One of the most promising real estate markets in Europe, Turkey has garnered widespread attention at this year’s MIPIM, the world’s biggest property fair. Held in Cannes, France, the event showcased leading Turkish developers’ projects to a global audience, with the primary focus being on the country’s huge urban transformation project, which envisions the renewal of millions of aging buildings all around Turkey.
A 96-square-meter scale model of Istanbul, complete with all the landmarks of the historic city, welcomed visitors to the Turkey pavilion. Turkey was recognized as the “Country of Honor” at MIPIM two times in a row in 2013 and 2014.
The Investment Support and Promotion Agency of Turkey (ISPAT) was present at MIPIM 2014, and Vice President Arda Ermut delivered a speech on the opening day of the event which detailed Turkey’s investment opportunities for foreign realty investors. On the second day, visitors to the event were given a thorough analysis of Istanbul’s unique benefits for property investors via the panel entitled “Discover Istanbul: The Capital of Finance, Potential and Culture.”
With the abundance of projects suited to international investors, real estate purchases by foreigners in Turkey reached the amount of USD 4.3 billion in 2014, rising by 41 percent over the preceding year.