Real Estate in Istanbul

Turkey invites Norway to invest USD 50 billion in real estate projects

Focusing on luxury housing and real estate projects, Turkey has now set its eyes on wealthy European countries.
Turkey has stated that it is vying for the USD 50 billion that Norway plans to channel into global realty markets. In this regard, a delegation, including Ahmet Haluk Karabel, President of the Turkish Housing Development Administration (TOKI), held a visit to Norway in coordination with the Prime Ministry Investment Support and Promotion Agency of Turkey (ISPAT). In his assessments on the issue, TOKI President Karabel said the amendment made to the Law on Land Registry in 2012 has, to a great extent, facilitated the acquisition of real estate by foreigners in Turkey. During the meeting with the delegations, Karabel also noted that TOKI, as the sole government institution specializing in housing projects, could assist the Norwegian investors and offer guidance to them.

In addition to TOKI President Karabel, Abdullah Kaya, General Manager of National Real Estate, and Ugur Guney, Head of Investor Relations at HALKGYO, were also present during the visit to Norway held on June 10-13 which aimed to attract Norwegian Petroleum Fund investments to the Istanbul real-estate market. The Turkish delegation held talks with the Norwegian Ministry of Economy, Norwegian Ministry of Trade and Industry, as well as with representatives from members of the Confederation of Norwegian Enterprise and Norwegian Finance. Officials from the Turkish delegation also made a presentation on the Turkish economy and the country’s investment climate.

During the meetings with the delegations, Ahmet Karabel presented detailed information on TOKI, as well as on Istanbul real estate market and its potential. Noting that there are around 20 million residences throughout Turkey, Karabel said more than 500,000 to 600,000 houses should be constructed per annum, depending on the country’s annual population growth. The amount of the total housing investments made by the public and private sector in 2012 totals USD 70.6 billion, said Karabel, when briefing about the Kanal Istanbul, the third bridge, and the third airport projects in Turkey.