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PAKISTAN: CCP urges govt to establish Real Estate Regulatory Authority

The Competition Commission of Pakistan (CCP) said the real estate sector in the country suffers from the issues of transparency, lack of mutual confidence and the protection of consumers’ confidence.

The commission suggests that a Real Estate Regulatory Authority be established in Pakistan which would play a critical role in development of the real estate sector and help grow the national economy.

In order to enact and support the functions of Real Estate Regulatory Authority, the CCP urged the government to pass a law in parliament envisaging the empowering provisions of the proposed authority as well as to support its functions.

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The role of such a regulatory body will not only be to develop laws and regulations, but also to develop and employ mechanisms to effectively and transparently supervise the existing and developing areas in the real estate sector of Pakistan. It will also have the task to introduce role of technology in this sector, it added.

Pakistan’s competition watchdog has issued opinion note on issues in the real estate sector of Pakistan which will provide detailed insight into the issues raised by different stakeholders and the recommendation that the Commission has proposed for the said sector.

The Commission after receiving number of concerns relating to the Real Estate Sector decided to hold Open Hearing in three major cities of Pakistan, i.e., Islamabad, Lahore and Karachi. The open hearings were attended by various stakeholders including customers, builders and relevant associations, property agents and their associations, Provincial Governments and Development Authorities of different cities.

The CCP, in its opinion note, said it may be observed that the entire sector comprises of various transactions which include acquisition of land, its development and conversion of the properties into commercial buildings. Furthermore, to provide utilities and to develop relevant infrastructure particularly in remote areas is a challenging job.

In Pakistan, development of the real estate and providing houses to general public is divided among federal and provincial governments. Although certain regulatory authorities have been established at federal and divisional level of provinces, yet in the absence of a focused national policy and lack of regulatory frame work, there is a mushroom growth of various projects which are being launched at massive level in almost every town and city of the country. However, the existing legal framework has failed to maintain a vigilant and a system of proper check and balance in this sector, which results in the general public as well as commercial investors losing their hard earned money at the hands of felons and other factors, causing instability in the sector and further disrupting the ease of doing business, it added.

Therefore, in order to enhance the productivity of this sector, realize its full potential and protect the rights of all stakeholders, it is imperative that immediate attention is given to this sector by the government and necessary measures are undertaken to organize, formalize and regularize it, CCP recommends.

Source: Abrar Hamza

Affordable rent is the most important issue for UK tenants

Affordability is the most important factor for tenants in the UK looking for a home to rent, according to a new survey.

The cost of renting a home was the top factor for over 40% of respondents to the research carried out by Intus Lettings.

Only 8% prioritised amenities, including restaurants and public transport links as a driving force behind their decision on a tenancy, it also found.

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An outdoor space is also important with 46% saying they would like a garden, terrace or balcony while 40% would be put off by a property without a parking space, and 24% said they would be deterred by dated interiors.

However, where would be tenants look to find a home varies widely by age group, the poll shows. Some 34% of those aged 18 to 24 would like live in a city centre apartment, whereas over 35s named a house in a smaller town as their ideal location.

‘Our figures seem to suggest that renters first and foremost seek practicality over certain features which have traditionally been seen as desirable, especially to younger tenants, such as nearby shops and restaurants or a vibrant nightlife,’ said Hope McKendrick, Lettings Manager at Intus Lettings.

‘With high rental costs across the UK, many young renters may be forced to prioritise a property which works around their budget and daily routine, as tenants flock to homes which provide ample parking or easy access to city centre jobs or studies,’ she explained.

‘We’re seeing a clear trend towards a generation of practical renters, those looking for a convenient, modern feeling home rather than exciting but potentially costly surroundings,’ she added.


Push hard for grant and don’t rely on building homes for sale

There’s got to be a better way of doing things. And there is. You get a glimpse of it in the latest trading statement from Countryside Properties.

They’ve seen sales fall. What did they do? They bought a firm that builds affordable homes for associations and private rented homes for a government and local authority pension-backed fund. It’s going OK. Public money sure helps them along the way.

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And there’s no shortage of this cash pile at all. Councils are spending billions of it on shops and offices and any MP who says yes to Theresa May’s deal gets a nice bonus for their area.

Housing should be first in the queue. Why? The boffins at Capital Economics have told Shelter to tell the government that social housing pays for itself. So, let’s get behind that report.

Andrew Neil is astonished that it hasn’t got more traction. We all need to push harder on this.

