Boston, MA -- (SBWIRE) -- 05/17/2013 -- The Turkey real estate report examines the commercial office, retail, industrial and construction segments throughout the country in its position as a key emerging market with a lot of potential.

With a focus on the two principal cities of Istanbul and Ankara, the report covers the rental market performance in terms of rates and yields over the past 18 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the country's long-term domestic demand credentials. Our most recent data collection - covering full-year 2012 - registered growth across all commercial real estate sub-sectors is increasingly impressive when viewed alongside the performance of its EU neighbours and the precarious start to 2012. Nevertheless, BMI would highlight the increasing risks to this stellar performance to date, as the risks of a hard-landing in Turkey are ever increasing and the cracks are beginning to show with several of our key indicators returning negative results.

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Demand for office space, especially in Istanbul, is growing and generally likely to continue doing so and going into 2013 the market remains buoyed. In the city, especially in premium areas, increasing demand combined with limited supply is lowering vacancy rates and leading to rent increases. In the retail subsector, high consumer demand for retail products - owing to sustained high consumer purchasing power at a time of low unemployment - has tended to push up retail rents, especially in prime areas resulting in impressive rental growth over 2012.

Key Points

- Due to an improving macroeconomic performance, strong demographic fundamentals, and a government backed urban regeneration programme, as well as a large-scale healthcare infrastructure development programme we maintain our upbeat outlook for the Turkish residential/non-residential building industry - a view that also largely mirrors the country's infrastructure outlook. However, despite this uptick, we highlight that risks to our forecast are significant, with structural flaws in the country's business environment continuing to stem international interest in the sector, limiting its growth.
- A slew of projects, most notably the plans for a new 150mn passenger airport, the US$35bn Sino-Turkish high-speed rail venture, the North Marmara Highway project, the Trans-Anatolian gas pipeline and various major power plant projects around the country, are all contributing to our strong outlook for the Turkish construction sector. Hence, despite a considerable current account deficit, high cost of credit and structural flaws in the domestic banking and pension sectors posing significant downward risks, we remain optimistic about the industry's growth potential.

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