Our Esteemed Partners and Investors,
We have been witnessing the positive important changes and developents in Turkey related to the real estate sector.
The active role we have undertaken as Turkey in “Cityscape Global 2012” is one of the good examples as such.
Today, it's clearly known and accepted by the globe that Turkey is a regional and international attraction center in the field of real estate business. Istanbul, with current and future investment potential, is the leader of real estate business in Europe by getting ahead of cities such as Munich, Warsaw, Berlin and Stockholm. Being “Country of Honor” in Cityscape Global 2012 and MIPIM 2013 made Turkey an attraction center for international investors in real estate business.
The amendments made in the regulations which used to prevent the development of the real estate business caused many significant progresses. With the enacted Urban Transformation Law, it's aimed to renovate 7.5 million houses at total within the period of next 20 years. As the result of the amendments in Reciprocity Law which made the real estate sales to foreigners easier, it will be possible to increase the real estate business market to 10 billion dollars in midterm, which is currently at 2.5 billion dollars level. The developments in the Turkish economy during the last decade and its current performance are followed by the nations of the globe . In spite of the global crisis having started in 2008 and the reflections of which are still being felt, it can be seen that Turkey still maintains significant growth rates.
The international investments made in Turkey contributed to the positive development in Turkish economy. The importance of the realty sector must be emphasized among these investments. The regulations which were recently enacted facilitated the sales of the realties to foreigners and it has provided the basis for direct entry of 26 billion dollars of foreign investments to Turkey.
The economic transformation within last decade, which caused the average per capita to become three fold, made Turkish economy reach to the magnitude of 800 billion dollars. A reliable financial environment was maintained for the foreign investors by taking the public expenditures and debts under control. A short while ago, Fitch Ratings, one of the leading credit rating companies of the globe, certified Her successful status by increasing Turkey's credit grade to investable status.
By summarizing the success achieved by Turkey with macro-economic indicators, I am proud to state that “Turkey became the fastest growing country” among OECD member states during the last decade with 5,2% real actual growth. It is also mentioned by OECD that this rate of growth will continue in the short and long term and Turkey will become one of the 10 greatest economies of the globe even earlier than expected.
We believe that our company, with its significant business experience and capital structure, will grow further and become a “Global Brand” in real estate and finance industry in the near future.
Chairman of the Board
Garantialsat Real Estate Investment Co.