strategy dergisi / ocak-mart 2015 sayı 5

OCAK-MART / JANUARY-MARCH 2015 SAYI / ISSUE: 05

POTANSYELN FARKINDA MISINIZ?

ARE YOU AWARE OF THE POTENTIAL?

CM

Y

CM

MY

CY

CMY

K

PRIMECLASS LOUNGE CARD_20x27-Strategy.pdf 1 11/4/14 10:03 AM

STRATEGY 01

BALARKEN / FRONT MATTER

Merhaba,

Strategy Dergisinin beinci says ile birlikte 2015 ylna merhaba diyoruz ve hepinize salk, mutluluk dolu bir yl diliyoruz. Bu yepyeni yln ilk saysnda yine sektrel gelimelere k tutacak bir ierikle karnzdayz.

Hepimizin ok yakndan takip ettii gibi Ekonomi Bakan-l ve Trkiye hracatlar Meclisi (TM) koordinasyonun-da Trkiye Markas almalar tamamland. Discover the Potential slogan ve Trkiyeyi anlatan 8 ayr motiften oluan logosuyla yaratlan Trkiye Markas, bu saymzn kapak konusu oldu. Trkiyenin kendini dnyaya yeniden anlatt bu projenin detaylarna yer verdiimiz alma-mzda Trkiyenin marka deerine dair de birok bilgi bulabilirsiniz.

Dergimizin bu saysnda analiz blmnde ise, yabanc lke vatandalarnn Trkiyede gayrimenkule olan ilgisini aratrdk. 2012 ylnda yaplan yasal dzenleme ve 2013 ylnda Trkiyede gayrimenkul sahibi olan yabanclara 1 yl sreyle oturma izni verilmesiyle birlikte ivme kazanan yabanclara konut sat, bugn, sz konusu sektre nemli lde hareket getirdi.

Kresel snmann etkilerinin gitgide daha fazla hissedil-dii dnyamzda yeni, yerli ve yenilenebilir kaynaklara ynelmek zorunluluu her geen gn artyor. Bu saymz-da en nemli yenilebilir enerji kaynaklar olan rzgr ve gnein Trkiyedeki geliimini anlatan bir alma yaptk.

stanbulun marka binalar yaz dizisinde bu saymzda Tekfen Towera yer verdik. Lezzet blmnde ise, sizi 23 bin metrekarelik bir mutfakta birbirinden gzel lezzetler hazrlayan Cakes&Bakes markas ile tantryoruz. Yerli-yabanc birok irketle alan Cakes&Bakesin retim efi Ertan Korkmaz ile gerekletirdiimiz keyifli rportajda pastacln inceliklerini kefedebilirsiniz.

Her saysnda daha deiik yerlere deindiimiz dergimiz-de bu sayda, sizi Makedonyann bakenti skp ve Eski stanbulu zleyenler iin Kuzguncukta keyifli bir geziye kardk. Dolu dolu bir ierikle hazrladmz Strategy Dergisinin bu saysn da keyifle okumanz diliyoruz.

Sayglarmla,

H. Deniz Bilecik Genel Yayn Ynetmeni

Hello,

We say Hi to the year 2015 with the fifth issue of Strategy Magazine and we wish you a healthy and happy year. In this first issue of the new year, we are back with contents to cast light upon the sectoral developments.

As we all follow closely, the studies for Turkey Brand were completed under the coordination of the Ministry of Economy and Turkish Exporters Assembly (TIM). The Brand with the motto Discover the Potential and the logo consisting of 8 distinct motifs representing Turkey is the cover story of this issue. In our study dealing with this project which aims to retell the world about Turkey, you can also find much information on the brand value of Turkey.

In the analysis section of this issue, we studied the interest of foreign nationals in the real estate in Turkey. The sale of housing to foreign nationals, which accelerated with the legal arrangements in 2012 and the opportunity for the foreign nationals owning real estate in Turkey to receive a residence permit for 1 year, brought heat to the sector in question.

The necessity to find new, domestic and renewable sources gets higher each day in todays world where the effects of the global warming are felt more and more. In this issue, we also studied the development of two of the most important sources of renewable energy, wind and solar energy in Turkey.

In the article series about the brand buildings of stanbul, we introduce you Tekfen Tower. In the cuisine section, we introduce you Cakes&Bakes, which prepares wonderful tastes in a kitchen of 23,000 square meters. In the cheerful interview with Ertan Korkmaz, the production chief of Cakes&Bakes, which work with many domestic and foreign companies, you will discover some fine details on pastry.

