Turkish Group Tries to Lure $10 Billion of Property Investment
Turkey’s real estate investment companies are trying to attract as much as $10 billion a year to the country’s property market from investors in Europe, the Gulf and Asia after rules on foreign ownership were eased.
Members of the Association of Real Estate Investment Trusts, also known as Gyoder, made a presentation in London’s Canary Wharf financial district on Nov. 8 to bankers, asset managers, real estate brokers and investors. Similar meetings are planned in Qatar, Singapore and Malaysia, the group said today in an e-mailed statement.
The government in May abolished a rule that had banned citizens of countries where Turks can’t buy real estate from making property purchases in Turkey. The rule change clears the way for citizens from about 180 countries to buy property in Turkey, a more than three-fold increase from the previous total of 56, Murat Kurum, Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO)’s chief executive officer, said at a press conference in Istanbul today.
Foreign-direct investment in Turkey’s property market is expected to rise to $10 billion annually from the current $2.5 billion a year, Gyoder said in the statement.
A government ruling this year to demolish and rebuild about 7.5 million houses erected in the wake of an earthquake that killed about 20,000 people in Turkey’s western Marmara region in 1999, before construction laws were improved, will also open opportunities for investors and developers, the group said.
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