ISTANBUL - Turkish Daily News
Turkey's convergence process with the European Union and macroeconomic stability should boost foreign interest in Turkish real estate, Akın Tüzün, head of Turkish equity research at Citigroup, said yesterday.
Speaking at the Turkish Real Estate Summit organized by The Association of Real Estate Investment Companies (GYODER) in Istanbul, Tüzün noted Turkey currently attracts around $3 billion foreign investment into the local real estate sector. �This is less than 0.5 percent of Gross Domestic Product (GDP) � a low figure as such if compared to Eastern Europe, and particularly to Spain, Portugal and Greece.� With close to $50 billion in current account deficit, Turkey needs substantial foreign capital inflow. As portfolio inflows and major privatizations slow down this year, Turkey has to attract foreign capital particularly in real estate,� Tüzün added.