Turkey GRI 2011 brought together leading international players and national decision makers who are driving the real estate business in Turkey on January 18, 2011, in Istanbul at the Ceylan Intercontinental Hotel. The GRI is a global club of senior real estate investors, developers and lenders that runs its activities through a collection of annual meetings focused on different regions of the world. There are annual GRI meetings in 12 countries that help build close relationships with the driving elite of the real estate industry at the most senior levels.
Some interesting snapshots of the presentation included:
The Turkish economy's performance over the past two years was much better than expected
Strong banking sector and pre-crisis fiscal performance contributed to this over performance and change in perceptions
This crisis has resulted in a fall in chronically-high real rates in Turkey
Weaknesses of the many countries that came under the spotlight during the recent international crisis, were the strengths of the Turkish economy
Because of the strength of its banking sector and relatively limited deterioration in fiscal indicators, Turkey was able to bring its chronically high real rates down in the past two years
Past data of macroeconomic variables is not sufficient to explain the current performance
Fall in real interest rates could be changing the dynamics of the Turkish economy
Meanwhile, the CBT is trying to prevent the current period from turning into another boom-bust period. In the short-term the CBT's success and in the long-term the government's willingness for reforms will determine whether the current period gains turn into long-term structural changes... Time will tell.
For more information about Turkey GRI visit www.mygri.com/turkey