This issue of our magazine, which takes you to different destinations each time, takes you to a nice trip in Skopje, the capital of Macedonia, and in Kuzguncuk for those who miss the Old stanbul. We hope that you enjoy the current issue of Strategy Magazine prepared with carefully selected relevant content as usual.

Regards,

H. Deniz Bilecik Editor in Chief

02

NDEKLER / CONTENTS

OCAK-MART / JANUARY- MARCH 2015

GRNMVIEW04 UAK TRAFIINDE BYK ARTI AIR TRAFFIC SCALES UP MASSIVELY

05 TATLIDIL FORUMU'NDA KRESEL MESELELER KONUULDU GLOBAL ISSUES WERE ADDRESSED IN THE TATLIDIL FORUM

06 AKFEN HOLDING'DEN 9 AYDA 18 MILYON TL NET KR AKFEN HOLDING DECLARED NET PROFITS WORTH TRY 18 MILLION IN 9 MONTHS

07 AKFEN GYO FAALIYET RAPORU'NA ALTIN GALAXY DL GOLDEN GALAXY AWARD FOR AKFEN REIT ACTIVITY REPORT

08 AKFEN HOLDING CEO'SU SHA GSAV'A SINGAPUR'DAN NEMLI GREV

SHA GSAV, THE CEO AT AKFEN HOLDING, ASSUMED AN IMPORTANT TASK FROM SINGAPORE

09 MALZEME IHRACATI ARTTI, ITHALATI AZALDI

MATERIALS EXPORT INCREASED WHEREAS MATERIALS IMPORT DECREASED

10 IBIS OTEL ESENBOA AILDI IBIS HOTEL ESENBOA OPENED

08

POTANSIYELIN FARKINDA MISINIZ?

ARE YOU AWARE OF THE POTENTIAL?

Having set out with a strong and assertive 2023 vision, Turkey invites its own people to become aware of their potential while putting forward a new offer

for the world with its brand country concept of "Discover the Potential". This project reminds the world how valuable achieving together is, aiming at telling

the whole world not only about Turkey, but also the story of the civilization from which it originated.

Gl ve iddial 2023 hedefleri ile yola kan Trkiye, marka lke konsepti "Discover the Potential" ile dnyaya yeni bir teklifte bulunurken kendi insanna da potansiyelinin farkna varmas iin ar yapyor. Dnyaya sadece Trkiye'yi deil ait olduu medeniyetin hikyesini anlatmay hedefleyen bu proje, dnyaya birlikte

kazanmann ne kadar deerli olduunu bir kez daha hatrlatyor.

32 KAPAK / COVER

STRATEGY 03

1212 2015 IIN TABLO TRKIYE LEHINE DNEBILIRGENERAL PERSPECTIVE FOR 2015MAY BE ADVANTAGEOUS FOR TURKEY

20YABANCILAR GAYRIMENKUL SEVDIFOREIGNERS SMITTEN WITH REAL ESTATE

28HEM MODERN HEM AKILLI HEM DE SOSYAL BIR KULE: TEKFEN TOWERA MODERN, SMART AND SOCIAL TOWER: TEKFEN TOWER

422015 ENERJIDE RZGARIN VE GNEIN YILI OLACAK2015 WILL BE THE YEAR OF WIND AND SUN IN ENERGY INDUSTRY

44SALIKTA DNMN ADI: EHIR HASTANELERISYMBOLS OF HEALTHCARE TRANSFORMATION: CITY HOSPITALS

50INAAT MALZEMELERI SEKTR IKINCI YARIDA HIZLANDICONSTRUCTION MATERIALS INDUSTRY GAINED PACE IN THE SECOND HALF OF THE YEAR

56HAVALIMANLARINDA 81 YILLIK BIR MARKA: HAVAHAVA: AN 81-YEAR-OLD BRAND AT AIRPORTS

KEIF/EHIREXPLORE/CITY16BALKANLARIN KAYIP EHRI SKPTHE LOST CITY OF THE BALKANS SKOPJE

65SON ISTANBUL: KUZGUNCUKEski Istanbul'u zleyenler, nerede o eski Istanbul diyenlerdensiniz Kuzguncuk tam size gre. Ne bir abart var ne bir eksiklik. Her ey eskisi gibi.

THE LAST ISTANBUL: KUZGUNCUKIf you have a longing for the old atmosphere of Istanbul, Kuzguncuk is perfect for you. There is no exaggeration or deficiency. Everything is the way it used to be.

