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Turkey Real Estate, crisis hits but ‘green shoots’ emerge 2nd quarter

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Turkey Real Estate, crisis hits but ‘green shoots’ emerge 2nd quarter - Turkey - Real Estate - crisis - slowdown - consumer confidence - increased


There has been a visible slowdown in all components of Turkey’s real estate market, including retail, office, logistics and hotels, during the first half of the year, according to a new report from a real estate investment firm.



Revealed by Turkish-Property-World.com on Friday, the report, however, also noted data from the first half of the year showed that consumer confidence and retail turnover have increased.

The global crisis caused Turkish retailers to review their investments, the report said. This reviewing process led to “more feasible expansion plans” by retailers and a slowdown in shopping center development. Brands such as,Koton, Desa, Boyner and Ipekyol used this period to explore different business markets in Eastern Europe, Middle East and Africa, according to the report.

“Due to a slowdown in retailer demand, a temporary drop in rent has occurred,” said Simon Smith, capital markets research director of Turkish-Property-World.com. “Retail turnover has seen real growth, due to discount campaigns.”


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