Emerging markets

London, UK, 12th February 2008 -- The overseas property portal
Homesgofast.com gave an early indication into the investment intentions of
thousands of UK overseas property investors for 2008. The portal announced
its 5 top overseas investment locations from over 170,000 visitors in
January 2008. The top regions that enticed investors at the start of the
year were, Dubai, Brazil, Egypt, US and Turkey. Interestingly the
overwhelming majority of investor’s enquiries were for property priced under
£60,000.

The UK overseas property industry has been bracing itself for a bumpy 2008
as the ripples of the credit crunch take effect. One of the biggest concerns
is the difficulty for property developers in raising finance for new
projects.

Mathew Lanham Technical director at Homesgofast " In January alone enquiries
for lower priced investment properties has risen by 30%, and its clear from
our statistics that this number is likely to rise in the coming months."

CEO of Homesgofast.com Nicholas Marr “Cheaper overseas property investments
appear to be en vogue, the majority of our top 5 investment property regions
offer very low property prices. Many investors are prepared to buy
investment property in places like Egypt without requiring finance.
.
Listed first place for investor interest in January 2008 was Dubai, this was
despite the region witnessing a slow down of investment as new rules for
developers took effect. Homesgofast Dubai based Chief Sales Executive Hind
Jouini “Despite the recent slow down by developers in launching new projects
we are experiencing strong demand from the UK. The majority of our clients
in January are from the British Asian community seeking to invest in Dubai

Brazil listed second in investor interest and offers property starting at
£20,000. Steve Mitchell of overseas investment company Investinpro “"Brazil
currently offers very competitive property prices with solid appreciation.
The rental market is easy to understand with the worlds most beautiful
beaches and colourful culture boosted by the fact that travel to Brazil is
now more than affordable"

In third place was property in Egypt attracting investment. Laurie Hain of
real estate company Off Plan Planet “Egypt is witnessing incredible amounts
of interest from UK buyers. Massive investment, direct flights, favourable
tax laws, strong capital appreciation, long rental seasons and incredible
ocean front locations all make for an ideal investment.

The US regions of Western New York and Florida have caught the attention of
UK investors and came in fourth place. David Brennan of Brennan Properties
“' many clients are flocking to invest in Western New York as the prices are
low, the yields are the highest in the world at the moment, the net returns
are tremendous, and this trend is set to continue despite the credit crunch
which has affected the more affluent states in the USA”

Florida bargains are in abundance in the sunshine state, one example is
where the portal promoted a no reserve auction of 27 brand new homes in
Naples Florida.

In fifth place were property investments in Turkey Julian Walker of Turkish
property specialists Spot Blue “"Turkey is a strong growing economy and is a
popular place to visit; it offers good rental potential with demand which
comes from tourists and from the local population. Belek is a great area for
Golf and is easily accessible which a key element is for overseas property
investors”

Investment in Turkey

Foreign interests spend $10 billion in 5 years for real estate purchases

The political and economic stability resulting in foreign interest in the property market boosted the construction of new sites between 2002 and 2007.
Recent political and economic stability as well as efforts by the Justice and Development Party (AK Party) to increasingly integrate the Turkish economy into global business have led foreign interests to invest their wealth in Turkey.





In the five-year period from 2003 through 2007 the value of real estate purchases by foreign interests was approximately $10 billion, recent Undersecretariat of the Treasury figures have shown.

The surging interest in real estate was accompanied by increasing amounts of foreign direct investment (FDI) in the given period, with capital inflow surpassing $18 billion per year. The amount of money brought in by foreign interests for real estate acquisition was $998 million in 2003 and has increased steadily since then, rising to $1.34 billion in 2004, $1.84 billion in 2005 and $2.9 billion in 2006. The amount increased slightly in 2007, too, by reaching $2.95 billion despite domestic and international economic uncertainty.

The main factors contributing to foreign interest in the Turkish real estate market are relatively low prices, increasing income levels and production, and positive expectations vis-à-vis real estate prices.

According to a report titled "Real Estate Acquisitions of Foreign Real Persons" released by the General Directorate of Land Registry and Cadastre, people from 70 nationalities purchased fixed property such as land and houses. Among them, the citizens of Germany, the US, Austria, Azerbaijan, Belgium, Denmark, the Netherlands and France predominate. They usually prefer İstanbul and Antalya, as half of the money is invested in these two cities. These cities are followed by Bursa, İzmir, Muğla, Hatay, Aydın and Mersin.

