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What should be expected from the Turkish real estate?

real estate turkey     The International Direct Investment Association of  Turkey (YASED)  is interested to create a good conditions for the international investment. This organisation in cooperation with Financial World magazine have made third conference  named as “Turkey is a state of abilities and safe harbor for investments.”

     In the second day of  conference has been made a meeting named as “Waitings from the Turkish property sector and retail sector”.  The president of Urban Land Institute - ULI has opened it. On the meeting were discussed different problems such as future of the Turkish real estate and change of the laws and purchase conditions for  the foreigners.
     General head-master of Y&Y GYO Işık Gökkaya was telling about general position of the Turkish property. He said that for market rise up is needed to convert existing supply to demand.amog this thougths he notices that families with low income are the biggest group wich need to have a house. State construction (TOKI) is not able to satisfy demand. So, we should be a producers but not the players.   Govement ought to take land for construction from the reciever. He also said that if  companies will not decrease income interest, growth of Turkish property will not be possible.
General head-master of Real Estate Housing GYO Feyzullah Yetgin has made a conclusion that TOKI can satisfy just a 8%-10% of demand. So, we should mobilize national and international sources of investments. He also are agreed that there is a need in laws change and this procces shoul not fear foreign investors. According to him to overcome this situation of the Turkish property is not possible up to 2010. Yetgin thinks that solvation of VAT problems and other charges will cause rise up of Turkish property.

     Istanbul Mortgage CEO Bahadır Teker considers that the main reason of the global financial crisis is big liquidity of the property market and wrong movement of money. He also has noticed that USA shoul overcome the crisis as soon as it is possible. Otherwise states which have not affected from global crisis will get in a trouble. Turkey has a big advantage of the real estate sector growth because it has well-educated work power open door for everyone easy sistem of in and output of capital.
      General head-master of DD Mortgage Murat Aysan said that fall of property prices in the  America and Europe has exactly affected to the Turkish real estate prices. So, we should immediatly do something that will change the situation.  Approximately 80% of the Turkey  population consider house as a main active asset. That is why it’s value shoul be increased and growth of cities shuold be increased too. 

     KREA Property CEO Hakan Kodal was talking about difficulties of Turkey because of non investment by foreigners. İt means that all of the foreign capital have turned home. This process made impossible the development of projects. Kodal considers that foreign investors were missunderstood. That is why the laws  are needed to be changed.

News was edited by “VESTA Estate”

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