taken for the inspection.

Dr. Ahmet Altıparmak, the Governor of Mugla, announced that in prominent tourism centres such as Fethiye, Marmaris, Bodrum and Datça, establishments would be forewarned beforehand and that inspections regarding taxes, foodstuffs and environmental issues would be carried out by teams on mutually established dates.

Altıparmak stressed that unexpected inspections would still be carried out in case of denunciations, but that arrival of uniformed officials was not a pleasant sight in the middle of the tourism season and therefore regular inspections would be carried out by appointment.

Governor Altıparmak also pointed out that most of the time they were hindered by bureaucracy, adding, “Notwithstanding that we are also bureaucrats, we face bureaucratic hindrances during our work which cannot be overcome. Simpler methods should be applicable. Especially on matters concerning ÖÇK, the authorities involved should make quick decisions to speed up the procedures. We are hard pressed especially on planned investments.”

Dr. Ahmet Altıparmak explained that the operation of the Saklıkent Canyon in Fethiye and the Akbük Cove on the way to Ören, which have been a matter of dispute over the years, would be undertaken by MELSA (Mugla Handicrafts Company) of the Special City Administration ,and continued as follows: “In the near future the picnic area will also be included in this list. At Saklıkent all the establishments causing visual pollution have been eliminated. Saklıkent is visited by thousands of locals sand foreign tourists every year. By the elimination of visual pollution, a proper operation will be carried out here.”

There has been a regression of 35 per cent in property prices. Fatih ELİBOL, the Deputy General Manager of TURYAP Construction Inc., pointed out that it was the right time to buy real estates for those who had ready money, warning the prospective buyers “to choose a completed construction”.
Due to global crisis, there has been a regression in real estate prices up to 30 per cent. Fatih ELIBOL, the Deputy General Manager of TURYAP  Construction, Inc. invited people with ready money to buy houses during this period.  Saying, “Now it is the buyers’ market,” experts recommended buying finished projects.
In as much as the low-priced properties resulting from economical crisis are good opportunities for prospective investors, it is a fact that the prices will not remain at this level at all times. Therefore, prospective investors must take advantage of these opportunities, especially in regions with a promising future such as Fethiye. When the markets recover in time, the rise in the real estate prices will provide a good profit for investors who buy early.
Fatih ELIBOL, the Deputy General Manager of TURYAP Construction, Enc., warned prospective investors in the real estate sector, saying, “There is difference between a completed house and a half-finished house. The buyer of a completed house has no further dealings with the seller once the title deed is issued in his name. However, there is a risk in a half-finished house. The buyer of a half-finished house cannot guess what he may encounter until he actually steps in, because the rise in costs of construction and  material in stock may cause the constructor to be unable to finish the building (in spite of his good-will). At any rate, it may not be possible for the house to be delivered on the promised date.”
The real estate agents, trying to create opportunities for the consumer during this stagnation, are giving priority to reasonable payment conditions. The real estate agents in Fethiye claim that this is he right time to buy a house, saying, “At the moment prices are most suitable and everyone can buy a house.”
The real estate agents in Fethiye recommend people wishing to evade paying rent to benefit from the new opportunities. The agents stressed that there demands had decreased due to global crisis and long-term payment facilities were offered while the prices fell, adding, “Right now the prices are most reasonable and everyone can buy a house.”
Where are these chap houses?
Experts pointed out that stagnation started late in 2006, continuing through 2007, and that during the first 5 months of 2008, there had been almost no sales and therefore the prices slackened. They explained that with this slackening, no transactions were made unless there was a minimal reduction of 10 per cent of the asking price, continuing as follows: “Especially in the case of unfinished buildings, some contractors are facing a hard time in their construction projects. Some are even thinking of halting the constructions. Rather than losing prestige by locking up, they sell a limited number of houses with 30-40 per cent reductions to keep the wheels turning. They are squeezed financially and cannot make sales. Some firms organize campaigns. They give cars to buyers of houses. Some say, “We shall pay your bills of water, natural gas and electricity for 3 years.” In such campaigns the reduction in the price of the half-finished houses may exceed 40 per cent. In the cases of cash payment, serious reductions may be observed But the citizens should not come to us, asking, “Where are these houses?”. This is not a widespread case. Not all the contractors choose to do this. If the citizens carry out a serious research, they may come across  occasions like this.”

