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Dubai Towers in Turkey

Article Date : Monday, July 03, 2006       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The purchase of corporate property in Turkey is now being targeted by a growing number of large investment bodies looking for substantial long-term returns on investment. According to a representative of the Turkish financial institution, Garanti GYO, interest in corporate property investment in Turkey has grown immensely and is currently averaging 40% returns. When compared to property investment in the rest of Europe, which floats at an average of approximately 5% growth, it is easy to see why Turkey is making a positive impression on international investors. The Turkish Daily News recently revealed that international companies such as Morgan Stanley, UBS, Deutsche Bank and Credit Suisse Bank have been actively researching the investment property market in Turkey while carefully looking into the risk and long term profitability of Turkish real estate. Many of these institutions have been holding a series of conferences with leading Turkish financial institutions such as Garanti GYO, Is GYO and Yapi Kredi Koray in order to obtain a precise evaluation of the Turkish property market and the investment potential it holds for large investors. A remarkable amount of active interest has been shown by two Dubai corporate entities; Emaar Properties and Dubai Holding. The latter has already committed five billion US dollars to the property market in Istanbul and plans to construct the Dubai Towers project, a magnificent pair of twin towers consisting of a 101 storey tower and an 81 storey tower in the Levent business district on the European side of Istanbul. The project, planned to be completed in 2008, represents Dubai Holding’s largest international financial investment ever and it serves to add an important vote of confidence from other international corporate investors. It is clear the above average levels of potential profitability that Turkey offers are of intense interest to corporate investors. Commitment from large corporate investors in Turkey goes to show how certain they are of Turkey’s future profitable returns on investment, while this activity will have an undoubted positive impact on the Turkish economy and the Istanbul property market as a whole.
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