Turkey Real Estate Industry Update Quarter 2 2012

BMI Industry View 7
SWOT 8
Political 10
Economic 11
Business Environment 12
Industry Forecast 13
Table: Office Forecast Rents (TRY per m2/month) 14
Table: Office Forecast Net Yield, 2010-2017 (%) 14
Table: Retail Forecast Rents (TRY per m2/month) 14
Table: Retail Forecast Net Yield, 2010-2017 (%) 14
Table: Industrial Forecast Rents - (TRY per m2/month) 15
Table: Industrial Forecast Net Yield, 2010-2017 (%) 15
Construction And Infrastructure Forecast Scenario 15
Table: BMI Industry Forecasts 2011-2016 15
Table: BMI Industry Forecasts 2017-2022 16
Macroeconomic Forecasts 21
Economic Analysis 21
Table: Turkey - Economic Activity 27
Industry Risk Reward Ratings 28
Europe - Real Estate Risk/Reward Ratings 28
Table: Europe, Real Estate Risk/Reward Ratings 28
Business Environment Outlook 29
Business Environment Outlook 29
Table: BMI Business And Operation Risk Ratings 29
Institutions 30
Table: BMI Legal Framework Rating 31
Infrastructure 33
Table: Labour Force Quality 34
Market Orientation 35
Table: Emerging Europe - Annual FDI Inflows 36
Table: Trade And Investment Ratings 37
Table: Top Export Destinations 39
Operational Risk 39
Market Overview 41
Office 43
Table: Net Yield, 2011-2012 (%) 44
Table: Terms Of Rental Contract/Leases - H212 44
Retail 44
Table: Historic Rents - 2011-2012 (TRY per m2/month) 47
Table: Net Yield, 2011-2012 (%) 47
Table: Terms Of Rental Contract/Leases - H212 48
Retail Sales Indicators 48
Table: Retail Sales Indicators, 2009-2016 48
Industrial 48
Table: Historic Rents - 2011-2012 (TRY per m2/month) 49
Table: Net Yield, 2011-2012 (%) 49
Table: Terms Of Rental Contract/Leases - H212 50
Competitive Landscape 51
Company Profile 54
Emlak Konut REIT 54
Sinpas Gayrimenkul Yatirim Ortakligi 56
Enka Insaat 58
Nurol Insaat ve Ticaret AS 61
Demographic Forecast 64
Table: Turkey's Population By Age Group, 1990-2020 ('000) 65
Table: Turkey's Population By Age Group, 1990-2020 (% of population) 66
Table: Turkey's Key Population Ratios, 1990-2020 67
Table: Turkey's Rural And Urban Population, 1990-2020 67
Methodology 68
How We Generate Our Industry Forecasts 68
Construction Industry 69
Bank Lending 70
Real Estate/Construction Business Environment Rating 70
Table: Weighting Of Indicators 71
Sources 73