44

50

65

56

LEZZETGOURMET53"BENIM IIN MUTFAK BIR SANAT EVI; AILAR, SANATILAR; RETTIKLERIMIZ DE SANAT ESERLERI""FOR ME, THE KITCHEN IS AN ART STUDIO, AND THE CHEFS ARE ALL ARTISTS PRODUCING WORKS OF ART"

Akfen Holding A.. Adna mtiyaz Sahibi / Publisher

H. Deniz Bilecik

Genel Yayn Ynetmeni ve Sorumlu Yaz leri Mdr

Editor in Chief H. Deniz Bilecik

Yayn Kurulu / Publication Boardener Aslbay Emrah Akaln

Yayn Ad / Name of PublicationStrategy

Yayn Tr / Type of PublicationYerel Sreli / 3 Ayda Bir

Trke-ngilizceQuarterly, Periodical, Local,

Turkish-English

Ynetim Yeri / Head OfficeAkfen Holding

Levent Loft, Bykdere Cad. No: 201 >K: 11 34394 Levent/stanbul/Trkiye

Kollektif Yaynclk Reklam Tasarm ve erik Hizm. A..

Mat-Set Plaza, Yeilce Mah. Emektar Sok No: 5 Kat: 4

Kathane / STANBULTel: +90 212 912 11 22

Faks:+90 212 324 02 07

Direktr / DirectorEmin Grgn

Yaynlar KoordinatrPublications Coordinator

Aynur enol Altun

Ekonomi Yaynlar Ynetici EditrManaging Editor of Economic Publications

Nesrin Koaslan

Ekonomi Editrleri Economy Editors

Cenk Sarolu Erkan Yavuz

Proje Sorumlusu Project ResponsibleSimgenur Gdeberk

Art Direktr / Art DirectorAhmet elikSertan Vural

Grafik Tasarm / Graphic DesignerSeval Yarar

Fotoraf Editr / Photo Editoreref Ylmaz

Bask / Printing Bilnet Matbaaclk Biltur Basm Yay. ve Hiz. A.. Dudullu Organize Sanayi Blgesi 1. Cadde No: 16

Esenkent - mraniye 34476 STANBUL Tel: 444 44 03

Strategy dergisi ile ilgili nerileriniz iin [email protected] adresine mail

gnderebilirsiniz.

Any suggestions about Strategy magazine are welcomed and should be adressed to

[email protected]

Contact / [email protected]

71ETKINLIK RZGRI /A SERIES OF EVENTS

04 OCAK-MART / JANUARY- MARCH 2015

GRNM / VIEW

Devlet Hava Meydanlar letmesi (DHM) Genel Mdrl'nn aklad Eyll ay rakamlar uak

ve yolcu trafiinde istikrarl bir art olduunu gsteriyor.

UAK TRAFIINDE BYK ARTIAIR TRAFFIC SCALES UP MASSIVELY

The figures announced by the General Directorate of State Airports Authority (DHM) for September indicate a steady growth in aircraft and passenger traffic.

General Directorate of State Airports Authority (DHM) announced aircraft and passenger traffic statistics for September. Accordingly, overall domestic aircraft traffic at airports in September increased by 4.9% in comparison to the corresponding month in the previous year and reached 67,579. This figure increased up to 61,614 in international flights, with a 5.3% growth. International and domestic flights together displayed an increase by 5.1% and aircraft traffic reached 129,193.

The number of passengers preferring airway transport broke a record in the relevant period, and airports totally served a number of 16.9 million passengers with a 6.4% growth in comparison to the previous year. The number of domestic passengers grew by 6.6% and scored 7,627,085 within this framework. The number of international passengers, on the other hand, reached 9,208,999 with a 6.2% growth.

Devlet Hava Meydanlar letmesi (DHM) Genel Mdrl, Eyll ayna ait havayolu yolcu ve uak trafii istatistiklerini aklad. Buna gre, Eyll aynda havalimanlarndaki toplam uak trafii, bir nceki yln ayn ayna gre i hatlarda yzde 4,9 artarak 67 bin 579a ulat. D hatlarda bu rakam, yzde 5,3 artla 61 bin 614 buldu. hatlar ve d hatlar toplamnda ise, yzde 5,1 art grld ve uak trafii 129 bin 193 oldu.

Sz konusu dnemde havayolunu tercih eden yolcu saysnda rekor krld ve tm havalimanlarnda geen seneye oranla yzde 6,4lk bir artla toplam 16,9 milyon yolcuya hizmet verildi. Bu kapsam-da i hat yolcu says yzde 6,6 artarak 7 milyon 627 bin 085i buldu. D hat yolcu says ise yzde 6,2 artla 9 milyon 208 bin 999a ulat.