Let’s start by going back to higher grants. If our goal is to make housing more affordable, why are we complicit in driving up prices? I don’t get it.

It just antagonises the public, who by and large have no hope of buying these homes. And to make matters worse, the people who do buy the homes aren’t happy either. No one says what their satisfaction figures are in the adverts, do they? And there’s a reason for that.

“If our goal is to make housing more affordable, why are we complicit in driving up prices?”

When you’re in a hole, stop digging.

And it’s about to get a lot worse. The pound is sinking against the dollar,that’s bringing the Americans over in droves looking for bargains.

Warren Buffett himself has set up an estate agency in the heart of the West End.

Soon you won’t just be bidding against other associations which have all gone shopping for bumper bonds, you will be up against rivals with cheap money. That’s when it gets interesting.

For the record, I quit the game after being outbid by cheap Japanese money for what is now the Landmark London hotel in Marylebone in the 1980s. So, what do I know?

Well, I’d push hard for grant and keep out of speculation.

You might lose money at some point – but worse, you’ll lose your friends and your kids will never move out.

Affordable Housing: NGO canvasses for building homes with plastic

MUHAMMAD SABIU writes that many young people in Kaduna are currently turning waste into wealth, with others learning to make building blocks from recycled plastic materials, which, in the long run, may see Nigerians building their own houses in a cheaper way.

ALL over the world waste is being turned into wealth, but unfortunately in underdeveloping and developing parts of the world, waste abound yet most people live amidst hunger and poverty. It is in the quest to turn around this vicious circle of poverty and by extension keep a clean and pollution-free environment that a Non-Governmental Organisation is embarking on teaching young people on how to convert waste products like ‘pure water’ sachets and other plastic waste into interlocking tiles, roof tiles and building blocks.
Already many countries especially in Africa have been tapping into this relatively new area and thankfully, Cameroon and Nigeria are among the African nations exploring the technology. Studies have revealed that most dumpsites in the Northern part of the country are now ‘job sites’ for the teeming population of unemployed youths.

Visits by Arewa Live revealed that so many youths are now bombarding dumpsites picking or collecting waste materials, especially plastic materials and making brisk business from it. Indeed, the business is changing their life if only in a little way as they gradually work their way out of poverty.

Seeing the way that the plastic and nylon waste business is impacting the lives of the youths, many others in their shoes have become full time scavengers moving all over dumpsites and looking for would-be buyers. As it were, many other youths are also being trained in making building blocks and tiles from the waste products.

One of the youth who simply identified himself as Iro, remarked that scavenging for plastic and nylon waste products is a very tedious exercise. According to him, every day, he and his friends leave their respective homes early in the morning, walk through the streets of Kaduna looking for the waste materials and by afternoon, having collected as much as they could, would retire to their respective homes.

According to Iro, “The following morning we often sell the waste products to buyers who would already be waiting for us. From the proceeds we get, we assist our parents in solving some financial problems and even buy some books we need in school.”

Commenting on the new development, team leader of the waste experts, Mr Yahaya Ahmed, an engineer, maintained that the era of cement block is over. According to him, blocks made from the recycled waste is stronger and cheaper. He said he was hopeful that in no distant future, blocks made from the recycled waste materials will dominate the market and provide jobs for thousands of unemployed youths roaming the streets. He stressed that using the block for building a house is very economical.

Training the youth 

Speaking further, Ahmed said the training of about 1,000 youths has started, adding that: “We are hoping to see that those who received the training would also train other people so as to spread the idea across the nation in order to save our environment against all forms of environmental threats and dangers associated with environmental degradation and waste pollution.”

He also said that dumping of ‘pure water’ sachets into drainage channels had contributed to flooding in recent times, but that with the new concept the environment could be saved from disasters.

Mr Pierre Kamsouloum, a Cameroonian, consultant-trainer and expert on recycling plastic who is also involved in the training of the youths, told Arewa Live that the young people in training would also learn other things that would be useful for their lives and well-being.

“This idea was mooted 12 years ago in my town Garowa, in Cameroon and a few years later, I joined other organisations to spread the idea which involved travelling from one country to another.

“We are here in Nigeria to teach other youths how to collect plastic wastes from the trash centre and transform them into something that is useful for the construction of houses and other interior decorations.

“It is my joy to see that many youths get this training so as to help fight unemployment and poverty. I train the youths on how to collect the plastic wastes, wash and dry them, before putting it into a big pot to melt while mixing it with sand extracted from Kaduna River,” he explained adding that the interlocking concrete tiles are very fast to dry and very solid.