FDI and real estate acquisitions did not have a bright outlook in the year preceding AK Party governance, as they primarily stayed below $1 billion. Along with stability, efforts to join the European Union have rendered Turkish markets attractive investment areas. In the five years since 2003 the total amount of FDI has surpassed $46 billion. The annual amount of such capital inflow is expected to increase even further this year and the years to come.

Rental property in Turkey

Foreigners who own summer houses in Turkey's popular summer resorts rent them out over the Internet, placing the country seventh out of 112 countries in demand for holiday homes, according to a study by the Web site holidaylettings.co.uk.

Turkey even surpassed Spain's Balear Islands' Canary Islands and South Africa among the developing markets. Gordon Lyons, the manager of International Property Agents, said that the estate renting sector was on the rise in Turkey although it was still not easy to fly here at reasonable prices. Lyons, who emphasized that the report showed an increase in the demand for the rental estates, also added that Turkey was absolutely on the right way.



Demand will keep rising

“It is expected that the cheap Turkey flights will start soon, which will initiate the demand for rental estates to compete with the package holiday tours,” Lyons said, adding, “The tourism sector in Turkey started developing long before summer houses. The country attracts more than 20 million tourists annually. This is an important indicator which hints where and when the estate will be sold out.” Lyons, who associated the decrease in the number of tourist in a country with the unsound investments there, said that all indicators in Turkey are positive.

Starting a business in Turkey

Turkey’s business friendly regulations draw foreigners

Turkey offers a dynamic business environment in a rapidly changing marketplace.


Turkey’s growing economy, fairly developed infrastructure and its modern industry and commerce continue to attract foreign companies in a diverse assortment of sectors, ranging from tourism to technology and energy. Turkey’s movement toward membership in the EU is creating momentum for adopting European business regulations and standards, thereby making it easier to run businesses in the country.

What about the opportunities for foreigners interested in investing and setting up a business in Turkey and establishing their own businesses? Is it to hard to set up a business in Turkey? Is it worth it? Considering its population -- above 70 million -- and its unique location, Turkey is definitely worth investment, as indicated by the increasing number of foreigners interested in doing business here. Furthermore, thanks to the Foreign Direct Investment (FDI) Law (No. 4875), which was enacted in 2003, the procedures for establishing a business are now much easier compared to previous years.

Legal framework concerning foreign investment

The FDI law sets the legal framework for a liberal investment environment in Turkey. This law entitles foreign companies to the same rights and responsibilities as Turkish companies and grants foreign investors comprehensive investor rights. According to the law, all companies that are established with foreign capital contribution and set up in line with the regulations of the Turkish Commercial Code will receive equal treatment with Turkish companies both in terms of rights and responsibilities. The new FDI law also states that there is no obligation requiring Turkish participation in the management of such a company. A company may be established with 100 percent foreign capital, and almost all business sectors are open to foreigners. The formation of a company by a foreign investor no longer requires permission from the Treasury’s Foreign Investment General Directorate. Applications for the establishment of a company must be filed with the Ministry of Industry and Trade or with a provincial trade registration office. Articles of incorporation -- detailing the company’s structure and management -- are required and should be notarized. The exact amount of time it takes to complete these procedures will vary for each company. However, an average of two weeks should be expected. An application is then submitted to the Ministry of Industry and Trade.

The transfer of foreign funds has also been simplified in recent years.

Only activities related to the petroleum and oil industry are restricted for foreigners. Some industries, such as education and defense, require special authorization. However, incentives for establishing businesses in underdeveloped regions are equally available to Turkish and foreign investors.

What kind of companies can foreigners establish?

The law does not impose any restrictions on foreign capital and enables foreign investors to invest in Turkey by either establishing a new company or branch or by acquiring the shares of an already operating Turkish company without being subject to any kind of pre-authorization generally required for foreign investment.

Applications made by foreign companies to establish liaison offices to operate in certain sectors, such as insurance, are subject to special legislation. The cost of establishing such companies varies depending on the capital involved and the number of shareholders.