The Aegean and the Mediterranean coastlines are worth a visit for tourists with historical works of art from civilizations dating back to centuries, as well as with beautiful sights during summer month. Those wanting to be engulfed by nature and the sea also have a chance to enjoy the ever-lasting Anatolian panorama among historical ruins. With the coves, caves and various sea creatures bestowed by nature to Anatolia, this region is most popular for people fond of yachting, water sports and fishing.
 Furthermore, these shores offer numerous opportunities in sports and cultural activities. At various areas along the Aegean and the Mediterranean shoreline, you can participate in a lot of activities. You can take part in paragliding at Fethiye-Ölüdeniz;  surf, sail and parasail at Çalış; do rafting at Dalaman and also dive to discover the underwater world. While you view the historical monuments carved onto the hills at Dalyan, you can take a boat tour among caretta carettas and heal yourself in world-renowned mud-baths. From Patara, which is one of the longest beaches of the world, completely covered by sand, you can go to Kaş and Kalkan and to the rest of the Mediterranean coast to see the unique historical treasures. Or, you can go to Bodrum to enjoy the coves with turquoise waters and  participate in the entertainments in the evenings. From Kuşadası with its unique history and natural beauty, you can reach innumerable historical wonders easily.
 In all these locations, you will have a chance to taste local food and various fruit and vegetables. At local festivals, you can familiarize yourself with the life-style, traditions, music, dances and dishes of the local people.
In order to see and enjoy all this, it is sufficient to allow nature, history and the Mediterranean people to display their features along the Mediterranean and the Aegean shores.

Real Estate Market at the Aegean and the Mediterranean Coastline
Fatih ELİBOL, Deputy General Manager of TURYAP Inc., points out that in addition to all this natural attractions, as a result of the ever-developing tourism and the real estate market, modern buildings,  planned in harmony with natural surroundings to create new life-styles enhances the quality of life for people.
F. ELİBOL draws attention to the fact that due to continuing effect of last year’s global crises, there is a general decrease in the prices of properties and that, due to similar conditions to other countries, Turkey has become an attractive location for investors during the crises and for those wanting to purchase property. The principal reason for this is the abundance of historical and natural features in Turkey, as compared to other countries, the warm-hearted and hospitable Turkish people and the fact that you can live though 4 seasons at the same time. In regions with these opportunities and attractions, for example at Kuşadası, a flat in a condominium with a swimming pool can be bought at prices starting from 45.000 TL, said F. Elibol, adding that it is possible to own a house at a reasonable price along the  coastline in places like Bodrum, Fethiye, Marmaris and Göcek.
F.ELİBOL further explained that endeavours are made to overcome the financial difficulties encountered in the real estate market by resolving the mortgage problem and to build houses more suited to meet the needs of the customers and to achieve a more dynamic market, stressing that for those wishing to purchase a house or to make an investment, it will be more beneficial to buy properties during this period.     

Will I be refunded the BSMV which I paid for my housing credit?
If the consumer wishes to be included in the mortgage system, the BSMV will be deducted from the instalments he will pay after the 5th of June. For a credit of 100 thousand YTL for 20 years, this means a decrease in payments of approximately 70-77 YTL per month for the first 10 years and 0-67 YTL for the remaining period. However, the BSMV the consumer paid earlier will not be refunded. Meanwhile, since the participants in the system will be decided upon only on the 5th of June, the BSMV will be payable for housing credits until that date.

When I obtained my housing credit, life insurance was not obligatory. I did not arrange for it as the bank did not call for this. If I choose to be included in the Mortgage system, will I have to have the life insurance?
Mortgage does not insist upon the credit holder to have a life insurance. However, these credits must be insured so that the banks can sell them in second-hand markets. Therefore, the banks may ask their previous customers to be covered by life insurance policies.

If I choose to be included in the Mortgage system, will I be faced with a fine for early repayment of my credit? If so, how much would it be?
The fine of 2 per cent of the credit for early repayment will be valid only for new credits extended after the publication of the law. The consumer who transformed his present credit to tutsat will not be subject to such a fine. However, it is wise for the consumers to review their new contracts carefully to see whether the bank included such a clause.

Will the bank prepare a new contract for those who choose Mortgage? Is there an extra charge involved in this for us?
If the consumer does not submit an objection by the 5th of June, the credits will automatically be included within the tutsat system. The banks will have new contracts with the customers who are transformed to tutsat. However, they will advise the customer about the details of the new contract at least one day before the signature. There will be no extra charge for the new contract.

In case I fail to fulfill my obligations, will the bank confiscate only the house?
Previously when the consumer failed to fulfill his obligations, the bank collected the credit by selling the house which was mortgaged. However, the Law on Mortgage grants the right of sequestering to the bank; in other words, besides the house of the consumer, the bank may sequester all his possessions, to collect the credit due.