Riwis Turkey

RIWIS GOES TURKEY!REAL ESTATE PROPERTY MARKET IN TURKEY

BulwienGesa and Istanbul Valuation explore Turkey s Real Estate MarketsOnline database RIWIS Turkey featuring market data and statistics for Turkish cities

Turkey is the Brazil of Europe

Turkey is the biggest economy of Eastern Europe, the Bal-kans, the Black Sea Basin, the Caspian Sea Basin and Mid-dle East. Foreign Direct Investment (FDI) rose by 76 % y-o-y to 15.9 billion USD in Turkey in 2011. Hence, Turkey holdsthe 23rd place in the global league and the 12th placeamong all developing countries regarding FDI inflows. In2010 28.5 million tourists visited Turkey, making Turkey the6th most visited destination in the world.

International interest in the Turkish real estate sectorhas strongly increased

The real estate industry in Turkey has very good prospectsthanks to strong demographic factors, increasing economicfigures, improving financial market, legal environment condi-tions and improvements in the transportation infrastructure.The country's GDP is forecasted to grow on average by ap-prox. 4 % y-o-y until 2014. Turkey s population is estimatedto count approx. 75 million inhabitants in 2011. 60 % of Tur-key's population is under the age of 34. The averagemonthly retail expenditure per household (in TRL) increasedby almost 50 % in the years 2004 until 2010.

The demand for retail, offices, hotels, logistics and industrialareas is expected to increase in line with the strong socio-economic fundamentals and the increasing business activi-ties of international and domestic companies in Turkey.

In 2010 according to Real Capital Analytics real estate in-vestment volume in Turkey amounted to 1,35 billion euros(all property types), a 150 % y-o-y increase, with 23 proper-ties being traded. Turkey s investment volume ranked in theline with Norway, Finland and Denmark.

Today, Turkey has around 300 shopping centers, located inmore than 48 cities. Istanbul hosts 108 shopping centers,the capital city of Ankara 36 shopping centers. Izmir counts13, Bursa 11 and Antalya 9. Forum Istanbul, opened in2009, is Europe s biggest shopping center with around175,000 sqm GLA. In recent years, the strategic focus fornew retail projects shifted from larger cities to smaller Ana-tolian cities. In 2011, almost 70 % of the retail projects werecompleted in Anatolia. The total shopping retail stock in Tur-key in 2011 reached to approx. 7,5 million sqm GLA.

The Turkish office market activity is mainly focused on Istan-bul where the quality office stock counts approx. 2,9 millionsqm end of 2011. Until 2014, the Istanbul office stock couldincrease by 30 %. Despite this high number of new officespace coming to the market, the vacany rate is expected tostay under 5 % due to the ongoing high office space de-mand of national and international companies operating inTurkey. At the end of 2011, average office rents for class A+office buildings in the central business area around Büyük-dere Cad. from Besiktas to Maslak stood at 36 USD/sqm/month. While class B+ buildings reached 28 USD/sqm/month.

Globally Turkey comes on 7th place in terms of number ofincoming tourists. In 2011, 31 million foreign tourists visitedTurkey. Turkey s tourism potential attracts internationalbrand hotel chains to open 3, 4 and 5 star hotels. HiltonWorldwide Hotels opened 8 new hotels in 2011 and plans toopen 3 more in 2012. In 2011 Turkey s hotel sector

research �• analysis �• consultingBulwienGesa AG

www.bulwiengesa.de www.igd.com.tr 1

amounted to approx. 520 million euros of investment vol-ume. Regarding future hotel development projects, differen-tiation in tourism is extremely important. Besides the sun-sand-sea tourism, there is demand for congress, health,winter, yacht and golf tourism with further options for devel-opments.

Istanbul Valuation and BulwienGesa on high integrityand openness for Real Estate

Istanbul Valuation and BulwienGesa combine the dedicationto comprehensive and sustainable analyses in the real es-tate industry with an in-depth market knowledge of all prop-erty types in various regional submarkets across Europe.Istanbul Valuation executed over 50,000 valuations for thereal estate industry in Turkey. BulwienGesa conducted morethan 5,000 appraisals in over 1,000 cities across Europe.The companies clients include banks, investors, project de-velopers, municipalities.

From 2012 on, Istanbul Valuation and BulwienGesa offerjoint assistance to consult companies with investment inter-ests in Turkey.

Istanbul Valuation goes RIWIS, RIWIS goes Turkey

Istanbul Valuation and BulwienGesa bundle their methodicaland analytical competence in the Research and AnalysisTool RIWIS Turkey. RIWIS is an online Regional PropertyMarket Information System. It provides real estate relevantmarket data necessary to conduct pan-european compari-sions of real estate markets and allows quantitative evalua-tions of regions and cities. Since 1996 RIWIS Germany hasbeen used by banks, investors, project developers and mu-nicipalities to analyse real estate markets in 125 German cit-ies across all property sectors. Since 2004 BulwienGesaprovides real estate market data for more than 70 cities inCentral-, Eastern- and South-Eastern Europe.

From 2012 on RIWIS Europe is being expanded by the ex-pertise and local market knowledge from Istanbul Valuation.RIWIS Turkey will be launched in the 4th quarter 2012 forthe following cities and property sectors in Turkey.

