Emlak Konut May Not Hit Sales Targets This Year, Brokerage Says

Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO), Turkey’s largest real-estate investment trust, may not meet sales targets this year after May numbers disappointed, Tera brokers said in an e-mailed report today.

“As of the first five months of the year, Emlak Konut achieved 32 percent of our year-end unit sales estimate,” the Istanbul-based brokerage said in the report to clients today. “The upcoming launches of new projects will be crucial for Emlak Konut’s sales to converge to our estimate; yet the risk is on the downside.”

Emlak Konut, which is owned by the Turkish state housing agency Toki, reported yesterday that it sold 489 housing units in May, 27 percent fewer than in the same month last year. So far this year, unit sales are down 45 percent.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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