Tuesday, 17 December 2013

Turkey-UK trade to reach highest level in 2013 with15 bln USD

Chairman of Turkish-British Chamber of Commerce and Industry (TBCCI) Emma Edhem stated the trade between United Kingdom (UK) and Turkey will reach 15 billion USD in 2013, which would be the highest level yet.

Saying the UK investment in Turkey has reached 6 billion USD, whereas Turkish investment in UK is approaching 1.6 billion USD in the last decade, Edhem told AA in an exclusive interview that the trade volume between the countries had sustained a growth rate of about 9 percent each year between 2003-2007.

"The highest trade volume was obtained in 2008 with 14 billion USD from 2008. We have seen a slight drop due to the financial crisis. In 2013, the trade between UK and Turkey is expected to reach 15 billion USD, which is the highest level yet," Edhem said. "I think that these are remarkable figures, it's very significant and this is built of a period of the years of these economic boom. It’s been a good progress but it has been over the last ten years that we have seen Turkey has taken the platform that it has on a worldwide basis."

Source: http://www.portturkey.com

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Friday, 13 December 2013

Brand projects are attracting Gulf investors

Dünya – Turkey’s easing of the property ownership restrictions applied to foreign nationals initiated an upward curve in immovable sales to international investors, according to the head of the leading sector body, the Association of Real Estate and Real Estate Investment Companies (GYODER).

Brand projects are attracting Gulf investors’ interest on an increasing scale. Istanbul with its completed and ongoing residence/office projects has become an investment center in this regard”, Aziz Torun, GYODER President said about Turkey’s rising attractiveness for foreign property buyers.

“The share of property sales to foreigners has risen from 2 percent to 6.5 percent with the eased property ownership law. Half of the property buyers are from Gulf countries and Turkic republics...” Torun said, adding that transactions with Arab buyers are either in blocks or on an individual basis in ongoing projects. “These transactions are not yet regarded as sales because of the projects’ “ongoing” status. The actual share of Gulf-based investors will rise as completed properties are handed over”, Torun said.
The investor-friendly property law enacted last year allows foreign nationals to own property in Turkey regardless of the buyer’s country of origin giving the same right to Turkish citizens, effectively abolishing the ‘reciprocity principle’.

15,086 foreign nationals from 98 countries acquired 21,691 immovables -11,803 residential units and 9,888 land plots- in Turkey in the first 10 months of the year, according to data from Turkey’s Ministry of Environment and Urban Planning. Russians, Germans and Britons ranked as the top buyers of Turkish properties, preferring Turkey’s Mediterranean coast for their investments. Property acquisitions by Gulf investors stood at 2,697 in the same period, with a focus on brand projects in Istanbul.

Real estate purchases by foreigners reached a total of USD 2.6 billion in 2012, up 31 percent from the preceding year. The figure is expected to reach USD 3 billion by the end of this year.

Source: http://www.invest.gov.tr

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Thursday, 5 December 2013

Gulf countries to invest real estate sector in Turkey

As Istanbul Turkish real estate companies have visited by 30 companies at Dubai in October. Then 550 people groups of investors from the Gulf countries are coming to Turkey to discuss about the projects.

550 people groups of investors from the Gulf countries will come Turkey in 2013 December 5-8. Funds and capital owners and senior executives of the Saudi Arabia, Kuwait, Qatar, Bahrain, the United Arab Emirates and Oman companies which has 200 billion dollars funds and capital, will come to Turkey in order to see real estate investment opportunities.

Turkish-Gulf Real Estate Investment and Cooperation Fair and Congress will be held. The organization will be held under the name of the "Real Estate in 2013" by Saudi Arabia Daleel Group and in cooperation with CNR Holding.

Saudi Arabian Daleel Turkiya Group Chairman Muhammed Mufarreh said that, 200 billion dollars from Gulf real estate capital ready to invest in Turkey. 3rd airport, 3rd bridge, Canal İstanbul such giant Project increased value of the real estate sector.

