Hürriyet:

International Realty Plus real estate franchising and Turkey’s Liman Holding launched IRP Turkey, their joint venture, in Istanbul yesterday.

International Realty Plus currently operates in six countries. In the United States its annual turnover totalled $50 million last year.

Hüseyin Altaş, chief executive of IRP Turkey, said Liman Holding decided to import IRP franchising brand to Turkey in order to make use of existing opportunities in Turkey’s growing real estate market. “At present, 95 percent of real estate transactions take place through individual real estate agencies that do no work under any franchising brand. Also the low mortgage to gross national product ratio shows the potential in Turkey,” Altaş said.

Mortgage to gross national product ratio in Turkey stands at 3.3 percent, whilst the European Union average was 41 percent. In Greece, the corresponding figure was 17 percent and in Italy 12 percent.

IRP Turkey will largely focus on marketing its activities for international investors, Altaş said. Read more.

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