$1.5 Billion to be Invested in Turkey Malls

A reputable real estate company in Germany, Prime Development, reported on Tuesday that it was planning to invest an incredible $1.5 billion in building shopping malls in Turkey. The first slate of investments totaling a net value of $350 million would be invested in the southern cities of Antakya and Iskenderun and would be completed within the year the company stated.

In recent years, there have been shopping malls sprouting all over Turkey at an alarming pace, thanks to foreign money by Turkey’s large, young and increasingly prosperous population of over 70 million inhabitants. Savilis, a global property services provider recently stated that while Turkey was not immune to economic strain as evident in other parts of Europe, the country continued to attract international retailers and investors looking to gain a strong hold in the Eastern European/central Asian market and region.

Fashion marquees such as Tommy Hilfiger, C & A, Accesorize, Zara, Mango and GAP have now made their presence in Turkish malls with new retailers such as Best Buy and French DIY retailer Leroy Merlin who having plans to open their first mall stores in Turkey very soon.