Turkey open for business

Turkey is becoming attractive for international investors as it continues to open markets and adapt its laws to European Union.Turkey is one of the fastest growing economies in Europe with a young population hungry for modern, Western style shopping malls.

An indication of the progress is Turkey’s rating this year as the country that has most improved its level of transparency for international investors.Transparency is the ability for outside investors to understand what ishappenning in a market in terms of companies’ performances, regulation and market data.Foreign investors also look for markets in which they face no restrictions that would put them t a disadvantage compared with local investors.

Turkey has been among the countries that have most improved their level of transparncy for international investors, according to a biannual survey conducted by real estate services firm Jonas Lang La Salle in 27 of 81 markets surveyed, transparency deteriorated or remained sragnant since 2008.

Meanwhile, local market data are more readily available from TUrkish business associations, especially in the retail sector.Real estate executivesalso cite the country’s liberalization of foreign propoerty rights , the acceptance by Turkish courts of foreign arbitration and trade laws that make it easier to import goods into Turkey, which reassure international retailers that they can lease space in Turkish stores.

Another sign of investor confidence has been groth of the TUrkish real estate investment trusts.There are now 14 REITs listed in Turkey according to Jones Lang LaSalle.The number of shopping centes in a country long dominated by small neighborhood markets continues to grow.At the end of March, there were 238 shopping centers in Turkey , 28 more than at the end of 2008.

Turkey’s economy shrank 4.7% last year but registered a sharp boost at the end of the year.The Interntional Monetry Fundestimates that the Turkish Economy will grow 3.7% this year.