Source: http://www.portturkey.com/real-estate/5753-gulf-countries-to-invest-real-estate-sector-in-turkey

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Monday, 18 November 2013

Moody's report: Turkey to be among top 5 fastest growers

Turkey’s forecasted economic growth in the coming years is among the world’s highest, according to a report by the rating agency Moody’s. The report, titled "Global Macro Outlook 2013-15” puts Turkey among the top 5 fastest growing members in the G20 group, comprising the world’s 20 major economies.

Turkey, with an expected GDP growth rate between 3-4 percent for 2013 ranks 5th in this year’s forecast and climbs to 4th place for the 2014-15 period with an increased estimate of 3,5-4,5 percent of growth.

While ranking behind Far Eastern and Southeast Asian economies, Turkey far outpaces developed Western countries, which are expected to register miniscule growth or no growth at all in the given period.

The forecasts in Moody’s report is largely in line with the Turkish government’s Medium Term Program for 2014-16, announced last October, which foresees 3,6 percent of GDP growth for 2013 and 4 percent for 2014.

Source: http://www.portturkey.com

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Friday, 15 November 2013

New York based hedge fund Invests in Turkey’s Biggest Real Estate Company

Third Point LLC, the New York-based hedge fund headed by billionaire activist investor Daniel Loeb, bought $150 million of shares in the secondary public offering of Turkey’s biggest real estate company, Emlak Konut GYO (EKGYO), according to two people with knowledge of the transaction.

The purchase is Third Point’s only investment in the Turkish equity market, according to the people, who asked not to be identified because the information isn’t public. That gives the hedge fund a stake of just under five percent, which is the mandatory disclosure limit in Turkey, the people said.

Emlak Konut, which is 49.3 percent owned by the Turkish state housing authority TOKI after the sale, has privileged access to state-owned land, which it auctions to real estate developers for a share in the revenue generated. The company on Oct. 30 reported the equivalent of $169 million in net income in the third quarter, beating the average estimate of $133 million from nine analysts surveyed by Bloomberg.

The shares rose as much as 3.5 percent today before closing 2.8 percent higher at 2.61 liras. The company is rated buy by 13 analysts covering the stock on Bloomberg, hold by eight and sell by one. It was the most-traded stock on the Borsa Istanbul by volume today, with more than 225 million shares traded, according to data compiled by Bloomberg.
Foreign Investors

Emlak had dropped 8.3 percent to 2.54 liras in Istanbul yesterday, its first day of trading after the company sold 1.3 billion shares at 2.50 liras each in an SPO from Nov. 6 to Nov. 8. The price compared with 2.77 liras at the close on Nov. 1, the last day of trading before the sale.

Foreign institutional investors bought 80 percent of shares in the offering, while domestic institutional and individual investors purchased 10 percent each, according to a filing by brokerage Halk Yatirim with Borsa Istanbul on Nov. 11.

Loeb, who focuses on event-driven investing, buying and selling stocks or bonds of companies going through changes like spinoffs or mergers, said on a conference call Nov. 12 that easy-money policies by central banks in the U.S., Asia and Europe are providing protection for equity investors in the near term. He has engaged with companies including Yahoo! Inc. and Sony Corp. to shift corporate strategies with a goal of driving up share prices.

Loeb’s fund climbed 21 percent last year, boosted by investments in Greek sovereign debt. That compares with an average gain of 1.59 percent by hedge funds in the same period, according to data compiled by Bloomberg.

Turkey’s Borsa Istanbul National 100 index jumped 53 percent in 2012, the second-best performance in the world after Venezuela’s benchmark measure. Emlak rose 60 percent in the year. The stock today pared its year-to-date decline for 2013 to 16 percent, compared with a 5.4 percent drop in Turkey’s gauge.

Source: http://www.bloomberg.com

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Tuesday, 29 October 2013

Symbol of Turkey's Ambition Opens Underground

World's Deepest Immersed Rail Tunnel Set to Open

ISTANBUL—Prime Minister Recep Tayyip Erdogan opened a tunnel under the Bosporus Strait on Tuesday that has been a dream of Turkish rulers since an Ottoman sultan first proposed linking the European and Asian shores of this bustling metropolis in 1860.

