Gulf capital to focus on November election
Gökhan İlgar, CEO of LMG Global DWC that is the exclusive authorized company of the Investment Meeting, said that investors form Gulf countries focused on political stability in Turkey.
Gökhan İlgar, CEO of LMG Global DWC that is the exclusive authorized company of the Investment Meeting, which is organized under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that investors form Gulf countries focused on political stability in Turkey.
İlgar stated that the interest of Gulf capital to the Turkish real estate sector decreased after the general election on June 7. “An inactive period for real estate sector started in Turkey because of the Ramadan and summer vacations after the election. And the calling for new election in November 1 clinched this period. Even the number of inpidual investors decreased. We can say that Gulf capital focused on November 1.”
Expressing that the major investor groups prefer more stable regions, İlgar said that USA is in demand in this period. İlgar argues the Gulf capital will wait about one year for the new investments in Turkey.
“Turkey gets a four per thousand share of the real estate investments in the world. $4-5 billion of $1 trillion comes Turkey. We are not at an acceptable point in this respect. People from the north want to invest in south of Turkey and the people from the south want to invest in north of Turkey. However, the number of sales is almost close to the zero. Of course, there is a new law of reciprocity, we should work hard to promote.”
İlgar told Turkish real estate professionals cannot express themselves well, European countries works more professionally to attract real estate investments.
“We are not at the same league with the European countries such as England, Spain and France. In 2014, only Qatar made $33 billion real estate investment in England. We cannot take $5 billion in one year from across the world.”
Election on November 1 is an important bend for the Turkey’s real estate sector, which is identified as the locomotive sector of Turkey, İlgar said. Companies that carry out business with the credits might be stuck in a difficult situation. If political stability continue after the election, foreigners will continue to come to make investments.”
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