Eyll aynda temelleri at-lan ve toplam 160 milyon dolar yatrm yaplmas planlanan Mersin Liman Genileme Projesinin tantm treni stanbulda yapld. T-rene, Akfen Holding Ynetim Kurulu Bakan Hamdi Akn, PSA Akdeniz Avrupa CEOsu David Yang, Akfen Holding CEOsu Sha Gsav, Mersin Uluslararas Limannn Genel Mdr brahim Hakk Tas ile birlikte PSA, Akfen ve MIPin st dzey yneticileri katld.Mersin Liman Genileme Projesinin tamamlanmasnn ardndan 400 metre uzun-

The introductory ceremony for the Expansion Project of Mersin Port, foundations of which were laid in September, and for which an investment worth $160 million is being planned, took place in Istanbul. The Chairman of Akfen Holding Executive Board Hamdi Akn, the Regional CEO Europe, Mediterra-nean at PSA David Yang, the CEO at Akfen Holding Sha Gsav, General Director of Mersin International Port brahim Hakk Tas and senior executives of PSA, Akfen and MIP attended the cere-mony. The largest container ships around the world with 400 m length and 16 drafts will be able to berth at Mersin International Port when the Mersin Port Expansion Project is completed. The current 2 million TEU capacity of Mersin International Port will reach 2.6 million TEU with the investment planned to be completed in one and a half year.

Mersin Liman Genileme Projesi Tantld Mersin Liman Genileme Projesi'nin tantm treni stanbul'da gerekleti.

Expansion Project of Mersin Port was introducedThe introductory ceremony for the expansion project of Mersin Port was held in Istanbul.

luunda ve 16 drafta sahip dnyann en byk konteyner gemileri Mersin Uluslararas Limanna yanama imkn bulacak. Bir buuk ylda tamamlanmas planlanan yatrmla birlikte Mersin Ulus-lararas Limannn mevcut 2 milyon TEUluk kapasitesi 2,6 milyon TEUya ykselecek.

04

STRATEGY 05

T rkiye ile ngiltere ara-sndaki siyasi, ekonomik ve ktrel ilikilerin gelitirilmesi amacyla 2011 ylnda kurulan Trk-ngiliz Tatldil Forumunun dr-dc toplants bu yl 28-30 Kasm 2014 tarihleri arasnda stanbulda gerekletirildi.

D Ekonomik likiler Ku-rulu (DEK) ngiliz Konseyi ve Akfen Holding Ynetim Kurulu yesi Pelin Aknn organizasyon sorumlusu olduu Trk-ngiliz Tatldil Forumuna, 11. Cumhurba-kan Abdullah Gl, ngiltere Kraliyet Ailesinden Prens Andrew, ngiltere eski D-ileri Bakan Jack Straw ve Kltr Turizm Bakan mer elik bata olmak zere her iki lkenin i, siyaset, akademi, medya ve sanat dnyasn-dan 120den fazla st dzey isim katld. Bununla birlikte Tatldil Forumunun 30 Kasm 2014 tarihinde Le Meridien Hotelde dzenledii galaya yemeine 12. Cumhurbakan Recep Tayyip Erdoan da katlarak bir konuma gerek-letirdi.

ADAMLARI N BREBR GRME FIRSATI YARATILDI Tatldil Forumunda bu yl anayasa, enerji, salk ve blgesel sorunlar gibi konu balklar ele alnd. Chatham House kurallarnn geerli olduu panellerde, bakanlk sistemi, parlementer sistem, skoya referandumu, ID, Irak, Suriye, Libya ve ran, Rusya-Ukrayna atmas, Balkanlar ve Kafkaslar gibi farkl alanlarda konular konuuldu. Buna ek olarak, bu yl Tatldil Forumunda bir ilk gerekletirildi ve i adamlar iin birebir grme frsatlar yaratld.

T he fourth meeting of Turkish-British Tatldil Forum, established in 2011 with a view to deepen economic and cultural relations between Turkey and Britain, was held on November 28-30, 2014 in Istan-bul. More than 120 prominent individuals from the worlds of business, politics, academia, press and art of both countries, mainly the 11th President of Tur-key Abdullah Gl, Prince And-rew of the British Royal Family, former Minister of Foreign Affa-irs of Britain Jack Straw and the Minister of Culture and Tourism of Turkey mer elik, attended the Turkish-British Tatldil Fo-rum; and Pelin Akn, member of

the Foreign Economic Relations Board (DEK) British Business Council and Akfen Holding Executive Board was in charge of the organization. Furthermo-re, the 12th President of Turkey, Recep Tayyip Erdoan attended and gave a speech at the gala dinner organized by the Tatldil Forum on November 30, 2014, at Le Meridien Hotel.