"Today, with this big project, we're enriching our republic and also proving what a democratic republic can accomplish with stability, confidence, brotherhood and solidarity," Mr. Erdogan, shown above, fourth from right, told dignitaries including Japanese Prime Minister Shinzo Abe, second from right, as tens of thousands of people cheered and waved flags.

"Marmaray is bringing together people, nations, countries just as much as it is joining continents," Mr. Erdogan said.

The government's development push has seen an infrastructure and construction boom that has helped Mr. Erdogan triple Turkey's economy to $786 billion since his party swept to power in 2002. The premier is seeking to build on that success by raising gross domestic product to $2 trillion and making Turkey one of the world's top-10 economies by the time the republic turns 100 in 2023.

More than $400 billion of huge new infrastructure projects are expected to help anchor GDP growth again over the next decade.

The government's ambitions include one of the world's biggest airports; a canal through Istanbul's European flank to connect the Black Sea and the Marmara Sea for commercial shipping; three nuclear-power plants; and an urban-renewal project to protect against earthquakes.

Analysts warn that mounting financial and political pressures could hamper Ankara's ability to finance those projects, with the economy slated to slow and more risks to the outlook.

"It will be very difficult to raise international financing," said Nigel Rendell, an economist at Medley Global Advisors in London, in part because the U.S. Federal Reserve is likely to call a halt next year to its stimulus efforts, which helped create liquidity for developing economies such as Turkey's.

"Secondly, and more crucially," Mr. Rendell said, "people's confidence in Turkey took a hit with the protests over the summer, when Erdogan was seen as an autocratic leader by the international community."

Turkey's decade of political stability was briefly shattered in June with massive antigovernment protests, which persist but on a smaller scale. The country will also soon enter an election cycle starting with local races in March and ending with a national election in June 2015.

In September, Turkish banks picked up the $2.3 billion tab for Istanbul's third bridge across the Bosporus amid lack of demand from international lenders. The government scaled down the project after failing to elicit bids for the project, which was initially expected to cost $6 billion.

Still, officials dismiss views that Turkey will struggle to raise about $300 billion of debt to pay for its infrastructure projects.

"There won't be any financing difficulties," Transportation Minister Binali Yildirim said Sunday. "Because of global circumstances, everybody is looking for stable countries to invest in, such as Turkey. All around, there is either economic crisis or war, but we have economic stability and growth. If international organizations aren't going to lend to Turkey, they might as well pickle their cash."

The Marmaray is the world's deepest immersed rail tunnel, consisting of 8.5 miles of concrete and steel tubes, with one nearly mile-long portion stretching along the seabed at a depth of more than 200 feet.

Source: The Wall Street Journal

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Saturday, 12 October 2013

Shaikh Ahmed Bin Humaid Al Qasimi bought 22 units in Istanbul / Turkey

Shaikh Ahmed Bin Humaid Al Qasimi who is the chairman of GULF Group Holding Co LLC in United Arab Emirates has bought 22 property units in Turkey.

Also consulates of Saudi Arabia, Kuwait and Qatari have bought properties in Istanbul. The consulate of Kuwait Mr. Abdullah Abdulaziz Al-Duwaikh has bought a 3 bedroom apartment from an off-plan project in Beylikduzu district in Istanbul.

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Tuesday, 1 October 2013

Turkey is the 5th largest country export of construction materials

The president of association of Turkish building material producers Mr.Yetişener has said that, As of May 2013 the annual export of building materials have reached 21.29 billion dollars and aiming to export 40 billion dollars in 2015. The market size of the sector was 100 billion dollars in 2012.

He added: there is also a great contribution to unemployment. The sector provides 1.5 million employment. The growth will not continue in the second half of the year. The sector will continue to maintain the current status. We want to contribute 500 billion dollars vision of Turkey by 100 billion dollars. We were the champion of export in 2012 by 21 billion dollars.

