Star – Turkey, as one of the most promising real estate markets backed by a growing economy and investor friendly legislation, is making its presence felt at this year’s MIPIM, the leading annual event of the USD 27 trillion global real estate market.
Attending the world’s foremost real estate event held in Cannes, France as the ‘Country of Honor’ for the first time, Turkey is represented by 28 exhibitor companies with property development projects that are attracting investor interest at a global level. Turkey’s Deputy Prime Minister Ali Babacan, Environment and Urbanization Minister Erdogan Bayraktar and Istanbul Metropolitan Municipality Mayor Kadir Topbas are also attending the 4-day expo that brings together 1,800 exhibitors, 4,300 investors and 20,000 visitors from 80 countries.
The opening ceremony of the Turkish pavilion, sponsored by Turkey’s Ministry of Culture and Tourism and real estate company Nef, gave some 7,000 visitors a glimpse into the country’s unique culture and leading development projects on the first day alone. Exhibitors of the Turkish pavilion include Agaoglu , Akdag-windowist , Artas – Aydinli – Kelesoglu – AFK Joint Venture, Mesa, Artas, Kantur Joint Venture, Is REIT, Konutder, Timur Nef, TSKB, Proplan, Proje Yonetim, Globe International, Tahincioglu, and Nurol.
Attracting an increasing number of global property investors after the lifting of the reciprocity principle that limits property ownership by foreigners last year, Turkey has been named a country of opportunity in a number of industry reports and analysis. The Emerging Trends in Real Estate Europe 2013 report by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), points to Istanbul’s potential for new investments in developments, ranking the city first in ‘Development Prospects’. Another recent report, “The “European Real Estate Assets Investment Trend Indicator 2013” from the consultancy company Ernst & Young, has ranked Turkey the second most attractive market in Europe for real estate investors.
Turkey received USD 2.6 billion of foreign investments in the form of real estate purchases last year, up 31 percent over 2011.