Real estate investment summit kicks off today

ISTANBUL - Hürriyet Daily News

Minister Bayraktar will deliver a speech at the real estate summit in Istanbul. DHA photo

The Real Estate Investment Trust Association (GYODER) organized a two-day real estate investment summit at Hasköy Spinning Mill, where the urban transformation will be kick started, in Istanbul today. 

High profile managers and billionaires from the oil rich Middle East and Asian countries are expected to attend the event, as laws have recently been approved by Parliament for the sale of defrosted land and which make it easier for foreigners to obtain real estate.

The lifting of the reciprocity principle for acquiring land in Turkey is especially expected to draw more investors to the country.

According to the reciprocity rule a foreign citizen or firm is only allowed to obtain property in a country if citizens or firms from that country can do the same in the buyer’s country of origin.

Senior executives of the Egypt-based Oriental Petrochemical Company and the Dubai-based Abraaj Capital are among the list of speakers at the summit.

Environment and Urban Affairs Minister Erdoğan Bayraktar, Istanbul Mayor Kadir Topbaş, GYODER President Işık Gökkaya, will make opening speeches at the event.

The main theme of the event is “Change, Transformation, Continuity.” 

Both GYODER and the Environment and Urban Affairs Ministry are expected to disclose 2023 visions for the industry during the summit. More than 1,000 participants from nearly 20 countries are expected to attend the event.