James Whitmee

I am in Ankara looking at the real estate markets here. In terms of finished product it is sophisticated. Apartments and offices are generally good quality. The retail sector stands out as being very advanced. I visited the Panora shopping mall (see photo below) and it is very well filled with international retailers including Marks & Spencer, Gap and Ralph Loren (currently fitting out). Office rents are around $21 /sq m /month and 3-4 bed apartments around $2,000-2,500 /month. However, the land market is subject to a lot of speculation and is priced well above its commercial development potential - up to $3,000 /sq m.

                                                              Panora shopping mall at Oran

                                                                            Genklic Park

                                              Citadel - within the walls is a village with narrow streets