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ARTICLE · 30 JANUARY 2015

Commercial Leases In Turkey

Kolcuoglu Demirkan Koçakli
Kolcuoglu Demirkan Koçakli
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Kolcuoglu Demirkan Koçakli

Kolcuoglu Demirkan Koçakli

The Firm Kolcuoğlu Demirkan Koçaklı (KDK) is an independent Turkish law firm advising domestic and...

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Over the last decade, commercial real property investments have significantly developed in Turkey.

TurkeyReal Estate and Construction
Alp Erçetin
Alp Erçetin
Melis Özenbaş
Melis Özenbaş
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Over the last decade, commercial real property investments have significantly developed in Turkey. 299 shopping centers are operational in Turkey,1 with a total gross leasable area of 8.2 million m2 and 82 new shopping centers are expected to be opened. Istanbul's office market has grown by 128% through 2003 to 2013 and reached 3.4 million m2 and there is still a gap between supply and demand. These developments in the real estate sector make Turkey a tempting alternative for both local and foreign investors/developers.

The developing economy and rapid increase in commercial leases (e.g. office, store, hotel and private hospital etc. leases) has led to an increase in real estate prices. The significant increase in real estate prices and construction costs inevitably compels investors to borrow loans from financial institutions, to acquire and develop real properties.

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