Zirve Eki - ISTANBUL REstate

say, I don't know if you want to say something.
Burhanettin Yurtseven: I am fine. Okay. I just said we
achieved to get a blank check from a bank.
Andreas Schiller: Okay, so, maybe no more blank checks but
it is interesting what you are saying Nuri that there are some
legislation problems, which is of course important for investors
and also for financing banks. So, well, as a German guy, and as
a foreigner, it is difficult to ask this question but let me put it
politely. Do you see some room for improvement in this, in Turkey?
Nuri fiapkac›: From a legislation perspective of course we are
working on it. Maybe we are pushing the government side to
catch this. Actually there are improper solutions because under
the current law the housing, real estate and commercial real
estate is treated under the same caption. This is impossible. And
this one of the reasons why investors are very anxious to get into
Turkey at the moment and they are really watching and holding
their projects whether to get in or not. Of course we, as Turkish
people will always find a way somehow. We will push it and find
a way together because we are practical and solution oriented.
But I still mean these restrictions put some kind of obstacles in
front of us. But on the other side as a good news, setting the
rates six months ago, there was a new regulation about establishing
a rate and some improvements are actually realized in that
perspective. And now setting the rate is much easier and from
real estate perspective and the IPO is more easy at the moment
for you know shopping center investor, real estate investors and
so on.
Andreas Schiller: Okay, any comments to this, Sylvio?
Sylvio de Michielli: I think that as the Greeks say that I am not
Turkish but the perception from the other countries is of course
for sure, not that Turkey is a very very promising market. As you
can see in few years, I came here quite often, not for my job but
just for pleasure and was really surprising year by year to see
something completely different. On the other hand, we are doing
our activities not only obviously in for the clients in Turkey but
one of our aim is also to try to have a cross sale clients that we
have in the other countries. They are interested but one of the
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Gayrimenkul Zirvesi 10
16-17 Haziran 2010
questions that they always ask is "okay we will do it but we would
like to share the risk with somebody, who is in this country knows
the rules, knows everything? Because if they are with me, I feel
more comfortable." So this is my, let's say, small message. If we
share something this will be much more easier. Otherwise this
should be seen with a little bit of suspicion. So we have to get
into work, this is our aim to go against these suspicions. Thank
you.
Nuri fiapkac›: I want to add a couple of words on it. Actually
you are completely right because before the crisis we were just
hearing the names of the investors and seeing the top management
in certain conferences and so on. After the crisis, all the top
management of the investors became best friend of each other.
Yes, I agree. Maybe we have done wrong in the past but I have
to say that one of the alternative financing is the old financing,
being a partner on certain projects naturally. This is very important
and sharing the risk accordingly. I completely agree with him.
Burhanettin Yurtseven: Turkey is at the end of the day an
emerging market and I think especially during the crisis the foreign
investors are more focused on their home markets and I think
now after the crisis as well. I think the crisis will be over in a couple
of months hopefully. And then the foreign investors will come
again into the market because their home markets are not that
attractive anymore. So then the main achievement and the main
goal should be to keep those investors in Turkey for a longer
period. We all have to play together and again I am always saying
the same thing that we need to have a transparent market. We
have to be honest to foreign investors and also to each other and
then I am sure foreign investors will stay for a longer period just
for a deal or half of a deal.
Güniz Çelen: Burhanettin has said something that is key,
"transparency". If we are talking about financing and partnering
than you have to be transparent. Everything has to be on paper.
This is something that we have great problem with. In financing
process, when we do valuations, it is very difficult to get the
information. We have a very few companies but unfortunately
that are audited, the financial sectors are audited. It is very surprising