Sinpaş chairman only wants to sell 5 percent to foreigners

ISTANBUL - Hürriyet

Sinpaş Chairman Ömer Faruk Çetin says he wants full occupation in his real estate projects.

Leading Turkish real estate developer Sinpaş does not want to sell anything more than 5 percent of the apartments in its projects to foreigners in order to keep the facilities in full use, according to the REIT’s chairman.

“Foreigners do not usually reside in their apartments for 365 days a year and we would like the housing developments to be 90 percent full,” Ömer Faruk Çelik told daily Hürriyet, adding that even if foreigners were interested in purchasing a thousand apartments, he would not be willing to sell.

Despite his reservations, Çelik said he was very supportive of the government’s efforts to attract foreign buyers.

Sinpaş is engaging in efforts to market Turkish real estate abroad, Çelik said, but added that few foreigners are currently being given residence permits.

In response, Çelik has suggested that foreigners at least be given long-term visas.

Çelik also said the real estate sector was experiencing a 20 percent contraction in sales.

“As Sinpaş REIT, we were able to capture 70 percent of last year’s turnover this year. However, we have only reached 50 percent of our target since our goal is to add an additional 30 percent growth in sales compared to last year,” said Çelik, adding that he believed his company would reach its target once the sale of Sinpaş’ new projects take off.

Sinpaş is actively expanding its residential projects in Ankara.