ISTANBUL - Many U.S. companies are willing to buy land to build houses in Turkey, in case mortgage system was introduced, Halim Neyzi, the Chairman of American Companies Association Executive Board, said on Friday.
Neyzi told A.A correspondent that Turkish Capital Market Board (SPK) and Real Estate Investment Partnership Association held talks with some U.S. banks regarding the matter.
Noting that Turkey should undertake necessary initiatives to introduce mortgage system within one or two years, Neyzi said, ''I believe the construction market will be revived one or two years after the system is introduced. Construction sector will speed up and economy will gain momentum.''
Stressing the importance of timing for the introduction of the mortgage system, Neyzi said, ''system will fail and economy may be hampered if the timing is not good. Some procedures like insurance and acceptance of title deeds as securities are important for the functioning of this system.''
Neyzi noted that they had talked to many U.S. companies that were interested in this matter, and said, ''many companies are willing to come to Turkey, provided that necessary work is done beforehand.''
(BRC-ULG) 30.07.2004