Due to problems in neighboring countries, we don’t expect growth on export in 2013. 2013 is not favorable. Aiming to export 40 billion dollars in 2015. while our economy grew by 3% in the first quarter of the year, this figure was 5.9% in construction sector. Public investment was the only source of growth by 79.7%.

Source: http://www.portturkey.com

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Tuesday, 6 August 2013

Chart of the week: Turkey’s real estate boom isn’t slowing yet

Turkish house prices are on a seemingly endless rise. The latest figure, for May 2013, shows an increase of 12.2 per cent annually.

Turkey is used to double digit house price growth rates. Since the Central Bank of Turkey started producing its house price index in 2010, growth rates have almost always been in double digits, and rising. But economic growth has slowed from 8 per cent plus to around 2 per cent. Chart of the week takes a look at what is driving the market.

There’s no doubt that Turkey’s real estate is on the up. Turkey ranked in the top 10 fastest growing markets in the latest global house price index by Knight Frank. Turkey also ranks second by Ernst and Young in the most attractive property markets in Europe; and the Jones Lang LaSalle survey of European supply chain managers reveals Turkey at the top of markets expected to be the next emerging logistics location. Finally, Istanbul ranks first in the latest PwC Emerging Trends in Real Estate Europe 2013 survey for expected investment in the property market.

Various factors play in the dynamism of the Turkish real estate market.

Alp Sen, Senior Manager Transaction Advisory Services of Ernst & Young, suggested to beyondbrics many reasons for the strong house prices growth in Turkey, spanning from the favourable demographic dynamics of a young and growing population, the growth of income and of tourism, to the lack of suitable housing, offices and shopping centres. Orhan Vatandas, lead data analyst in the Istanbul office at Reidin, the real estate information company focusing on emerging markets, also pointed to the growing foreign investment to the domestic real estate market.

And the growth of house prices is accompanied by a strong growth of domestic cement sales, indicating rising demand in the real estate sector, as the chart above shows.

The government plans to demolish and rebuild approximately 6.5m units of the housing stock within 20 years as part of an urban regeneration plan as 40 per cent of buildings in Turkey are shanty towns, and 67 per cent lack a settlement permit.

But the government is not alone in investing in properties. A law passed in August 2012 made it possible for individuals from 183 countries – up from 89 previously – to purchase real estate in Turkey. China is now one of the permitted nationalities.

According to data from the Environment of Urban Planning Ministry, 14,600 foreign buyers purchased 13,500 Turkish properties Between May 2012 and May 2013, with Russian and UK buyers ranking as the top foreign customers. The southern coastal province of Mersin was most popular with foreign buyers, and was followed by the Aegean province of Izmir.

Retail and office real estate is also growing fast. As of end-2012, new retail space expected to be completed by the end of 2015 was 2.7m sqm across 73 shopping centres. The same optimism is shared in the office market, with an increasing number of multinational firms establishing offices in Istanbul.

The government is also undertaking a series of infrastructure major projects such as the construction of the third Bosphorus Bridge and the building of an artificial canal to connect the Sea of Marmara to the Black Sea. A new airport for Istanbul is planned as well. All are likely to help the real estate market to continue growing. Istanbul is also a candidate for the Olympics in 2020.

Although Turkey’s economy slowed down this year, it is still forecast by the IMF to have the fastest rate among emerging central and eastern European countries after Latvia in 2013.

But high inflation remains a concern, and the recent protests against the government and the consequent slowdown in the discussion for the Turkish EU membership are possible threats to the real estate market. Liam Bailey, Global Head of Residential Research at Knight Frank said that “It is unlikely that very strong growth rates will continue for an extended period. The longer term challenges to growth remain, and political stability is needed so that investors and owners feel confident that this is a stable country for the future.”

Source: http://blogs.ft.com/beyond-brics

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Saturday, 6 July 2013


A day out on a pleasure boat on Istanbul’s Bosphorus Strait typically involves plenty of close-up views of massive tankers transiting between the Marmara and the Black sea. It’s a sight the Turkish prime minister wants to abolish, by carrying out his  announced “crazy project”: digging a second north-south waterway through the city, carving Istanbul up into two peninsulas and one island.

