According to research conducted by CBRE, in 2011 around 20 per cent of all the new retail developments in Europe were completed in Turkey, with a further 1.5 million sq m of shopping centre space under construction this year.
Last year, the largest scheme developed in the country to date - Marmara Forum in the Bakirkoy district of Istanbul - was finished, delivering 160,000 sq m of retail space.
This sector of the Turkish real estate market is outpacing traditional targets for retail investors, such as the UK, France and Germany, although Italy has a stronger development pipeline.
In May, Cushman & Wakefield's president and chief executive officer Glenn Rufrano stated there is "a tremendous opportunity for increases in personal spending among the fast-growing middle class in emerging markets, and it's creating a new population of shoppers".
Research carried out by the organisation highlighted the recovery in retail investment around the globe, noting that the volume of cross-border finance deals has increased significantly.