Major Gulf investors set sights on Turkey

Cities such as Istanbul are benefitting from major investment schemes

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Gulf-based property investors have set their sights on Turkey, where one of the region’s fastest growing real estate markets is being built off the back of a prosperous national economy, according to a new report.

Jones Lang LaSalle has said that sovereign wealth funds, investment funds and private equity funds from the region are among those redirecting their growth plans towards the country in the wake of worsening economic conditions in Western Europe.

The new law of reciprocity introduced into the market in May 2012, which allows foreign nationals to invest in Turkey and eases foreign investment restrictions, has sparked significant investment in development and paved the way for deposits on property schemes from residents in Gulf nations.

Turkish real estate developers are now stepping up efforts to target Gulf investors, and will have a major presence at Cityscape Global - the real estate industry’s most prominent event in the region. This will run from for three days from 2 October at Dubai International Exhibition Centre.

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Turkey saw 13 new shopping centres open in the first half of 2012, including the 43,500m² Trump Towers, while major projects in the pipeline include the 139,500 m² Mall of Istanbul.