Mallam Siba Ahmed Dala, one of the youths under training, said he was surprised because he never envisaged that ‘pure water’ sachets and other plastic wastes could be of economic value. He told Arewa Live that after the training he would be ready to pass the knowledge on to other youths.

Assistant Director, African Climate Reporters, Dr. Piman Hoffman, who was also part of the training programme, applauded the effort of the NGO and Mr Kamsouloum, saying: “recycling is important in today’s world if we want to leave this planet for our future generations.

“It is good for the environment since we are making new products from the old products which are of no use to us.  Recycling begins at home. Recycling your waste makes you more responsible in the way you use and dispose it.

“It is evident from studies that people who do this instinctively cut down on buying unwanted things from the supermarkets. When we recycle, recyclable materials are reprocessed into new products, and as a result the amount of rubbish sent for incineration reduces,” he explained.

Arewa Live’s investigations gathered that the first recycled-plastic house is currently being constructed along Kaduna/Zaria road in Kaduna State. When completed it will be the first recycled-plastic house in the country.

Team leader of the trainers, Ahmed told Arewa Live that the biggest challenge now is to involve government in the programme in order to increase the number of trainees.

Ahmed who was the brain behind the first plastic-bottle house in Africa located at Yalwa along Kaduna-Zaria road remarked that recycling of waste plastic is one of the best technologies to avoid environmental air pollution that may arise from burning plastic. He added that as the human population continues to increase, the quantity of solid wastes generation also increases.

Since the ‘Housing for all by the year 2,000’ slogan has failed, this cheaper way of building a house with recycled plastic wastes should attract every Nigerian’s attention. Perhaps in the long run, most Nigerians would have found a way of owning their own houses by keeping and recycling their plastic wastes and not having to wait till their old age before they can build their own house.

FG sets to establish mortgage guarantee company

The Federal Government through the Central Bank of Nigeria is working on a new initiative to deepen the housing finance industry.

The concerned stakeholders are already at the concluding stages of the initiative, known as the Nigeria Mortgage Guarantee Company, expected to be inaugurated at the beginning of the second quarter.

The NMGC is the second major initiative under the CBN’s Nigerian Housing Finance Programme, a Public-Private-Partnership designed to improve access to affordable housing finance in the country.

The NHFP is set up by the Federal Government and implemented by the Central Bank of Nigeria with four components – the Nigeria Mortgage Refinance Company, mortgage guarantee insurance, housing microfinance and technical assistance.

The project is being funded with a $300m procured from the World Bank during the previous administration.

The Head of NHFP, Mr Adedeji Adesemoye, said mortgage banks principally had two challenges of liquidity and credit, adding that the NMGC would solve the credit aspect of the problem.

“For credit risk, commercial and mortgage banks need another company to share with them, which is what the guarantee company is, so they pay the guarantee fee of about three per cent of the mortgage and the guarantee company will provide the guarantee just the way people pay for insurance,” he said.

According to him, the NMGC is expected to be a PPP arrangement, where the private sector holds the equity and the government can lend to them tier-two capital, just like the Nigeria Mortgage Refinance Company.


He added that it would enhance credit to primary mortgage banks as well as commercial banks.

“When there is a default, the guarantee company will pay certain percentage of the money when a foreclosure sets in, while the bank keeps originating mortgages,” he said.

Among the benefits the new company is expected to bring to the mortgage industry are access to housing finance and lower down-payment, access to higher amount of mortgages, better loan terms and conditions, standardisation, consumer protection and financial literacy for borrower while mortgage banks will have lower credit risk of up to 40 per cent protection for the principal, larger business volumes and reduced capital requirements.

Mortgage banks are also expected to have viability of mortgage operations and access to ancillary services.

According to the Director, Other Financial Institutions Supervision Department of the CBN, Mrs ‘Tokunbo Martins, the upcoming mortgage guarantee programme is designed as a private sector commercial enterprise.

“It is paid for by the borrower which is expected to generate income – thus creating a commercially viable and sustainable product,” she said.

Martins explained that it would provide a risk-sharing mechanism between the mortgage guarantee provider and participating mortgage lenders, which risk would have been borne by the mortgage lenders alone.

She added that it might also provide reduced capital charge through capital relief for legal mortgages and also produce a much more sustainable product uniquely suited to the Nigerian system.