The estimated $10 billion “Kanal Istanbul” (Istanbul canal) project was the talk of the town following Prime Minister Recep Tayyip Erdoğan’s unveiling  of his much –speculated -upon plans. Supporters of the approximately 50-kilometer-long canal say it will relieve — if not entirely eliminate — commercial traffic on the overcrowded Bosphorus, which currently handles approximately 136 shipping vessels and 27 tankers each day. Some 150 million tons of cargo, including 100 million tons of oil , pass through the strait every year.

A Blissful Vision For The Bosphorus
The government says Kanal İstanbul will lighten the load of the Bosporus Strait, where boat traffic is dangerously intense, and there will be luxury housing along the embankments of the new water canal. Environmentalists say the project is highly destructive and the unintended consequences it might produce will be irreversible. According to plan ; that the Sazlıdere Dam reservoir lake and Lake Küçükçekmece will be incorporated into the new waterway, and the route was chosen so as to make this possible. Another reason why this route was chosen, according to Istanbul Greater Municipalitiy’s (IBB), is that most of the land along the planned waterway belongs to the Treasury. There are also no forested areas along the planned route. Another advantage of this route is that most of the fields alongside are agricultural land.
There will be housing, shopping and tourism facilities along the embankments when the project is complete. Other plans include building yacht marinas, one at each end of the canal.
The project was devised by the Environment and Urban Planning Ministry. It has been shared with the İstanbul Greater Municipality’s (İBB) Zoning and Urban Planning Department. The municipality will present a review to the government once its experts complete their examination of the plan. Later, the plan will be made available for public examination at İBB and district municipalities.
Kanal İstanbul, along with a third bridge over the Bosporus currently under construction and a new airport, has been criticized extensively by concerned environmental groups, which say that the effects will be disastrous. Most professional chambers are also against the three projects.
The prime minister Erdogan  vowed ,Bosphorus traffic  will be reduced to zero “Water sports will take place on the Bosphorus, transport within the city will be established, and Istanbul will return to its former days.”
By reducing the risk of Tanker accidents on the Bosphorus, which cuts through the centre of the city, Erdoğan claimed, the canal will be an environmentally friendly endeavour: “This is a project to preserve the nature, sea, water resources, green areas, the flora and fauna of Istanbul and its surroundings.”

Source: http://www.londonstrategichouse.com

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Friday, 7 June 2013

Qatari real estate developer to expand in Turkey

A booming market with an ever growing need for housing, office and retail complexes, Turkey presents a multitude of opportunities for realty investors with a global perspective.

The country’s easing of legal regulations on real estate ownership by foreigners along with the granting of residency permits for foreign property buyers, has directed Gulf investors’ attention to the country; already a favorite vacation destination for hundreds of thousands of Arab tourists.

Joining the trend, Qatar’s leading real estate developer, Barwa Group, has announced plans to invest in new projects in Turkey. The company, who partnered with the local company Sinpas in 2011 to build the Ottomare Suites seaside residences on Istanbul’s Zeytinburnu coast, has now allocated USD 500 million to invest in real estate projects in a number of countries including Turkey.

“Barwa Group plans to invest in residence and shopping mall projects in Turkey. Turkey’s growing economy and promising real estate market is an investor magnet.”, according to the company’s CEO Abdullah Abdulaziz Al Subaie, who added that the easing of the restrictions on property ownership by foreigners and recent rating upgrades that elevated Turkey to “investment grade” status had increased interest in the emerging country.

Turkey received USD 2.6 billion of foreign investments in the form of real estate purchases last year, up 31 percent over 2011.

Source: http://www.invest.gov.tr/

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Wednesday, 15 May 2013

Residence permit rules have been changed for foreign property buyers

A new legislation have been approved by the President of Turkey Abdullah Gül and published in the Official Gazette of the Republic of Turkey which is the national and only official journal of the goverment that publish the new legislation and other official announcements.

