Though his main opponent-Muharrem Ince of the secularist Republican People's Party (CHP)-has yet to officially concede, it appears Erdogan will now assume the significantly expanded powers he narrowly secured in a referendum previous year.
The USD/TRY is on the rise for Monday, up over 1.4% from the day's early low after surprise results from the Turkish election put the incumbent Erdogan back in the seat of power.
"We have received the message that has been given to us in the ballot boxes".
Voter turnout in the presidential election was 86.82 percent and parliamentary turnout was 87 percent, according to state broadcaster TRT.
Although the head of Turkey's Supreme Election Council, Sadi Guven, confirmed Erdogan's victory he added that the official results will be announced on July 5. The United Nations say some 160,000 people have been detained and almost as many more, including teachers, judges and soldiers, sacked. If the HDP exceeds the 10 percent threshold of votes needed to enter parliament, it will be harder for the AKP to get a majority. President Recep Tayyip Erdogan's government dominated the media, abused access to all government and municipal resources, and benefited from a state of emergency in suppressing the opposition campaign.
"The restrictions we have seen on fundamental freedoms have had an impact on these elections".
While his supporters never thought a second round presidential vote would be anything but a foregone conclusion, they hoped Ince could capture enough of the vote to force one to happen - or even win the first round. While Erdogan's opponents said they would send refugees back to their country, Erdogan did not.
"Winners of June 24 elections are Turkey, Turkish nation, sufferers of our region and all oppressed in the world", he said to cheering crowds, adding that the country "will look at its future with so much more trust than it did this morning".
Turkey's High Electoral Board declared Erdogan, 64, the victor of Sunday's polls, which usher in a new executive presidential system that was approved in a referendum a year ago. He'll also have the ability to rule by decree, intervene in the country's legal system and dissolve parliament.
Erdogan's Justice and Development Party fell short of a parliamentary majority but a better-than-expected performance by its nationalist ally would allow the party to control the 600-seat legislature.
"We want democracy", he said.
Up to half a million election monitors were deployed to polling stations by opposition parties and NGOs concerned about fraud allegations in the vote.
The CHP said it had recorded violations in particular in the southeastern province of Sanliurfa, although Erdogan insisted, after voting himself, there was no major problem. That, coupled with high inflation rates and fears that the central bank's independence will be further reduced, has left worldwide investors uneasy after Erdogan's victory.
"There is no stopping for us until we bring Turkey, which we saved from plotters, coupists and political and economic hit men, street gangs and terrorist organizations, to among the top 10 economies in the world", he said. He promised to lift the state of emergency shortly after the elections, to build his controversial Istanbul Canal, to open public parks throughout the country, and give every neighbourhood its own state-run cafe where tea and cake would be free.
Recep Tayyip Erdogan has been elected as the first executive president of Turkey under the new presidential system.
Meanwhile, many Turks criticised global media coverage of the elections.
Luxembourg's foreign minister, Jean Asselborn, noted on Monday it is now up to Erdogan to decide whether Turkey's relations with the European Union will improve.