Legal Business

Sponsored briefing: Formation of contracts by electronic means in Turkey

The rapid development of industrialisation and globalisation has resulted in the rise of the computer age. With the recent advancement in the areas of computer technology, telecommunications and information technology, living and business styles of people have been significantly changed.

Electronic commerce is one of the products of this change that has a major economic significance in today’s world. Electronic commerce provides the flexibility in terms of place and time. As a result, business relationships are not restricted with the limits of geography and time anymore.

Legal Business

Sponsored briefing: Acquisition of properties in Turkey by foreign-capitalised companies

Starting from the early 2000s, Turkey became increasingly popular in the eyes of foreign investors. By increasing their market share every following year, the real estate investments reached a significant level as a result of such foreign investments, which include different types of investments and investors. Direct investment by acquisition of a property following the incorporation of a company in Turkey; indirect investment by acquisition of shares of a company, which already own a property; or investment by forming of a joint venture with a Turkish company may be regarded as examples of foreign investments in the Turkish real estate market. Similarly, the countries of origin of the investors also diversified throughout the time. Today, in addition to the US and Europe, Turkey welcomes numerous investments from the Gulf Region countries and Far East countries as well.

The main group of investors in the Turkish real estate market include foreign real estate funds/companies; project development companies; investment companies as well as foreign persons who wish to acquire a property in Turkey either for personal use or to obtain Turkish citizenship. The investments may focus on shopping malls, office buildings, residences, or involve construction of hotel projects, entering into partnerships with the owners of completed projects or acquisition of all shares of the same, etc. Furthermore, the investors also prefer to be a part of revenue-sharing agreements or become a partner of the government in construct-operate-transfer1 projects or public private partnership (PPP)2 projects.