The combined revenues of shopping malls in Turkey were 110 billion Turkish liras ($27.8 billion) in 2017, shopping Centers and Investors Association (AYD) Chairman Hulusi Belgü said Friday, adding that turnover continues to rise considerably above the inflation rate.

The "AVM Endeksi" report, which was jointly prepared by the AYD and Akademetre Research, was presented at the meeting attended by Belgü, Penti Chairman Samir Kariyo, Watsons Turkey General Manager Mete Yurdaş and Akademetre Research Chairman Halil Ibrahim.

Belgü said that they are aiming for TL 125 billion in 2018 and TL 200 billion in 2023.

Malls represent TL 58 billion worth of investment and 520,000 qualified employment opportunities at this point, Belgü said. Of the 397 malls in Turkey at the moment, 82 were financed by foreign investors, Belgü said, adding that out of the available 12 million square meters, 3.3 million square meters belongs to foreign investors.