Shopping Mall, City Center Istanbul

Valuation of a Shopping Mall in Istanbul for a commercialloan in 2009 (200 shops, 100.000 sqm GLA)

Hotel Feasibility Study, Istanbul

Highest and best use analysis and feasibility study for hoteland hospitality in 2011 (93.000 sqm GLA, 15.000 sqm plot)

Forecast Shopping Center stock Istanbul and Turkeyuntil 2013 (million sqm GLA)

Istanbul s logistic areas

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COMPETENCE: RIWIS GOES TURKEY AUGUST 2012

TurkeyIstanbulAnkaraIzmirAntalyaKocaeli IzmitMuglaTekirdag

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74,724,26913,624,000

4,890,0003,965,0002,043,0001,601,000

838,000829,000

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Market figures, existingproperty and pipeline

data, investment deals

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TurkeyIstanbul

www.bulwiengesa.de www.igd.com.tr

RIWIS Turkey & RIWIS Europe

Property market relevant online database, with the followingcontent (the scope of data available differs according to re-spective groups of countries):

Property market relevant official statistics in time series

Property market relevant key data: rents, yields, comple-tions, vacancy et al.

Property-specific information on investor, location, pro-ject status, vacancy, type of use et al. (existing/pipeline)

City profiles: geographical location, transportation ac-cess, cityscape, population development, economy, re-tail/office/industrial market

Tenant lists and maps with the most relevant shoppingcentres

Types of property: office, retail, industrial/logistics

Joint Consultancy Services for Turkey

Individual market and location analysesProperty valuations Portfolio analysesFeasibility studies & concepts for use and developmentForecasts, scoring and rating systemsDue diligence and legal servicesMarket research & market reports

Company Profile Istanbul Valuation, Turkey

Istanbul Valuation was established in 2005, to provide realestate valuation and real estate consultancy services. Istan-bul Valuation is a 'Board Listed' valuation company by Capi-tal Markets Board of Turkey and Banking Regulation andSupervising Agency. Istanbul Valuation provides valuation,consulting, market research, feasibility study, tourism andhotel consultancy, highest and best use analysis, machineryvaluation services, with its licensed valuers as well as astrong set of consultants comprising academics providingscientific support. Istanbul Valuation has a creative teamconsisting of accountants, urban planners, civil engineers,map engineers, geologists, and geophysicists. More than100 experienced valuers in 81 provinces throughout Turkey.

Company Profile BulwienGesa, Germany

BulwienGesa, was founded in 1983. With currently morethan 70 members of staff, BulwienGesa is one of the biggestindependent market analysis and consultancy companies inGermany. Today, the company covers the German, Austrianand Central-, Eastern- and Southeastern-European mar-kets. Services include real estate market analysis, consul-tancy of local communities and regional economics. Themarket profile is focused on retail, office, residential and in-dustrial real estate markets. Furthermore, a comprehensivecompetence within the hotel and leisure related sub-marketsand a broad experience concerning special purpose proper-ties (nursing homes, airports, etc.) complete the range ofskills.

Our European Network Partners

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AUGUST 2012COMPETENCE: RIWIS GOES TURKEY


RIWIS goes Europe

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AUGUST 2012COMPETENCE: RIWIS GOES TURKEY

Property MarketDataMarket

ReportSta-

tisticalData

Property-Specific

Data

CityPro-file

Office Re-tail

Log-istics

Austria*ViennaGrazLinz

Balticum

SalzburgInnsbruck

Riga

Bulgaria

TallinVilnius

BurgasDobrichPlevenPlovdivRuseShumenSlivenSofiaStara Zagora

CroatiaVarna

OsijekRijeka

Czech Republic

SplitZadarZagreb

BrnoCeske BudejoviceLiberecOlomouc

Hungary

OstravaPlzenPrague

BudapestDebrecenGyörMiskolc

Poland

PecsSzeged

BialystokBydgoszczKatowiceKrakowLodzLublin

Property MarketDataMarket

ReportSta-

tisticalData

Property-Specific

Data

CityPro-file

Office Re-tail

Log-istics

Poland �… continuedPoznanSzczecin

Romania

TricityWarsawWroclaw

AradBacauBaia MareBotosaniBrailaBrasovBucharestBuzauCluj-NapocaConstantaCraiovaDrobeta Turnu-SeverinFocsaniGalatiIasiOradeaPiatra NeamtPitestiPloiestiRamnicu ValceaSatu MareSibiuSuceavaTimisoara

Russia**Targu Mures

MoscowSt. Petersburg

Serbia**

SloveniaBeograd

LjubljanaSlovakia

Turkey*

BratislavaKosice

Ukraine**

IstanbulAnkara Izmir

Kievforthcoming *2012 **2013

Your Contact Person for Germeny, CEE-SEE:

BulwienGesa AGNymphenburger Straße 5, 80335 Munich, DeutschlandPhone +49-89-23 23 76 0, Fax +49-89-23 23 76 76www.riwis.eu, [email protected]

Thomas Voßkamp (Member of the Board)[email protected]

Joanna Pena (Project Manager)[email protected]

Your Contact Person for Turkey:

Istanbul Real Estate Valuation & Consultancy Inc.Cumhuriyet Cad. Pak Apt. No. 30/1, Elmada -Taksim,stanbul, Turkey, Phone +90-212-232 93 13www.riwis.com.tr, www.igd.com.tr

Celal Erdogdu MRICS (Senior Valuer & Director)[email protected]

Ahmet Buyukduman (Senior Valuer & Director)[email protected]