All business enterprises must have an accounting system adapted to the needs of the business in accordance with Turkish accounting standards. Any entity or individual can obtain a simple import or export license for any product that is not prohibited by law. Imports from other countries are subject to customs duty at various rates. You should note that all company employees -- including the general manager or managers -- who are not Turkish citizens should obtain both residence and work permits.


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Document checklist for setting up a business
* Application form

* Notarized articles of incorporation

* Notarized copies of board resolution identifying company's founding partners

* Notarized copies of passports of founding partners

* Photos of founding members

* Leasing contract

* Tax numbers of founding members

What must a foreigner do during the establishment process?

After the drafting and notarization of the articles of incorporation one may notify the relevant authorities and apply to the respective chamber of commerce or industry for the company's registration with a trade registry. It is a must to prepare the articles of association in written form and to provide the signatures of all the founders in the agreement. However, unless a foreign firm's interests are strong enough to warrant opening an office in Turkey, the best way of selling in the country is through reliable and qualified local representatives. The Investment Support and Promotion Agency of Turkey aims to assist foreign investors in their business ventures in Turkey. It also provides data and information on the business climate in Turkey. Those planning considerable investment in Turkey should get in touch with the agency. For details, visit www.invest.gov.tr.

Tourism in Altinkum

Didim's doors wide open

This year's tourist season is being given a new and fresh emphasis in Didim as a clutch of new five-stars muscle their way in and catapult this former agricultural village to the vacationing EU masses.

Didim, as I have so often pointed out, struggles to emerge from the shadows of its big brothers, such as Kuşadasi and Bodrum, on the international stage. But at least this year might yet prove a turning point.

With three five-star hotels set to open this year, a new marina in 2009, and more projects for 2010 onward, the future of Didim, is definitely looking bright.

The appeal of five stars will radically improve the quality of hotel accommodation in the resort and offer greater choice to the more discerning tourist. Indeed, we are opening our doors to the international market. The signs are up. All we need is the echo of running feet.

The radical mark up in quality – one which the resort has been crying out for as more boutique and international hotels open up in more high profile resorts such as Bodrum – is being seen as a major shot in the arm for the town.

The hotels to open this year include Didim Beach Elegance, at Third Beach; a new one at the TES-İŞ facilities at Second Beach, and a 600-bed hotel at Mavişehir Sağtur.

The fourth one is a seven-star holiday village due for completion in 2010 and will focus on the German, Belgian and Dutch markets. It will have a convention center, halls for 1,500, 500, and 300 people. The hotel will host meetings for companies and institutions throughout the year and will target convention tourism.

Didim Beach Elegance will feature 120 guest rooms, a fitness suite, and a heavy emphasis on families, with entertainment for children including dedicated Playstation rooms and a children's play area. The hotel's ground floor area will also feature state-of-the-art spa facilities, a restaurant, bar, and exclusive boutique shops. A new hotel based at the TES-İŞ facilities at Second Beach will have a 1,000-bed capacity. The owner of the hotel Tevfik Bağcı said that the hotel will open June 1 and be rented out as apartment hotel and will bring Dutch, Belgian and German tourists. The most important feature is that Bağcı is also the owner of Peninsula Tourism, which brings the most number of tourists to Kuşadası.

He said that he will focus on Didim, but that there will not be any shopping centers in the facility; the tourists will go out for shopping, thus local businesses will also earn.

Bağcı said Didim had an image problem and the new 5-star hotels will strengthen this weak image up to a point. Bağcı said, “we will bring elite tourists from Britain, Russia, Thailand, Vietnam, Belgium, Norway, Germany and the Netherlands. They will spend money. We have achieved it in Kuşadası and Antalya.

“We can manage it in Didim also. Our facilities will be a concept. People of Didim are very lucky to have such a mayor who is hardworking and open to tourism, culture and art. Didim grows, improves and changes day by day. The objectives in tourism must be determined carefully.”

The five-star hotel at Mavişehir Sağtur with 282 rooms and 600 beds will also be completed in June.

