Foreign investments in shopping centers faded

High The share of foreign capital in shopping center investments, which was reported to have slowed due to investment costs and leasing practices, also declined. Nuri Şapkacı, Chairman of the Board of Directors of the Association of Shopping Centers and Investors (AYD), pointed out that the most important problem in the sector, where foreign retail brands successively exited over a period of time, were the legal problems in en the field of leasing, and stated: “Our sector, which has an investment volume of 50 billion dollars, provides employment to 2.1 million people. Recently, our foreign investment rate has decreased from 30 percent to 18 percent in the total portfolio. This is the proportion of foreign investors after rentals were converted from foreign currency to TL in 2018. “It dropped to $8 billion out of a total of $50 billion,” he said.

LEGAL REGULATION IS A REQUIREMENT

In his speech at the AYD Business Economy Summit, which was held for the 14th time this year, Şapkacı noted that it was seen that it was necessary to make new investments in the sector and that it was of great importance to comply with international norms and standards. , and he continued as follows: “We believe that our country has great potential for the commercial real estate sector and with freedom of contract. We believe that investments will increase. I believe that if we bring and implement international standards in Turkey, we will attract significant investments to Turkey. In periods when inflation is high, investors find it difficult to make decisions. Inflation lowered its head. “After it gradually declines, there is no reason not to invest in Turkey.” Yurdaer Kahraman, CEO and board member of FİBA CB, also stated that one of the most important issues is foreign investment, saying: “We need to maintain foreign investment in Turkey.”

AYD President Nuri Şapkacı

103 percent increase in billing:

AYD President Nuri Şapkacı, giving information about the sector in his speech, said: “Our shopping centers managed to overcome the difficulties of the pandemic period and, although there was a slight downward trend in November, they achieved an increase of 103 percent. percent in turnover at the end of the third quarter of 2023 compared to the previous year. “While our visitor numbers are up 12 percent compared to last year, there are also significant increases in sales in terms of units,” he said.