Martins said, “Mortgage guarantee provides credit default loss protection to mortgage lenders enabling them to increase the loan to value ratio by reducing or removing the necessity for equity contribution by mortgagors.

“Mortgagors can thus access higher value mortgages with lower down payments while the lender can expand into new markets or deepen existing ones.  Mortgage guarantee indemnifies the mortgage lenders at the point of default of the mortgagor unlike mortgage insurance which indemnifies mortgage lenders after foreclosure process has been concluded.”

As at the end of 2018, it was gathered that stakeholders were finalising the business plan for the company, with Martins saying that the consultants, while cautiously optimistic about the viability of the project, had identified multiple constraints to its success, several of which they were familiar with.

She said the biggest constraints were the 1978 Land Use Act as well as cultural biases towards mortgage loans.

She however stated that stakeholders had been encouraged by the interest shown at state government levels, adding that there were also expectations for significant progress in mortgage friendly legislation in future.

Stakeholders bemoan investor apathy for real estate

Nigeria’s fragmented real estate industry, difficulties in obtaining construction permits and other factors have discouraged foreign investors from large-scale investments in the sector.

According to experts and major players in the sector, despite improvement of Nigeria on the Ease of Doing Business global ranking 2018, private developers have continued to encounter difficulties in obtaining construction permits and property titles due to lack of transparency by officials of government.

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They agreed at a Business Forum organised by the International Real Estate Federation (FIABCI) Nigeria in Lagos that the World Bank’s Ease of Doing Business index had impacted positively on the market, but a lot still needs to be done in attracting foreign direct investment into the market by creating an enabling environment for the sector.

After setting up the Presidential Enabling Business Environment Council (PEBEC), Nigeria had registered a historic improvement in Ease of Doing Business ranking released last year by the World Bank. The country jumped from 170th to 145th place out of 190 countries.

The experts noted that insufficient sources of funds had also worsened the liquidity crunch of developers and slowed down the sector’s recovery from recession.
Managing Director, Alphamead Group, Femi Akintunde, argued that government had not demonstrated the capacity to reduce construction cost despite the new ranking by the World Bank.

He pointed out that bureaucracy and delays in issuance of certificate of occupancy, especially in the use of property for mortgage refinancing, were hampering several property developments.

To grow businesses in real estate sector, Chief Executive Officer, Eximia Realty Company Limited, Hakeem Ogunniran, urged government to reduce documentations needed for planning permits and multiple regulatory agencies in the built environment sector.

Also, past President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Bode Adediji, suggested that all government policies should be holistic and ensure ease of doing business.

Justifying the forum, FIABCI-Nigeria President, Mr. Adeniji Adele, said it was one of the association’s ways of providing access and opportunities for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other.

The Permanent Secretary, Lagos Ministry of Physical Planning and Urban Development, Mrs. Boladele Dapo-Thomas, stressed that building permit process in the state was not cumbersome, urging applicants to avoid the use of third parties.

She added that government had also improved planning permit application process through the introduction of e-planning platform.

Source: Dayo Adeyemi

Osinbajo Commissions 100 housing units in Emotan Gardens

presents apartment to award-winning EDOBEST teacher Vice President, Prof. Yemi Osinbajo, has presented the key and certificate for a two-bedroom apartment, a unit in Emotan Gardens estate, to Mrs. Osaru Noragbon, who is the best teacher in the Edo Basic Education Sector Transformation (EDOBEST) programme.

Vice President, Prof. Yemi Osinbajo; Edo State best teacher and beneficiary of a two-bedroom apartment gift in Emotan Gardens, Mrs. Osaru Noragbon; Edo State Governor, Mr. Godwin Obaseki; Executive Chairman, Edo Development and Property Agency (EDPA), Isoken Omo; and Managing Director, Mixta Nigeria, Kola Ashiru-Balogun (back row), during the commissioning of first phase of 100 housing units in Emotan Gardens Estate at Ikpoba-Okha Local Government Area, Edo State.

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Osinbajo presented the apartment to Mrs. Noragbon during the commissioning of first phase of 100 units in Emotan Gardens Estate at Ikpoba-Okha Local Government Area of Edo State. Earlier, welcoming the Vice President to the state and the estate, Governor Obaseki said: “This is cluster one of Emotan Gardens, whose foundation you laid a few months ago.”

Emotan Gardens is an initiative of the Governor Godwin Obaseki-led government developed through a joint-venture partnership between Mixta Africa, a renowned real estate developer and Edo Development and Property Agency (EDPA). The Memorandum of Understanding (MoU) for the development was signed in May 2018 with Mixta Africa, and had a delivery timeline of 12 months for the first phase.

