ANKARA - Following are highlights from today`s Turkish daily Hurriyet. The Anadolu Agency is not responsible for opinions expressed or the context of the news story and does not vouch for their accuracy.
Turkey`s biggest city Istanbul was ranked second among 138 metropolises based on increase in leasing rates of `industrial zones`, according to a report of the international real estate consultancy company "Cushman and Wakefield".
Leasing rates of `industrial zones` in Istanbul increased by 60 percent in 2008 over the last year.
"Turkey is one of the most dynamic and rapidly growing markets in Europe. Our clients show great interest in the Turkish market. This interest is due to high profit margins in this country compared to other markets in Europe", said the CEO of Cushman and Wakefield, Paul Bacon.
Bacon summarized Cushman and Wakefield`s look at the Turkish market after buying out P&D real estate company: "Buying P&D was part of our strategy targeting the Turkish market of 70 million people whose majority consists of youngsters. It is also a result of our good relations with this company since 1991. We, with P&D, are focused on new growth projects in Turkey. We have no plans of buying out another company in the Turkish market in the near future".
Qualifying Turkey as one of Europe`s giant markets, Bacon said that "the development of commercial real estate market, including offices, shops, industrial zones, residences and hotels, is an indication of Turkey`s growing trend. The retail industry has become an important part of the real estate market in Turkey. The retail stores sector constituted 70 percent of all investments made in the Turkish real estate industry in 2007, a total of 2.7 billion euros."
"Turkey has a large market. Turkey is in a special position as a bridge between the east and west. From the real estate perspective, Russia is Turkey`s biggest competitor. These two countries offer many opportunities. We advise our investors to consider investing in both Turkish and Russian markets rather than choosing only one", Bacon said.
"Despite short term economic and political uncertainties, Turkey offers an excellent real estate atmosphere for investors who think in the long run", Bacon also said.
(SOL-ULG)