Turkey Financial News

Posted by meb at May 24th, 2008

Turkey is rapidly surpassing European countries in its investments in outlet stores, which sell out-of-season products at discounted prices.

Turkey is second in Europe in terms of leasable outlet area, with 382,781 square meters in 19 outlet malls. It follows England, which has 471,881 square meters of leasable outlet area in 29 outlet malls. Italy follows Turkey with 12 outlet malls. France comes next with 11 outlet malls. There are a total of 133 outlet malls in Europe, with 3.02 million square meters of leasable outlet area, while in America there are 222 outlet malls, with 5.57 million square meters. (more…)

Posted by meb at May 23rd, 2008

Antares shopping mall opened in Ankara’s Etlik district Wednesday. Covering on an area of 410,000 square meters, the center is a candidate to be the biggest mall in Turkey. The project is launched by Dolunay İnşaat, the operating partner of Turkish corporate Nata İnşaat, which is a project developer for the construction sector.

“Antares is the largest real estate investment project established with the use of domestic capital of Turkey,” said Uğur Göksel, the project manager of Antares. Metro Group Asset Management, a cross-divisional service company perform an array of services in such areas as real estate, gastronomy and marketing, is responsible from the management of the shopping center. (more…)

Posted by meb at May 19th, 2008

With 54 years of experience in the construction sector, FDB Yapı prepares to launch the Ak Club Residences project in Antalya, a city on the Turkish Riviera. The project represents the first “home-hotel” concept in Turkey, and brings a new understanding of management to the city.

The project is expected both to meet the needs of the foreign investors who want to invest in property in Antalya, and to contribute to the economy with professional management of the facilities that offer the comfort of a five-star hotel. A first in Turkey, the Ak Club Residences project offers a profitable means of investment. (more…)

Posted by meb at May 14th, 2008

This season’s fairs are on their way to becoming a magnet for end consumers from various sectors, and many companies tend to attract customers by initiating different campaigns for their construction projects.

“We, as CNR Fair Services, have started collaborating with foreigners since the 1980s and believe our firm is experienced enough to overcome high-caliber events. With an innovative vision, we aim to achieve higher success in upcoming fairs which are significant platforms both for consumers and producers,” said Murat Özer, the director of CNR Fair Services. (more…)

Posted by meb at May 12th, 2008

Turkey has an unexplored real estate market, and tourism gains importance day-by-day, reported the British newspaper Daily Mail, which also noted the facilities provided to foreigners in acquiring real estate.

“Turkey’s accession to the European Union might be 10 years far, but there is an increasing tendency in real estate sales,” the newspaper said. (more…)

Posted by meb at May 2nd, 2008

An amendment to the bill on land registries, which was recently annulled by the Constitutional Court upon an appeal filed by the Republican People’s Party (CHP), has been accepted at a parliamentary commission.
With the new amendment, the benchmark for real estate ownership limits for foreign persons and institutions has been changed from total provincial area to the total area of a given city center base. The new changes reduce the total amount of land that can be sold to real foreign persons in comparison to the rejected bill. Real foreign persons will be entitled to purchase property within the limits of areas allocated for development as long as the total land purchased by foreign persons in the city does not exceed 10 percent of the total land in a given province’s city center. (more…)

Posted by meb at May 1st, 2008

A recent Constitutional Court decision to cancel a law governing the sale of property to foreigners has forced real estate agents to significantly drop prices and to shift their target market to Turkish customers.

Real estate agents are now seeking to sell finished residences to locals at relatively more reasonable prices. They state that what appears to be a crisis generated by the court may well be transformed into an opportunity to help local people acquire homes of their own. (more…)

Posted by meb at April 28th, 2008

The Housing Development Administration of Turkey (TOKİ) is conducting preliminary studies for a project to develop vacation properties for foreign buyers as the government drafts new legislation following a Constitutional Court decision to halt real estate sales to foreigners.

Finance Minister Kemal Unakıtan approved TOKİ taking over areas allocated for real estate to be constructed for foreign purchasers, calling it the “Spanish model” because it includes building high-end properties of limited height with large gardens and green spaces, as is the case in Spain. (more…)