However, this was delivered well ahead of schedule. Commissioning the first phase of the estate, the Vice President said, “It is my pleasure to officially commission cluster one of the Emotan Gardens Estate for immediate occupation by the first occupant and the winner of EDOBEST programme.”

Obaseki said the goal of Mixta Africa, the developer of the estate, is for subscribers to move into the property as soon as possible and that they inhabit a safe, serene estate that meets their needs. “The first 100 of the houses are ready for inauguration. As a government, we have bought 10 of the houses, while about 50 of the houses have been sold to the public,” he said.

Extreme weather shatters records around the world

US cities as cold as the Arctic. An Australian inferno. The UK covered in snow.

It’s only one month into 2019 and meteorologists are already talking in superlatives as extreme weather patterns have brought cities and towns across the globe to a standstill.
In the United States this week, some 200 million Americans experienced a historic deep freeze that saw temperatures plummet below -32 degrees Celsius (-26 Fahrenheit), killed at least 23 people and led to the cancellation of more than 2,300 flights.
On Thursday, temperatures in 11 states in the continental US saw temperatures lower than the one recorded in Utqiagvik, Alaska’s northernmost city, situated north of the Arctic Circle.
Authorities in some of the hardest-hit cities such as Minneapolis and Chicago implored residents to stay indoors to prevent frostbite — in one Chicago hospital, doctors treated 50 frostbite victims; some may lose an arm or a leg.
Across the pond, the United Kingdom recorded record lows this week as frosty weather pounded parts of England, Scotland and Wales.
On Thursday, residents in Braemar in northeast Scotland experienced -14.4 C (6.1 F), according to the UK’s national weather service, the Met Office. This was the lowest temperature recorded in the UK since 2012.
Heavy snow has created roadblocks for travelers across the country. Some flights at London’s Heathrow Airport were canceled Friday; passengers were stuck on snow-covered runways at airports in Manchester and Liverpool earlier in the week.
Hundreds of schools across parts of England and Wales closed Friday, with the Met Office continuing to warn of treacherous driving conditions in some southern parts of the country.
In the southwestern county of Cornwall Thursday night, more than 100 motorists ended up abandoning their cars on a major highway blanketed in snow and walking to a pub, where they spent the night.
Parts of France also came under a weather warning after heavy snow fall, Météo France, the national meteorological service, warned earlier this week.
But as parts of the US and Europe saw record lows, Australia’s Bureau of Meteorology announced it had been the country’s hottest January on record.
The “unprecedented” heat wave that burned its way through all of the country’s melted roads, saw infrastructure fail and killed thousands of animals.
In the Northern Territory, the bodies of dozens of wild horses were found strewn along a dried-up water hole. In Victoria, more than 2,000 flying foxes died from heat stress, in what local media described as a “nightmare” event. Similar mass flying fox deaths have been recorded in the states of New South Wales and Queensland.
In the southern state of Tasmania, dozens of bushfires broke out, destroying homes and wilderness as hundreds of firefighters sought to get the blazes under control.
On January 24, residents in the southern city of Adelaide experienced the hottest day on record for their city, with temperatures peaking at 46.6 C (116 F).
Throughout the country, health warnings have been issued, advising people to stay indoors during the hottest part of the day, minimize physical activity and keep hydrated.
While the current heat continues to cause problems for Australians now, scientists warn that without coordinated action on climate change, heat waves will become more likely.
“Climate change is making heat waves more likely but any individual event is effectively a weather phenomenon,” Ben Webber, lecturer in climate science in the Climatic Research Unit at the UK’s University of East Anglia, told CNN.
“We can try and mitigate against the worst effects of climate change by reducing carbon emissions, that’s really the best thing to do — but obviously that requires global action. So individuals can help, but it has to be a big global action to be effective,” he said.
“That comes back to what politicians have been trying to agree on … and that’s why these extreme events are part of the motivation for striving to limit global mean temperatures’ rise to less than 2 degrees (Celsius) or possibly to 1.5 degrees against current levels,” Webber said. While we can’t control the weather, he added, we can adapt to and minimize the impact that extreme weather can have on us.
That comes down to having the necessary infrastructure in place to deal with the extremes, he said.
Source: Kara Fox

Saudi real estate ‘to witness healthy correction in 2019’

Saudi Arabia’s real estate market, which had over the last few years seen a major surge in property prices, will be seeing a healthy correction in 2019, according to KPMG Al Fozan & Partners, a leading audit, tax and advisory services company.