Hopefully, this will be a sign of things to come. The addition of the hotels will strengthen the economy, provide more opportunities, employment and otherwise, for locals, and generally give the lift it desperately needs on the international front.

http://www.turkishdailynews.com.tr/article.php?enewsid=96558

Migros buyout

BC Partners Ltd. has agreed to buy Migros Türk, Turkey's largest supermarket chain, for about $3.2 billion in the country's biggest-ever leveraged buyout. The London-based buyout firm will acquire 51 percent of Migros Türk for YTL 1.98 billion ($1.7 billion), or YTL 21.85 a share, from Koç Holding, according to a filing with the Istanbul Stock Exchange yesterday. The firm said it will offer to buy out minority stockholders at the same price, which is 11 percent more than Wednesday's close. BC Partners will gain 961 stores in Turkey and nearby countries through the takeover, and plans to profit by boosting the supermarket's share of grocery sales at the expense of street vendors, who control about 60 percent of the market, according to a national industry group. Turkey has 17 supermarkets per million people, compared with 150 in the European Union, according to accounting firm PricewaterhouseCoopers LLP. “Penetration of organized retail is very low in Turkey and companies like Migros Türk have high growth potential and will increase their market share,'' said Murat İğnebekçili, an analyst at EFG Istanbul Securities. Migros shares fell Ykr 60, or 3 percent, to YTL 19.20 at 10:45 a.m. in Istanbul, bringing its value down to YTL 3.42 billion. Koç Holding shares advanced Ykr 12, or 2.5 percent, to YTL 4.84.

The price is “5 percent below our valuation,” Yonca Yağcıoğlu, an analyst at Ata Invest, said in a note to clients today. She expected the sale to value Migros Türk at YTL 4.1 billion instead of the YTL 3.9 billion sale price.




Rapid growth

“Migros is ideally positioned to benefit from the rapidly growing organized food retail market,” BC Partners executive, Nikos Stathopoulos, said in a statement yesterday.BC Partners beat off rival bidders including buyout firms Blackstone Group LP and Kohlberg Kravis Roberts & Co., and Russian billionaire Mikhail Fridman's Alfa Group. Paris-based Carrefour SA, Europe's biggest retailer and No. 2 in Turkey, dropped out of the bidding on Jan. 7 without citing a reason.The takeover is BC Partners' first in Turkey, and the biggest by any buyout firm in the country, surpassing KKR's $1.3 billion purchase of shipping company UN Ro-Ro in October.Founded as Baring Capital Investors in 1986 by Dutchman Otto van der Wyck, BC Partners manages a 5.8 billion-euro ($8.5 billion) private equity fund. The firm's other investments include British real estate agency chain Foxtons and satellite operator Intelsat.Buyout firms are struggling to get financing from Wall Street banks for their takeovers in the wake of the subprime mortgage crisis in the United States and are turning to markets outside the U.S. and Western Europe, where targets are typically smaller and local banks are able arrange funding.BC Partners tapped three Turkish banks to finance the Migros Türk buyout. Garanti Bank, İşbank and Vakıfbank are arranging loans to fund the takeover, BC Partners said. DEA Capital, a unit of Italy's de Agostini SpA, said it will invest as much as 175 million euros ($256 million) alongside BC.Turkey has attracted about $40 billion of direct foreign investment in the past two years. Retailers from Carrefour SA to Britain's Tesco Plc have opened stores in the country to tap economic growth that has averaged 6.9 percent annually since 2002, helping to double per capita income to about $6,900.Dusseldorf, Germany-based Metro AG also has a supermarket chain in Turkey and opened its first Turkish Media Markt consumer electronics shop in September in Istanbul.



Unregistered economy

Retail sales in Turkey were $137 billion in 2006, about 40 percent of which was registered, according to the Turkish Council of Shopping Centers and Retailers. They may rise 45 percent by 2010, PricewaterhouseCoopers said last year.Migros Türk, which was founded in 1954 as a joint venture with Switzerland's Migros Cooperatives Association, currently has stores in Azerbaijan, Kazakhstan, Kyrgyzstan and Macedonia. Koc hired JPMorgan Chase & Co. last year to manage the sale, as it seeks to reduce debt after buying Turkey's state oil refiner in 2005. Merrill Lynch & Co. advised BC Partners.

A place in the Sun

A PLACE IN THE SUN REVEALS THE UK’S TOP 20 DESTINATIONS FOR BUYING ABROAD: FROM THE SUBLIME TO THE SURPRISING…

According to a survey published today, in the form of A Place in the Sun magazine’s annual Top 20 buying destinations, despite a raft of emerging markets and USA property prices down 30% on a year ago and a dollar weakened by 25%, it’s the traditional sun-seeker’s favourite Spain that takes the number one spot for the second year running.