ONE-TO-ONE CONTACT OPPORTUNITIES CREATED FOR BUSINESS PEOPLE

The Tatldil Forum addres-sed topics such as the consti-tution, energy, healthcare, and regional issues this year. Various subjects such as the presidential system, parliamentary system, Scottish referendum, ISIS, Iraq, Syria, Libya and Iran, the Russian-Ukrainian conflict, the Balkans and Caucasus were dis-cussed in the panels moderated according to Chatham House rules. In addition, the Tatldil Forum witnessed to a first in this year, whereby one-to-one contact opportunities created for business people.

TATLIDIL FORUMU'NDA KRESEL MESELELER KONUULDUBu yl drdncs dzenlenen Trk-ngiliz Tatldil Forumu, i, siyaset, akademi, medya ve sanat dnyasndan birok st dzey ismi bir araya getirdi.

GLOBAL ISSUES WERE ADDRESSED IN THE TATLIDL FORUMThe 4th Turkish-British Tatldil Forum gathered together many prominent individuals from the worlds of business, politics, academia, press and art.

Akfen Ynetim Kurulu yesi Pelin Akn, Tatldil Forumu'nda organizasyon sorumlusuydu.

Pelin Akn, member of Akfen Holding Executive Board was in charge of the organisation of the Tatldil Forum.


GRNM / VIEW

Akfen Holding, 2014 ylnn ilk 9 ayna ait olan finansal sonularn aklad. Buna gre, deniz yolu tamacl ve liman iletmecilii, havaliman i-letmecilii, ehir otelcilii, su imtiyazlar, altyap ve enerji gibi sektrlerde yatrmlar bulunan Akfen Holding, bu dnemde 84 milyon TL cirosu olduunu aklad. Net kr 18 milyon TL olan Akfen Holdingin Faiz Amortisman ve Vergi ncesi Kr (FA-VK) 20 milyon TL, FAVK marj ise yzde 24 olarak gerekleti.

Dier yandan, bal ortak-lklar ve zkaynak ynetimiyle konsolide edilen itiraklerin tm dikkate alnarak ba-kldnda Karasular HESte gerekleen hisse satlarna gre dzeltildiinde, Akfen Holdingin cirosu bir nceki yln ayn dnemine gre yzde 23 art ile 921 milyon TL olarak gerekleti. Bununla birlikte FAVK, yzde 24 art ile 316 milyon TLyi; FAVK marj, yzde 34; aktif bykl ise, yzde 8lik art ile 5,9 milyar TLyi buldu. Akfen Holdingin toplam yatrm miktar ise, 238 milyon TLye ulat.

Akfen Holding declared the financial outcome for the first 9 months of 2014. Ac-cordingly, Akfen Holding, which carries out investments in vari-ous industries such as maritime transport and port management, urban hotel management, water privileges, infrastructure and en-ergy, declared a turnover of TRY 84 million in the relevant period. Akfen Holding further declared net profits worth TRY 18 million, earnings before interest, taxes, depreciation and amortization (EBITDA) worth TRY 20 mil-lion, and 24% EBITDA margin.

On the other hand, considering

all subsidiaries and partner-ships consolidated through equity management, and when corrected according to the sale of shares realized at Karasular HPP, Akfen Holdings turnover actu-ally reached TRY 921 million with a 23% increase in comparison to the corresponding period of the previous year. Further, EBITDA reached TRY 316 million with a 24% increase, the EBITDA mar-gin was realized as 34%, and the size of the assets increased up to TRY 5.9 billion, growing by 8%. On the other hand, Akfen Hold-ings total investments reached TRY 238 million.

AKFEN HOLDING'DEN 9 AYDA 18 MILYON TL NET KR Akfen Holding, Ocak-Eyll 2014 dneminde 84 milyon TL

ciro, 18 milyon TL net kr elde etti.

AKFEN HOLDING DECLARED NET PROFITS WORTH TRY 18 MILLION IN 9 MONTHS Akfen Holding recorded a turnover of TRY 84 million and net profits worth TRY 18 million in the period of January-September 2014.

06

17 Milyonu Akn Kii Trkiye'yi

Ziyaret Etti 2014 yl nc

eyreinde, turizm gelirinde yzde 11 orannda

bir art yaand.

