Turkey is 'huge opportunity', EXPO REAL panel hears

Turkey needs to build 15 million housing units in the next 10 years, with 500,000 being built annually to meet population growth, according to Haluk Sur, chairman of Cushman & Wakefield Turkey.

Speaking during a panel session at Expo Real last week on the strong potential of the Turkish real estate market, Sur said this was a huge opportunity for international investors.

However, for some outside Turkey, the riots earlier this year in Taksim’s Gezi Park have marred the country’s reputation.

Wolf-Ruthart Born, a senior adviser to ISPAT Investment which promotes Turkish agencies in Germany, pointed out that there were similarities between the Turkish upheavals and student riots in Germany in 1968. ‘The younger generation wants to have a say in their country’s future. My forecast is that Turkey will remain a stable country although the government could face some civil disobedience, which it’s never done before. It is a normal phenomenon for a maturing democracy. Turkey is on track,’ he added.

The Turkish retail industry in particular, both high street and shopping centres, has expanded significantly over the last few years to meet the demands of the growing population, more than 50% of which are under the age of 30.