12/23/2010

Turkish real estate platform foresees steady growth in 2011

Hurriyet Daily News - As asset bubble anxiety rises in developed countries, Turkey’s real estate sector remains one of the safest markets due to acceptable asset prices and responsible financial institutions, according to the Chairman of the Turkish Real Estate Platform (GYODER).

“Turkey’s real estate sector has great potential for growth in 2011,” said GYODER Board Chairman Turgay Tanes on Wednesday at a press conference in Istanbul, adding that the platform foresees a limited rise in asset prices and rents in the domestic real estate market next year. “We expect nearly 8 to 10 percent growth in real estate investments.” Talking to journalists, Tanes said the expected rise in asset prices and rents should not be called an “asset bubble,” because the Turkish real estate sector, unlike European markets, is growing in real terms.

Turkey’s real estate sector grew by 8.3 percent in the first months of this year, and will have reached 24.6 percent by the end of the year, he said.
turkey; turkish real estate; turkey property; Turkish property market; gyoder; turgay tanes

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