More Than 17 Million People Have Visited Turkey In the third quarter of 2014, there has been an 11 % increase in the tourism revenues.

The tourism statistics of the Turkish Statistical Institute (TK) in the third quarter of 2014 have been announced. Accordingly, the tourism rev-enues in Turkey have increased by 11% in the third quarter covering July, August and Sep-tember compared to the same quarter of the previous year and reached to USD 12,854,373,000. Of such revenues, 81.8% were obtained from the foreign tourists and 18.2% from the

vatanda ziyaretilerden elde edildi. Bununla birlikte verilere gre, bu eyrekte yabanclarn ortalama harcamas 712 dolar, yurtdnda ikamet eden vatan-dalarn ortalama harcamas ise, 963 dolar oldu.

Verilere gre, 2014 ylnn nc eyreinde Trkiyeden k yapan ziyareti saysnda, bir nceki yln ayn eyreine gre yzde 6,4 art grld ve 17 milyon 84 bin 13 kii Trkiyeden k yapm oldu.

T rkiye statistik Kurumunun (TK), 2014 yl nc eyrek turizm istatistikleri akland. Buna gre, Trkiyede Tem-muz, Austos ve Eyll aylarn kapsayan nc eyrekte, turizm gelirleri bir nceki yln ayn eyreine gre yzde 11 artt ve 12 milyar 854 milyon 373 bin dolar buldu. Bu gelirin yzde 81,8i yabanc ziyaretilerden, yzde 18,2si ise, yurt dnda ikamet eden

Turkish citizens living abroad. Furthermore, based on such data, average spending of the foreigners has become USD 712 and average spending of the citizens residing abroad has become USD 963.

Based on the data, the number of visitors going abroad from Turkey has increased by 6.4% compared to the same quarter of the previous year and thus 17,084,013 people have gone abroad from Turkey.

STRATEGY 07

E nerji ve Tabii Kaynaklar Bakanl ile Uluslararas Enerji Ajansnn (IEA) Yenilenebilir Enerjide Avrupa Yatrm Maliyetleri listesinden derlenen bilgiye gre, Trkiye, yenilenebilir enerjide 5.5 milyar dolarlk yatrm devreye sokarak, 2014 ylnn ilk 9 aynda yeil enerjide kurulu gcn 27 bin 585 megavata kard. Bununla birlikte, Trkiyede 4 milyar dolarlk yatrm ile Hidro Elektrik Santraller en ok yatrm yaplan alan oldu. Bu alandaki almalarla 2014 ylnn ilk 9 aynda Trkiyede 1.165 megavat kapasite artrm saland.

A ccording to the information collected from the List of Renewable Energy Invest-ment Costs in Europe published by the International Energy Agency (IEA) and the Ministry of Energy and Natural Resources, Turkey put into operation a total investment worth $5.5 billion and increased its installed capac-ity to 27,585 MW throughout the first 9 months of 2014. Further, Hydroelectricity Power Plants constituted the area that received the highest amount of investment in Turkey, with a total investment worth $4 billion. A capacity in-crease of 1,165 MW was ensured in Turkey thanks to the activities carried out in this area during the first 9 months of 2014.

ENERJI SEKTRNDE EN BYK YATIRIM HES'TEHPP INVESTMENTS CONSTITUTE THE BIGGEST

INVESTMENT IN THE ENERGY INDUSTRY

Iletiim alannn mkemmellik standartlarn belirlemek amacyla alan MerComm, Galaxy dlleri 2014n kazanan irketlerini aklad. Bu yl 25.si dzenlenen etkinlikte, Akfen GYOnun 2013 yl Faaliyet Raporu, 22 lkeden 600n stnde bavuru arasndan baaryla karak Gayrimenkul Yatrm Ortakl kategorisinde Altn dle layk grld.

"Trkiye'nin En Iyi Otel Gelitiricisi" Akfen GYO Akfen GYO, Euromoney Gayrimenkul dlleri 2014'te, bundan nceki ylda da olduu gibi yine "Trkiye'nin En iyi Otel Gelitiricisi" seildi.

Akfen REIT: "Best Hotel Developer in Turkey" AKFEN REIT has been selected as the "Best Hotel Developer in Turkey" at the Euromoney Real Estate Awards 2014, for the fourth year running.

R esults of the 10th Euromoney Real Estate Awards organized by Euromoney Magazine has been announced. Accordingly, Akfen REIT was selected as the Best Hotel Developer in Turkey for the fourth time in a row. Akfen REIT, the only real estate investment trust that focuses on urban hotel management in Turkey, was also awarded this prize in 2011, 2012, and 2013.

