12 February 2010 / ZEYNEP KALKAVAN , İSTANBUL
After sustaining a relatively moderate contraction in the real estate sector compared to European countries and the US last year, Turkey will continue to enjoy its ever-growing importance in the north-south axis in both retail and office markets with a recovery from the global recession, Avi Alkaş, country chairman of Jones Lang LaSalle, a global commercial real estate services company, has said.
Alkaş spoke at a press conference organized to introduce the latest “Turkey Real Estate Overview” report of Jones Lang LaSalle yesterday, which assesses the performance of the real estate sector in 2009 as not as bad as other developed markets and forecasts a revival this year, albeit slowly. He stated that as Jones Lang LaSalle Turkey they have been increasingly providing services for neighboring and regional countries especially since the last quarter of last year. Turkish brands will open more branches in other countries in 2010 and 2011, he predicted, adding that they are in contact with officials in regional countries like Dubai, Syria, Libya and Egypt. “Egypt, for instance, was not affected by the global financial meltdown; we should be taking advantage of this situation,” Alkaş opined, also stressing Turkey’s improving relations with these countries, which should reflect positively on the sector, too. A delegation of some 200 retailers recently went on a visit to Arbil, Iraq, he said, saying Turkish textile brands such as LC Waikiki, Koton and Park Bravo are the leading companies to expand into these markets. The Turkish retail market drew a number of major international retail chains such as Best Buy and luxury brands like Prada and Mont Blanc last year despite difficult economic conditions, a trend that is expected to continue this year, too, the report read. With its high population, Turkey whets the appetites of luxury brands, Alkaş explained.
