LEADER IN THREE CATEGORIES
Istanbul earned the highest points in the "current investments", "new investments" and "development" category. In the current investments category, Istanbul received 3.83 points out of five, in the new investments category, Istanbul received 3.82 points and in the development category 4.03 points. The cities that followed Istanbul were in subsequent order; Munich, Warsaw, Berlin and Stockholm. While Paris took the sixth spot on the list, London came in tenth and Madrid dropped all the way to 21st. Athens, considered the European capital of the economic crisis, anchored in last place with a 1.6 point average.
RECIPROCITY WILL ONLY MAKE THE STAR SHINE BRIGHTER
In the report, Istanbul stood out for its strongest assets, described as being the increase in consumer spending and the investments made by large global firms. While 69% of the 600 company administrators questioned had positive projections, they also expressed that profitability is on the rise. With the reciprocity law anticipated to eradicate obstacles to foreigners buying property, Istanbul's star is set to shine even brighter in Europe.
HEARING SOUNDS OF GROWTH, AMPLIFON COMES TO TURKEY
One global giant that heard wind of the fast growth in Turkey's economy, entered the country with a purchase. One of the world's largest hearing aid companies Italy's Amplifon, has purchased the Istanbul based Maxtone. With 3,000 stores in 19 countries and ten thousand employees, Amplifon CEO Franco Moscetti states that Turkey has drawn global attention due to its fast growth and strong infrastructure and therefore they entered the country with an acquisition. Noting that the hearing aid market in Turkey has seem growth multiplied by four when considering they went from 25,000 items sold in 2002 to 100,000 in 2010, Moscetti states that by purchasing 51% of Maxtone they have now become the majority owners.
100 STORES TO BE OPENED
Founded in 2007 Maxtone opened their first store in Istanbul in 2009, according to founder and CEO Ersin Oray, within a two-year period they reached a total of eight stores in Ankara and Izmir and in the upcoming days branches in Bursa and Adana will be going into operation. Mentioning that the fact that the Maxtone-Amplifon collaboration is transpiring with an Italian company is incredibly significant, Oray states, "In the medium term, the number of branches will increase to 100. In a meeting held with Italian company administrators, we made plans to realize a number of acquisitions."
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