Euromoney Dergisinin bu yl 10. kez dzenledii Euromoney Gayrimenkul dllerinin sonular akland. Buna gre, Akfen GYO, st ste drdnc defa Trkiyenin En yi Otel Gelitiricisi olmaya layk grld. Trkiyede ehir otelcilii konseptine odaklanan tek gayrimenkul yatrm ortakl olan Akfen GYO, 2011, 2012 ve 2013 yllarnda da bu dl almt.

M erComm, which car-ries out activities to set perfection standards for communication, an-nounced award-winning companies of the Galaxy Awards 2014. 2013 Activity Report of Akfen REIT shone out from among more than 600 applications from 22 countries and was awarded the 25th Golden Award in the category of Real Estate In-vestment Trust in the event.

AKFEN GYO FAALIYET RAPORU'NA ALTIN GALAXY DL

GOLDEN GALAXY AWARD FOR AKFEN REIT ACTIVITY REPORT


GRNM / VIEW

08

T rk i adamlar dnyada baarlaryla gndeme gelmeye devam ediyor. Son ola-rak, Trkiye-Singapur Konseyi Bakan olarak grev yapan Akfen Holding CEOsu Sha Gsav, Singapur Sanayi ve Ticaret Bakanlna bal olarak faaliyetlerini srdren Uluslararas Ticaret ve Yatrm Ajansnn (IE Singapore) Trkiye Onursal Temsilcisi olarak atand.

Singapur Sanayi ve Ticaret Bakanlna bal olarak faaliyet gsteren Uluslararas Ticaret ve Yatrm Ajans (IE Singapore), Singapurlu irketlerin yurtdna alarak, yeni ibirlikleri ile uluslararas alanda bymelerine destek olmak ve beraberinde Singapurun uluslararas ticaretinin gelimesine katk salamak zere alyor. Bu sebeple bu kurulu, kendi lkesine yatrm ekmeye alan lkeler iin son derece nemli bir kurulu. Dnyadan sadece 10 kiinin onursal i temsilcisi olarak yer ald bu ajansta 11. ye olarak seilen Gsavn grevi de bir o kadar deerli ve nemli.

Onursal i temsilcilii grevi iin IE Singapo-re tarafndan 5 yl boyunca izlenen ve sonrasn-da seilen Gsav, grevi kapsamnda, iki lke arasnda ilikilerin bir st seviyeye tanmas, Trk ve Singapurlu irketler arasnda yeni ibirliklerinin gelitirilmesi gibi konularda danmanlk yapacak. Bununla birlikte Gsav, Singapur ve Trk i dnyasnn daha geni katlml olarak ekonomik ve sosyal kalknma alannda almalar yapmalar iin ynlendir-melerde bulunacak.

Turkish business people continue to become prominent in the world thanks to their achievements. Recently, the CEO at Akfen Holding, Sha Gsav, serving as the Head of Turkey-Singapore Business Council, has been appointed as the Honorary Business Repre-sentative of the International Enterprise (IE Singapore) in Turkey, which functions within the Ministry of Trade and Industry of Singapore.

International Enterprise (IE Singapore), which functions within the Ministry of Trade and Industry of Singapore, endeavors to ensure that Singaporean companies expand overseas and grow their shares in the international arena developing new collaborations, and to contrib-ute to develop the international trade of Singa-pore consequently. Therefore, it is an extremely important organization for the countries which try to attract investments. Gsavs new role is highly valuable and important as the 11th mem-ber of IE Singapore that has only 10 honorary business representatives from all over the world.

Having been observed for 5 years and then selected by IE Singapore, Gsav will provide counsel on matters such as furthering the relations between two countries to a higher level, development of new cooperation between Turkish and Singaporean companies, etc. within the scope of his new duty. In addition, Gsav will provide guidance for the business circles of Singapore and Turkey to enable them to carry out economic and social development activities with broader participation.

Akfen Holding CEO'su Sha Gsav'a Singapur'dan nemli Grev

Akfen Holding CEO'su Sha Gsav, Uluslararas Ticaret ve Yatrm Ajans'nn Trkiye Onursal

Temsilcisi olarak atand.

Sha Gsav, the CEO of Akfen Holding, Assumed an Important Task in Singapore Sha Gsav, the CEO of Akfen Holding, has been appointed as the Honorary Business Representative of the International Enterprise in Turkey.

Akfen Holding CEO'su Sha Gsav.

CEO at Akfen Holding, Sha Gsav.

