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Turkey : Approaching foggy climate - Q4 2013

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A research produced by DTZ

Turkey : Approaching foggy climate - Q4 2013

Turkey’s economy grew 4% in the first 9 months of the year compared to same period of the last year. The Ministry of Economy estimates the GDP growth rate as 3.6% by the end of the year. By the end of December, the inflation rate was 7.4% and inflation reached 7.8% which was above the expectations. According to the CBRT, the inflation rate will be quite over 5% in the short term. Policy rate has been 4.5% for last 8 months. However, after the recent trends in exchange rates it is expected that CBRT will increase the policy and related interest rates.

In the 4th Quarter of 2013, office supply increased in Maslak, Şişli-Zincirlikuyu on the European Side and Ümraniye on the Asian Side generating around 1.6 million sq m and 860,000 sq m office space, respectively. In the next quarter, four new office projects (two in Maslak, one in Kozyatağı and Ümraniye) with total 150,000 sq m GLA will be added to the existing office supply.

Since October and December hosted special days including a week long Kurban Bayramı and New Year, shopping centers visitors increased considerably. According to the AYD (Council of Shopping Centers Turkey), the visitor and the turnover indexes did not show the expected leap and they were recorded as 111 and 174, respectively in December. Household consumptions are expected to decrease due to likely negative effects of the recent trends in the interest rates. The shopping center supply reached to 8.94 million sq m jumping from 8.73 million sq m with the opening of five shopping centers. District shopping centres which are located in suburban area consisted of the majority of shopping centres opened in 2012 and 2013.

Source : DTZ (Groupe UGL)

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Keywords : DTZ