British investor enters Turkish market
Posted by meb at June 10th, 2008
The Turkish real estate sector is preparing to welcome leading British real estate investment company Savills the next season.
As an initial investment, the company plans to devote 400 million euros to Turkey in the hope of reaping 25 percent net profits from the market.
The international credit crunch has an adverse impact on the real estate sectors in developed countries, while developing countries, including Turkey, are on the verge of recovery, said Ian Jones, property investment director of Savills.
The annual demand for housing is likely to increase in the coming years, as half of Turkey’s population is aged below 30 and the annual population growth rate is above 1 percent, according to Jones.
Meanwhile, most real estate investment analysts say the future is bright for the real estate sector, because the Istanbul Stock Exchange (IMKB) has lost 27 percent in value since the beginning of the year and the lira was downgraded 5 percent against the U.S. dollar.
source: Turkish Daily News
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