Europhypo gets swift returns from Turkish real estate
German investment bank Europhypo has said that it is earning money from Turkish real estate at around 6 times the rate it would in Spain.
The bank has been financing real estate in the country for just a year but has already amassed Ôé¼564 million (~£376 million) in earnings.
Hartwig Glatzki of Eurohypo said: "In only one year in Turkey we have attained the same volume of revenues that we obtained in Spain a six year period.
"Two years ago, we conducted a detailed study before we entered the Turkish market. Once we came and saw a contemporary and agreeable Turkey, we were astounded."
The bank expects their strong returns on the market to continue in the near future, expecting to earn Ôé¼3 billion (~£2 billion) in the next five years, the Turkish Daily News reports.
Mr Glatzki also extolled the potential gains in the real estate sector in general, claiming that it is a market with increasing prominence.
Peter Knopp, head of debt capital markets at Eurohypo, said: "The size of the world's real estate sector reached Ôé¼600 billion [~£400 billion] last year and the market grew three-fold in the past three years."
The Turkish Daily News reports that he also expected this growth to continue throughout Europe and Turkey.
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