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How did the foreign investors challenge the evaluation of Turkey's credit rating by "Moody's"?

: 2016-10-28 Modified date : 2019-03-22

How did the foreign investors challenge the evaluation of Turkey's credit rating by "Moody's"?
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Obviously, foreign investors did not care about "Moody's" downgrade of Turkey about a month ago as they continue to buy properties in Turkey according to the testimonies that come every day from contracture companies and forums.

Nazmi Durbakay?m, the Chairman of (?n?aatç?lar Derne?i) (?NDER) /Contractors’ Union in Istanbul, said in an interview with the official Anadolu Agency: "after a month of "Moody's" downgrade of Turkey, foreign investors continue to buy properties extensively in the country."

Durbakay?m pointed that foreign investors, who are closely familiar with the Turkish economy, give the importance in their investments to the advantages of the internal dynamics of Turkey more than it appears to the institutions that monitor the economic situation of Turkey from outside and provide ideas about it, stressing that foreign investors aim to obtain Turkish citizenship, work permits, and residence permits, as well as their great interest in the real estate sector, which they see as a durable and profitable investment.

The decision did not affect the market of real estate

For his part, Aziz Torun, Chairman of the Board of Directors of Real Estate Investment Partnership Association (GYODER), declared his support to Durbakay?m's point of view stating that the real estate sector was not affected by "Moody's" decision, explaining that the decision did not affect the individual purchases, despite the failed coup attempt, and what the country has experienced after that attempt such as incidents and terrorist acts. Torun also expressed the determination of his Association to provide proposals to attract foreign investors in the housing sector, suggesting organizing exhibitions and identifiable programs outside Turkey to activate this framework.

Torun asked the Turkish government to grant Turkish citizenship to foreign investors; for those whom value of investments in the country exceeds a limit to be set by the government, as the Turkish citizenship is of high importance and that would increase the sales in Turkey.

Gulf investors maintain their investment activity

Altan Almas, Chairman of the Board of Directors of "Fence" Construction, said that tourists and Arab investors, have effectively contributed to reducing the repercussions of the failed coup attempt in Turkey, adding that his company has not experienced any decline in sales for Arab investors, coming from the Arab Gulf states, since the reduction decision by "Moody" of credit rating of Turkey about a month ago.

On his turn, Hamit Demir, the Chairman of the Board of Directors of "Demir" Construction, said that the decision "Moody's" had a slight impact on foreign investments in the country, and he expects a rise in the proportion of sales during the next two months.

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