According to the legislation; Foreigners can have minimum 1 year residence permit when they buy a property in Turkey. The permit will be extended as long as the foreigners keep the property and do not sell it.

At the end of 8 years, the property owner will be entitled to have permanent residence permit.

Source: official gazette link

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Tuesday, 2 April 2013

Buy a home in Istanbul for real Turkish delight

Buy a home in Istanbul for real Turkish delight

Istanbul has glamour and views straight out of a Bond film, but there’s a home for every budget.

James Bond leaps over the pantiled roofs of the old city in Istanbul in the opening scenes of Skyfall, against the dazzling backdrop of the Bosporus and Golden Horn. He has been here before, most memorably in From Russia With Love, released in 1963. But he might well be astounded by the changes that have overtaken the ancient capital of Byzantium and the Ottoman Empire in the past 50 years. In that time Istanbul has mushroomed from a city of one million inhabitants to a sprawling colossus of 13.5 million. Nobody could call the urbanism that greets the visitor a miracle of well-ordered planning, but not all comparisons are to the bad: trees have grown up over the hills that, when Sean Connery was Bond, looked bald. As for glamorous living space, an international, pleasure-seeking man of mystery would now feel completely at home.

The top foreign nation buying property here is Russia, but in second place comes Britain. This year, Erdogan Bayraktar, Minister for Environment and Urban Planning, expects that the total number of real estate sales in Turkey will double. While most foreigners look on the coast, a report by PwC (PricewaterhouseCoopers) and the Urban Land Institute last year identified Istanbul as having the most attractive property investment market in Europe. In contrast to the stagnant economies of the Eurozone and Britain, Turkey is romping ahead. Recently, the country reformed its property laws, making it possible for foreigners to buy double the amount of land in Turkey than was previously allowed.

Source: http://www.telegraph.co.uk

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Thursday, 21 February 2013

Istanbul among top picks for real estate investors: PWC-ULI report

Turkey’s megacity has once again scored well in the league of 27 European cities analyzed for their commercial real estate value, thanks to its development potential and favorable demographics, according to a survey by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).

Emerging Trends in Real Estate Europe 2013, an annual report based on market expectations, ranked Istanbul first in “Development Prospects” based on the city’s exciting real estate potential. With its status boosted by Turkey’s rapid growth and the country’s young population, Istanbul also takes advantage of its transformation into a regional financial center and the country’s relaxed property laws which allow foreign property ownership to attract international property investors.

Istanbul ranked second in “New Property Acquisitions” thereby retaining its appeal as a top investment market and took the 4th position in the “Existing Property Performance” category of the report which draws attention to the international companies setting up regional headquarters in the city.

Turkey received USD 2.6 billion of foreign investments in the form of real estate purchases last year, up 31 percent over 2011.

Source: http://www.invest.gov.tr

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Tuesday, 1 January 2013

Singapore firms come with $5 billion to Turkey

Singapore Turkey Investment Company (ST Invest) is entering the local market with investment projects worth $5 billion, according to a company statement issued yesterday.

After an increase in the credit rating of Turkey by Fitch, the group decided to open an office in Turkey, the managing partner, Ali Ijaz Ahmad, said in the statement.

He pointed out that their goal was to offer Singaporean investors high-yield concept projects, adding that they were interested in developing projects with Turkish real estate developers.

Alp Çiçekdağı, the Turkish partner of ST Invest, said the company aimed to bring the capital that Turkish real estate sector needed and high potential projects together. The projects that they are reviewing are worth $5 billion, and they are interested mostly in urban projects at the level of urban infrastructure and master plans, he said at ST Invest’s Turkey office.

ST Invest, which will start to invest in 2013, plans to compete for investments first in Istanbul and around the city. The company will invest in projects in the private sector and/or private-public partnerships, the partners said.

Mutual visits between Turkish and Singaporean ministers and businessmen in 2012 encouraged Singaporean real estate companies, investors and funds to invest in Turkey.

Source: http://www.hurriyetdailynews.com

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