While the European financial crisis ensues and despite the global stagnation; Turkey's economy continues to grow at an even faster pace and is now drawing in investors from the Gulf region. With interest peaked in Turkey's widespread real estate market due to the new Reciprocity Law, over 200 Gulf investors have arrived to Istanbul in order to attend the Turkey-Gulf Real Estate Investment and Cooperation Congress.

A gala dinner was held Wednesday evening at the grand Metropol Istanbul, which allowed the opportunity for businessmen from Gulf nations to more closely inspect the colossal project. At 250-meters' in height, Metropol Istanbul stands to be one of the tallest buildings in the European continent. The project includes a tower, residence blocks and a 400-meter long luxurious shopping avenue.

COLLABORATION TO INCREASE

The meeting was attended by Çalık Holding Executive Board Chairman Ahmet Çalık, VARYAP Executive Board Chairman Süleyman Varlıbaş, Çalık Holding İnşaat (Çalık Holding Construction) Group Chairman Ahmet Taçyıldız as well as an extensive number of businessmen. Pointing out that Turkey is in an advancing position in the world's economy, Çalık stated, "Turkey is a rising star in the global economy. There are great real estate opportunities. Establish your investment position before it's too late. I believe that with investors from the Gulf region, we will be increasing our collaboration as a nation."

WE ARE EXPECTING INTENSE INTEREST

Çalık GYO General Manager Asst. Prof. Dr. Feyzullah Yetgin says that real estate investors in the Gulf will have an increased interest in Turkey. Yetgin says, "The Reciprocity Law has increased Turkey's brand value. With this law, significant resources in the Middle East and Arab nations will now be moving to Turkey." Mentioning the upgrade of Turkey's credit rating to 'investable', Yetgin states, "A high rating will support our growth and pave the way to a drop in interest."

GREAT OPPORTUNITIES IN REAL ESTATE

Ahmet Çalık states that Turkey's real estate sector is a fast growing and developing sector. Announcing that the sector-based contribution to the gross national income is at the six percentile level, Çalık went on to explain, "This figure is expected to reach 11-12 percent by 2023. There are great opportunities in this sector which has not yet reached the saturation point," says Çalık.