Turkey is courting Norway. Not in the biblical sense, (or even the mid-late 20th century romantical sense), but in the real estate investment sense.
Norway has big plans to channel some 50 billion USD into investments in international real estate in the coming months and years. Big hitters in the Turkish real estate industry have set out to bring this investment in part or in full into Turkey.
Turkey has sent a delegation to Norway, including Ahmet Haluk Karabel, President of the Turkish Housing Development Administration (TOKI), in coordination with the Prime Ministry Investment Support and Promotion Agency of Turkey (ISPAT).
Karabel once again stressed the importance of last year’s change to the law on Land Registry in facilitating the acquisition of real estate by foreigners in Turkey. During the meeting with the delegations, Karabel also noted that TOKI, as the sole government institution specializing in housing projects, could assist the Norwegian investors and offer guidance to them.
Acommpanying the TOKI President were Abdullah Kaya, General Manager of National Real Estate, and Ugur Guney, Head of Investor Relations at HALKGYO all hoping to attract Norwegian Petroleum Fund investments to the Istanbul real-estate market.
The Turkish delegation held talks with the Norwegian Ministry of Economy, Norwegian Ministry of Trade and Industry, as well as with representatives from members of the Confederation of Norwegian Enterprise and Norwegian Finance.
Officials from the Turkish delegation also made a presentation on the Turkish economy and the country’s investment climate, as well as giving a detailed presentation on the operations of TOKI and the investment potential of the Istanbul real estate market. Karabel told the Norwegian attendees that Turkey has a requirement for 500-600 thousand homes to be constructed per year — mostly in Istanbul –, depending on population growth. The amount of the total housing investments made by the public and private sector in 2012 totals USD 70.6 billion, said Karabel. The Istanbul mega-projects, namely the Bosporus replacement, the third bridge and third Istanbul airport also received acclaim during the presentations.