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Western Europe: Turkey - Still Shining - An Economic Slowdown Has Dampened Turkey's Housing...

Byline: METIN DEMIRSAR

Turkey's thriving home-building industry has had a reversal of fortunes as the national economy slows down after four years of robust growth. The shift in global funds away from emerging markets, a devalued domestic currency, greater spending on imported oil and natural gas, increased interest rates on housing loans, rising inflationary expectations and concern over the conflict in the Middle East combined to hit the economy and batter the housing industry.

Such developments are hampering the nation's construction industry, which fuell

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