“This correction is expected to continue over the short term, but the market will pick up in the medium to long term, given the recent government initiatives to incentivise the sector, particularly the Ministry of Housing initiatives,” remarked Islam Albayaa, the head of advisory at the company.

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Last November, Saudi Arabia’s Ministry of Housing announced plans to build nearly 19,500 residential units for its citizens through “Sakani”, its major housing development programme. Additionally, new real estate projects are planned through public-private-partnerships, he stated.

On the other hand, the Public Investment Fund, the kingdom’s sovereign wealth fund, has been at the forefront of launching large-scale projects such as Qiddiya, the Red Sea and Neom.

“These gigaprojects will promote the property market in the newly developed locations especially the second home concept in the kingdom. Moreover, some of those projects will introduce new asset classes that will increase the real estate investment alternatives,” observed Albayaa.

Back in the capital, the launch of Riyadh Metro has been a blessing for property owners, as the market witnessed land price appreciation for locations closer to the metro stations, he added.

According to him, the research shows that prices per square metre of residential land parcels in districts closer to the metro stations witnessed a slight increase compared to last year.

“Moreover, by reviewing some relevant benchmarks, we can deduce that residents tend to live closer to metro stations, therefore, increasing the prices of residential units in the vicinity of such stations,” noted Albayaa.

While villas have historically been more popular in Saudi Arabia than apartments, a new trend is emerging with young Saudis switching from traditional detached residential units towards smaller units including duplexes, townhouses and affordable apartments, he stated.

“The current economic slowdown and changing mindsets of the youth are driving the new trend,” he pointed out.

“Besides, private investors tend to develop either regular or luxury apartments since they are less price sensitive to the current market volatility,” added Albayaa.

Source: Trade Arabia News Service

Turkish real estate firms to be promoted to Turks in Europe

Some 76 Turkish real estate firms will introduce projects to Turks in Dusseldorf, Germany as part of the “My Home Turkey” real estate and investment fair supported by the Environment and Urbanization Ministry, Demirören Media and ISTexpo on Feb. 8-10.

For three days, participant companies will introduce special campaigns, payment methods and details of the projects on a 4,900-square-meter fair area.

The exposition is organized with Lineadecor’s partnership and Turkish Airlines’ official transportation sponsorship.

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“Demirören Media has a special place in the industry with the news it reports on international platforms and media and the magazines and newspapers it publishes,” said Environment and Urbanization Minister Murat Kurum, conveying special thanks toDemirören Media for organizing the event.

“The fair is quite important to encourage our citizens in Europe to buy real estate from Turkey and for being a platform on which our citizens residing in Europe can easily invest,” Kurum added.

Turkey’s Housing Development Administration (TOKİ) will also take part in the expo, according to the minister.

“Our expatriates purchasing real estate from Turkey will be beneficial to Turkey’s economy as well as [their] homesickness,” said Şekib Avdagiç, the president of Istanbul Chamber of Commerce (ICOC).

He also said that 17 firms are participating in the event under ICOC, and demands from the real estate sector were so high that they had to widen the stand area to 400 square meters, almost 10 percent of the exposition area.

“In 60 years, expatriates will open new doors to their homeland. In some way, it will be a step toward reverse migration. This is the exposition in which investment is most desirable for our expatriates,” Avdagiç added.

According to figures Avdagiç provided, over 6 million Turks are residing overseas and at least 3 million of the number is in Germany.

More than 600,000 Turks are active in business in Germany, as Avdagiç said.

“This year, German tourists coming to Turkey is aimed to hit 5.6 million. It will not be a surprise than this attention will also be reflected in real estate. The exposition carries a lot of potential for our firms in this sense,” he added.

Avdagiç also stressed that in 2018, foreigners have purchased approximately 40,000 estates in Turkey and 36 percent were in Istanbul.

In 2018, over 1,000 German citizens have bought property from Turkey.

“It is not tough to increase this figure to 10,000,” said Advagiç.

Apart from the 76 firms, the Association of Housing Developers and Investors, Association of Istanbul Constructors and Association of Real Estate and Real Estate Investment Companies will also participate to the exposition.

Many celebrities, including German-born Turkish football player Hamit Altıntop and German actress who has acted in several Turkish TV series Wilma Elles, will attend the fair.

Source: Daily news

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