We are going through a period of internal, mostly political, instability in addition to the global financial uncertainties. Turkey, with an average growth rate of 7.5% from 2002 to 2006, will have to endure less growth, employment and FDI, and higher inflation and interest rates as a result. Turkish Real Estate Industry is also expected to have its share of slowdown as it is most sensitive to the above parameters.
The depth and direction of the slowdown will be shaped primarily by the global trends and naturally by the policies to be adopted internally. Measures taken in global markets and the renewed efforts by the government to bring the EU and the IMF anchors forward present reasons to be optimistic.
The other side of the coin is the opportunities presented by the current market conditions.
I am thankful on behalf of GYODER, proudly the opening gate of the Turkish Real Estate Sector to the World, to the speakers, panelists and the sponsors, and to the Capital Markets Board of Turkey, Housing Development Administration of Turkey, EPRA, NAREIT and the ULI for their continuous support.