The poll, conducted at the recent A Place in the Sun Live exhibition at the NEC Birmingham, the world’s largest overseas property event of its type, also saw France with its enviable lifestyle maintaining its 2006 second place and Turkey climbing into third position on the back of a wide range of developments marketing in the UK offering great value and year-round sunshine.
Source : Place in The Sun

The Market

Of all the emerging real estate markets globally, Turkey’s property market is quite possibly the number one choice for investors seeking the best balance between risk and reward. While the nation continues to emerge politically and economically speaking, so there exists risk – but counterbalancing this ever decreasing risk is an ever increasing potential to profit from property in Turkey.

Property investment in Turkey is synonymous with choice – an investor has a choice of location, a choice of investment approach, a choice of target market and certainly an unrivalled choice of property assets - and in our opinion at www.adoproperties.com, this breadth of choice is luring increasing numbers of real estate investors to explore a property market where there are ten fundamental reasons to consider an investment commitment…


1. Turkey’s Investment Property Market Benefiting from Political and Economic Reforms
The Turkish elections in 2007 saw Prime Minister Erdogan re-elected to office as the head of government - yet throughout the election build up there was global concern that a newly elected government would undo the incredibly powerful work that Erdogan had undertaken to lead Turkey forward as a first world economy.

Fortunately these concerns were allayed and it is accepted that Prime Minister Erdogan will continue with his wholly successful political and economic reforms and that the Turkish people are fully behind him – and equally importantly, the Prime Minister is widely respected within the EU according to The Economist Intelligence Unit.

For property investors doing due diligence on Turkey to ensure it has the right foundations for a long term investment commitment, these fundamentals provide exceptional confidence.

2. Turkey Continues on the Path to EU Membership Which Improves Turkish Property Building Standards and Practices
In the past ten years Turkey has undertaken and committed to many significant reforms to strengthen its democracy and stabilize its economy which enabled it to begin accession membership talks with the European Union in October 2005. While no one is under any misapprehension that Turkey’s path to full EU membership will be totally smooth, the nation is fulfilling many of its fundamental and strategic obligations to continue its approach to full EU membership and this fact has allowed international confidence in the nation to increase dramatically.

In anticipation of the funding and new business the nation will receive the closer it gets to full EU entry, global names are committing to the Turkish real estate sector in expectation of significant underlying price increases and demand, and in one significant area this is having a positive effect on the market – the building standards and practices are improving to be on a par with EU standards which bodes exceptionally well for the long term future of the market.

3. The Geographic and Strategic Position of the Nation Provides Substantial Opportunity for Property Investors in Turkey
Geographically and politically located in a position of strategic importance to Europe, Asia and the Middle East, Turkey benefits from investment, business and travel and tourism interest from all three vast geographic regions which translates into significant and broad interest across all residential and commercial real estate sectors.

This adds up to incomparable property investment potential no matter what angle an investor wishes to target, which sector of the Turkish property market they wish to enter and which approach they plan to take, proving the aforementioned point that Turkey is quite possibly the number one choice for investors seeking the best balance between risk and reward because when it comes to real estate, there is such breadth of choice.

4. Sustainable and Improving Local Demand and Affordability for Property in Turkey
It’s a well known fact that the Turkish population is young, dynamic and that large pockets of the nation are rapidly embracing a western lifestyle. Additionally, improved employment prospects, greater access to finance and a promotion of the benefits of owning real property in Turkey are leading increasing numbers of local citizens to the property market meaning that demand is increasing, affordability is improving, mortgage lending is expanding and an investor has a sustainable base upon which to rely for a future exit strategy.

5. Foreign Direct Investment in Turkish Real Estate Dramatically Increasing in Line with Prices
Confidence in the Turkish property market can be measured in terms of the levels of foreign direct investment committed to the market - and the potential and opportunity within the market can be measured in terms of the price appreciation patterns currently being witnessed: - in 2005 property prices increased over 50% in the most in demand coastal locations according to the Turkish Embassy in London, in 2006 Turkish property purchases by foreign investors exceeded USD 2.5 billion according to the Global Property Guide which was a doubling of the figures from two years prior to that and a five fold increase in just over four years. Additionally, almost 70,000 foreigners were registered as being owners of property in Turkey by the end of 2006 which represents almost a 500% increase over the last known figures which were released in the summer of 2003.

