Turkey 'leading the way' with shopping centre development
By James Roberts

Turkey 'leading the way' with shopping centre development

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Turkey is one of the most active European markets in terms of shopping centre construction.

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.

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