Turkey Financial News

Posted by meb at July 10th, 2008

Via/Port, boasting the title of Europe’s largest outlet center, seeks to offer its customers the ultimate outdoor shopping experience, with its grand opening set for July 29 in Kurtköy.

The center aims to allow shoppers to enjoy outdoor, outlet-style shopping, while also providing youngsters with a wealth of distractions.

Via/Port General Coordinator Muzaffer Gülöz said the project, which was carried out by the Bayraktar construction company, features a “real outlet center” as part of its shopping opportunities. Gülöz explained that the contracts signed by stores which will be opening at Via/Port specify that 75 percent of the products will be season final sale items. (more…)

Posted by meb at July 10th, 2008

News in the foreign press pertaining to Turkey’s real estate sector experienced a surge in the aftermath of the approval of a bill by Parliament on July 5 that regulates property sales to foreigners. The attention paid to Turkey’s real estate sector, which is characterized by low prices, has been increasing, wrote British newspaper The Times, adding that prices in the sector are expected to skyrocket if Turkey manages to join the European Union.

“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote. (more…)

Posted by meb at July 5th, 2008

Parliament passed a bill late Thursday regulating property sales to foreigners after it was re-arranged bearing in mind the Constitutional Court’s annulment of previous legislation.

Foreigners and foreign foundations will be able to own up to 10 percent of land within a building scheme, according to the new amendment. In case of liquidation of foreign companies in Turkey, the legislation will apply certain limitations which will enable foreigners to buy land in strategic and important areas only through special permission. (more…)

Posted by meb at July 4th, 2008

Parliament yesterday passed a bill on property sales to foreigners, drafted taking into consideration a Constitutional Court decision revoking a previous law on the matter.

Foreign citizens and companies will now be able to buy real estate in Turkey. However, sales of land in areas under protection, designated as irrigation, energy, agricultural, mining, religious or cultural sites or due to their flora or fauna as well as strategic areas with security considerations are not allowed. Areas will be designated as such by the Cabinet. (more…)

Posted by meb at July 1st, 2008

Netherlands-based Acteeum Group, a privately owned real estate development and asset management company, will continue to invest in Turkey amid widespread belief that Turkey has lost its ability to attract investors to the real estate market.

Acteeum Group, which is undertaking the construction of a shopping center with a value of 360 million euros on the Asian side of Istanbul, also laid the foundation of a new project in Samsun. (more…)

Posted by meb at June 14th, 2008

Just as Turkey looks as if it is shaping up to become the next major holiday-home and investment destination, its government has stopped title deeds being issued to foreigners.

The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.

Agents selling in Turkey expect the restriction to be lifted soon. “I don’t see it as a problem, as you could never expect to receive your title deeds within three months anyway,” says Julian Walker from Turkish property specialist Spot Blue. “For anyone buying now, the suspension will have ended by the time they reach completion.” (more…)

Posted by meb at June 13th, 2008

Parliament yesterday debated the law that regulates the sale of land to foreigners. Some experts believes the new act will allow for more land to be sold to foreigners, while others believe it will bring more limitations, as it will make the procedures more confusing.

Yet, another long-standing issue is will selling land to foreigners become a threat to Turkey’s security and independence?

“It should not be overlooked that taking hold of land [by foreign entities] will also mean giving away political and cultural independence,” read a press statement by the Union of Chambers of Turkish Engineers and Architects, or TMMOB. (more…)

Posted by meb at June 11th, 2008

The “Island of Turkey” is among 300 properties in the World Islands Project, a land reclamation project in Dubai created by real estate company Nakheel Properties.

The island was sold to Günal İnşaat, an affiliate of MNG Holding, for $50 million. Günal İnşaat plans to construct luxurious villas on the island.

Nakheel Properties initiated the luxury island development along with a series of other artificial island projects in 2003. The development, which sits four kilometers from the city center, features numerous islands designed to resemble a city or country. Completed in January, the islands offer an image of the world in a very concentrated area. (more…)