FDI in Turkey’s real estate sector down by 18 percent
ISTANBUL - Hürriyet Daily News
Istanbul provides the best investment and development opportunities regarding trends on real estate according to a PwC report. Hürriyet photoForeign direct investment (FDI) in Turkey’s rapidly growing real estate sector reached $2.13 billion last year, posting a significant drop of 18 percent from 2010, according to the official FDI report released Feb. 17.
Turkey attracted a total of $15.7 billion of investment in its rapidly growing real estate sector, reported the Anatolia news agency. However, FDI in Turkey’s real estate sector declined by 18 percent last year compared with 2010, when total volume of FDI in the country’s real estate sector was nearly $2.49 billion, according to the report.
FDI flow into Turkey has increased 74 percent last year from 2010, reaching a total of $15.7 billion, according to the official data. The total FDI flow to Turkey was nearly $9 billion in 2010. The total volume of FDI to Turkey last year marked the fourth highest volume in the country’s history following $20.2 billion in 2006, $22 billion in 2007 and $19.5 billion in 2008, respectively. Zafer Çağlayan, Turkey’s economy minister, noted nearly 71 percent of FDI in Turkey was from the European Union, speaking at a Feb. 13 meeting in Ankara.
Austria ranked as the top source of FDI flow to Turkey with nearly $2.24 billion, followed by Spain with $2.23 billion and the Netherlands with $1.6 billion. FDI flow to the country from the United States reached $1.4 billion followed by France and the United Kingdom with $985 million and $895 million respectively.
Turkey’s banking sector received nearly $5.9 billion followed by the energy sector with $4.2 billion and the manufacturing sector with $3.2 billion.