Clearly Turkey is attracting significant levels of FDI into its property market, and this increased confidence, demand and affordability is being translated into increasing underlying prices for real estate.

6. Significant Travel and Tourism Growth Translates into Increasing Rental and Resale Demand for Property in Turkey
When you consider that Turkey registered over a 240% increase in foreign tourist arrivals in the period between 1990 and 2005 and that so far in 2007 visitor numbers are already up almost 20% compared to the same period last year, it is more than apparent that Turkey is developing as one of the strongest markets for travel and tourism interest in the world.

While the nation started from humble beginnings in terms of tourism arrivals and related receipts, the government now recognizes the importance of the travel and tourism industry for the ongoing economic growth and success of the country and as a result the government has increased the budget for the Ministry of Culture and Tourism from USD 70 million to USD 120 million.

Currently the tourism industry in Turkey ranks 11th in the world in terms of arrivals and 9th in terms of receipts, and with the greater promotion of the nation internationally and the ongoing infrastructure improvements taking place as well as the arrival of cheap flight operators in Istanbul and at the coastal airports, Turkey’s tourism market growth is impressive yet sustainable. This directly translates into opportunity for an investor – in the simplest terms they can either target the tourism rental market or they can use tourism based demand for resale stock as part of their exit strategy.

7. Turkey has Good and Improving International and EU Relations Giving Investors Confidence in the Turkish Real Estate Sector
Turkey is both an active and contributory member of the UN and NATO, and back in 1964 the nation became an associate member of the European Community. Because of its geographic location bordering many volatile and potentially powerful nations such as Armenia, Georgia, Greece, Iran, Iraq and Syria, Turkey has to play a very placatory yet strong role in international politics and generally speaking, it manages to maintain its role and develop improving international political relations with the likes of the US, the UK and the European community as well.

Naturally this instils confidence internationally which translates into investor confidence which, for Turkey’s property market is already becoming apparent.

8. Real Estate Investors in Turkey Have a Broad Choice of Destinations to Target
Unlike some emerging nations, Turkey has multiple centres of property based potential for investors to explore. For example, Istanbul and Ankara offer an investor the chance to enter the commercial real estate sector and focus specifically on office, retail or even industrial property as both locations are developing rapidly and expanding in terms of the amount of businesses operational from within the city limits. Both locations also offer an investor the chance to corporate let for example. Then you have pockets of tourism based interest – for example in Istanbul you have high end tourism interest, in Belek you have golf based tourism interest, all along the coast you have long summer holiday interest and some of the most popular coastal locations even offer a long-let based winter season as well. This breadth of choice for an investor is exciting.

9. Development of a Competitive Mortgage Market for Turkish Property
A law passed by the Turkish government in March 2007 now makes mortgages more accessible to more people and more flexible as well. Thanks to the recently ratified legislations, mortgage finance is now available over long periods of time to residential property purchasers and many believe this is the first step on the path to a total overhaul of the mortgage market which will transform the entire landscape of the real estate market in Turkey and also the nation’s urban environment as well.

The law allows for variable rates of interest to be applied to home based finance and it’s expected that the mortgage market will now expand significantly – already the law has had an impact as overall, Turkish banks have around USD 20 billion worth on loan for residential real estate today compared to just USD 380 million four years ago.
Foreigners can also now borrow money in Turkey to buy Turkish property and the very first local mortgage made available to a non-resident buyer was granted in July 2007. Naturally enough, the availability of finance transforms the landscape – it allows local and international buyers to enter the market and according to local Turkish press, immediately following the ratification of the law interest from overseas property buyers and investors has soared.

10. Favourable Level of Taxation a Bonus for Investors in Turkey’s Real Estate Market
While tax on income in Turkey is considered quite high, property taxes are just 0.1% of the value of residential real estate, (although this doubles if the property is in a metropolitan area) – further positive news for investors is that according to the Turkish Embassy in London, there is no capital gains tax for foreign investors in Turkish real estate after four years of ownership and funds can be freely repatriated. In addition to this, as long as net rental income from property assets held in Turkey does not exceed EUR 1,095 the income is not liable for any taxation. While these are not great incentives to specifically draw investor interest, they are neither deterrents to discourage investor activity.
UK Property Agents