Cordea Savills, the international property fund manager, intends to launch a Turkish opportunistic fund. The Cordea Savills Turkish Property Ventures Fund will invest in development opportunities, primarily shopping centers and residential property, with a target return of 20% per annum.

Turkey has a fast-expanding economy with more than double the forecast annual average GDP growth of the Eurozone. It has a large and growing population that continues to undergo rapid urbanization, creating demand for modern retail, commercial and residential property. With education standards having increased to Western European levels, candidature for European Union membership and stabilizing inflation, Turkey is well positioned to enjoy rapid development and is attracting substantial investor interest.

REAG - Real Estate Advisory Group, the International Real Estate Consulting firm, has opened in Turkey. The Group has offices on 3 continents, in 22 countries – America (United States and Canada), Asia (China, Japan and Thailand) and Europe (United Kingdom, Czech Republic, Hungary, Germany, Greece, France, Italy, Poland, Romania, Russia, Portugal and Spain). The Turkey office opened on 15 March 2008.

Following a ruling by the Constitutional Court to ban the sale of immovable property to foreigners residing in Turkey, property sales to foreigners came to a halt as of yesterday since the government has not made the necessary amendments to the relevant law.

ISTANBUL, April 16 (Reuters) - U.S. property tycoon Donald Trump is to build an office, residential and shopping complex in Istanbul together with Turkey's prominent Dogan family, the Dogan Group said in a statement.

LONDON-India is seen as the most sought-after retail market, where that industry is emerging, according to a CB Richard Ellis survey of 300 retailers worldwide. Of the report’s respondents, 27% said they are either opening stores in that country or planning to do so.

ISTANBUL-Cushman & Wakefield has acquired P&D Real Estate Consultants, its partner here since 1991, for an undisclosed price. The purchase comes as New York City-based Cushman is expanding in Europe and follows the opening of Cushman offices over the past 18 months in Romania, Slovakia and the Ukraine.

“Turkey is one of Europe’s most dynamic markets,” said Paul Bacon, Cushman’s CEO of its Europe, Middle East and Africa division, in a statement. “The country is attracting interest from a wide cross-section of clients; yields and returns are higher than those in the more developed markets of Europe, and economic growth prospects are strong.”

When it comes to buying a holiday home or investment property in the Mediterranean, most people tend to think of Spain or Italy. But Turkey, with its stunning scenery and wealth of antiquities, is fast emerging as a new property hot spot. Straddling Europe and Asia, Turkey is blessed with some of the best coastline in Europe, especially in the country's southwestern corner where the Mediterranean and Aegean seas meet.

According to a research by the Istanbul Chamber of Commerce, the number of new residences required in Turkey over the upcoming 8 years will be approximately 5.5 million units. Although the property ownership in Turkey is approximately around 65%, 300,000 to 350,000 new residential properties need to be built each year. 55% of the current properties lack the necessary permits and 60% of the current properties were built more than 20 years ago. Necessary renovations and the need for qualified properties also increase the number of properties that need to be built over the upcoming years.