LMG Global DWC CEO Gökhan İlgar, the Turkey-based partner of the Investment Congress, which is organized under the auspices of United Arab Emirates Vice President and Prime Minister Mohammed bin Rashid Al Maktoum, said: "Gulf capital turns its head to political stability in Turkey. We are currently in a very stationary period. They have locked on to the Nov. 1 elections." İlgar said Gulf capital's interest in the Turkish real estate sector reduced following the elections. "As the post-election period coincided with the summer months and Ramadan, we went into a stable period, and the new election decision also triggered this. Even individual investments decreased," he said.
Underlining that Turkish real estate professionals do not clearly express themselves, İlgar said European countries are more professional at attracting real estate investments. Comparing the activities of the European and Turkish real estate stakeholders in the Gulf region, İlgar added: "We are not in the same group with certain countries like the U.K., Spain and France. Last year, Qatar invested $33 billion into the British real estate sector. Turkey did not even manage to receive $5 billion; just think about that. I call on real estate developers to collaborate with us." İlgar said the Nov. 1 elections are a very important event for the Turkish real estate sector, as it will affect whether the sector will continue to be Turkey's leading sector in the short and medium terms. "During this period, many companies might undergo difficult times. Those who do business with loans may find themselves experiencing difficulty. If we re-gain political sustainability after the elections, we can attract foreign investors," he said.
LMG Global has branches in London, Doha, Istanbul and Jeddah, and they manage these offices from their headquarters in Dubai. İlgar also offered some professional marketing recommendations to Turkish contractors. "The Gulf region is a very big market, especially Qatar and Saudi Arabia. We want to develop our investor portfolio and collaborate with interested developers. We should bring Gulf capital to Turkey to benefit the real estate sector. It is possible to do it if we comply with professional business principles," İlgar concluded.