Foreign interest in Turkish real estate still growing
Posted by meb at February 6th, 2007
ISTANBUL – Referans
Turkey’s real estate market is flourishing under domestic interest alone, but foreign investment is adding to the boom, with some forecasting as much as 5 billion euros of direct foreign investment in the Turkish real estate sector during the year 2007.
Representing Turkey at a real estate summit Real Estate Investment Partnership Association former President Haluk Sur said that the interest and quality of foreign investors attending such summits has grown each year.
He noted that even those who had not been content with earning 13 percent annually on their investments in commercial real estate are now making do with 7 percent just to remain part of this attractive market, Sur noted.
The head of the research department at international consulting firm Cushman & Wakefield’s, David Hutchings, said that they forecast 5 billion euros of direct foreign investment in the Turkish real estate sector during 2007.
Ağaoğlu Group Chairman Ali Ağaoğlu noted that foreign investors have indicated a need for 100 new shopping centers in Istanbul and that the demand in the city can support this. “There are some people who want to be a part of the construction process and some that prefer to buy pre-built properties,” he added.
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