Posted by meb at April 27th, 2007

“Turkey has a better chance in real estate when compared to Spain. We must utilize this opportunity wisely,” said Erdoğan Bayraktar, acting chairman of the Housing Development Administration of Turkey (TOKİ), on Thursday.

Attending the Real Estate Summit organized by the Association of Real Estate Investment Companies (GYODER) and supported by the European Public Real Estate Association (EPRA), the National Association of Real Estate Investment Trusts (NAREIT), the Urban Land Institute (ULI), the Capital Markets Board of Turkey and the Housing Development Administration of Turkey in Istanbul, Bayraktar noted, “TOKI favors an increase in real estate sales to foreigners, with certain limitations, contrary to certain circles who oppose this practice.” In a key-note speech, Bayraktar stressed that housing is the most important part of a person’s life. “As the population increases, the value of real estate goes up,” said Bayraktar.

“Spain recorded prominent developments in the real estate market. It attracted important European investors. Yet Turkey has better assets to offer. We Turks must use this opportunity wisely,” underlined Bayraktar. Referring to TOKİ’s activities, Bayraktar underscored that they are implementing serious projects to help low-income groups in Turkey. “We have already reached our goal of constructing 240,000 residences in 2007,” stated Bayraktar.

Meanwhile, İlyas Arlı, director general of the National Real Estate Agency, said that the economic stability in Turkey caused a boom in real estate sales. “The government owns 50 percent of all real estate in the country. Yet Turkey is a very attractive market for foreign investors,” remarked Arlı.

source: Turkish Daily News

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