STRATEGY 09

En ok Yk Ellelenen Liman Ambarl

D eniz Ticareti Genel Mdrl statistik Bilgi Sistemi verilerine gre, Trkiyenin limanlarna urayan gemi says 2014 ylnn Eyll aynda yzde 5,7 azald ve 6 bin 909a geriledi. 2014n ilk 9 ayndaki verilere bakldnda ise, toplam limanlara urayan gemi says 56 bin 771e ulat. 2014 ylnn ilk 9 aynda stanbul Ambarl Limannda 2 milyon 620 bin TEUluk yk ellelendi ve Ambarl, bu rakamla en ok yk ellelenen liman oldu.

The Port Where The Freight Handling Activities Are Carried Out Most: Ambarl

A ccording to the data by Directorate General of Merchant Marine Sta-tistics Information System, the port where the freight handling activities were car-ried out most during the first 9 months of 2014 is Istanbul Ambarl.

According to the data by Directorate General of Merchant Marine Statistics Information System, number of vessels docking Turkish ports decreased by 5.7 percent receding to 6,909 in Septem-ber 2014. Considering the data for the first 9 months of 2014, it is observed that total number of the vessels dock-ing the ports were 56,771.

Freight of 2 million 620 thousand TEU was handled at the Istanbul Ambarl Port during the first 9 months of 2014, and the port ranked first in this sense.

T rkiyede Ocak-Ey-ll 2014 dneminde gemilerle sevkiyat yaplan ara saysnda geen yla oranla yzde 5,2 art yaand.

Deniz Ticareti Genel Mdrl verilerine gre, Trkiye merkezli uluslararas Ro-Ro ta-macl kapsamnda 2014 ylnn ilk 9 aynda Trki-yedeki limanlara yanaan 2.097 Ro-Ro gemisi 346 bin 148 aracn sevkiyatn yapt.

Gemilerle Tanan Ara Says Artt

Number of Shipped Vehicles Increased

Number of shipped vehicles in Turkey in-creased by 5.2 percent during January-September 2014 when compared to last year.

According to the data by Directorate General of Merchant Marine, a total of 2097 Ro-Ro ship docking Turkish ports transported 346,148 vehicles during the first 9 months of 2014 within the scope of Turkey centered international Ro-Ro transport.

I naat Malzeme-leri Sanayicileri Derneinin (M-SAD) eyll ayna ait sektr raporuna gre, ilk yaryl mal-zeme ihracat yzde 3 artt, ithalat ise yzde 11,5 orannda azald. MSAD tarafn-dan hazrlanan Aylk Sektr Raporu Eyll 2014e gre, Trkiyenin, Msr,

ran ve Birleik Arap Emirliklerine gerekletirdii inaat malzemesi ihracatnda byk art yaand. 2014 yl Ocak-Temmuz verilerine gre, inaat malzemesi ihracat 12,7 milyar dolar oldu. Ayn dnemdeki inaat malzemeleri ithalat ise 5,4 milyar dolara geriledi.

Malzeme Ihracat Artt, Ithalat Azald

Materials Export Increased, Materials Import Decreased

Based on the sectorial report - September by Association of Turk-ish Construction Material Producers (MSAD), materi-als export increased by 3 percent, and materials import decreased by 11.5 percent in the first half. Monthly Secto-rial Report - Septem-ber 2014 issued by

MSAD states that a great increase was observed in Turkeys construction materi-als export to Egypt, Iran and United Arab Emirates. According to the January-July 2014 data, construc-tion materials export became USD 12.7 billion and construc-tion materials import declined to USD 5.4 billion.


GRNM / VIEW

located at 2 km distance from Ankara Esenboa Airport.

Making a statement to the press regarding Ibis Hotel Esenboas opening, General Director of Akfen REIT Mr. Vedat Tural said that they have reached a portfolio of 20 hotels consisting of 17 operational hotels and 3 hotels at the stage of investment in Turkey, Rus-sia, and TRNC with the urban hotel management concept. Mr. Tural reported that bed capacity of operational hotels managed by Akfen REIT has increased to 2,924 with Ibis Hotel Esenboa, and maintained that this num-ber will reach 3,641 when other hotels currently at the stage of investment will be completed.

Akfen GYO tarafndan Ankara'da yatrm yaplan 147 odal Ibis Otel Esenboa,

mterilerine hizmet vermeye balad.

IBIS OTEL ESENBOA AILDI IBIS HOTEL ESENBOA OPENED

Akfen GYOnun Ankarada ehir otelcilii konseptine uygun olarak gelitirdii Ibis Otel Esenboa hizmete girdi. Akfen GYOnun stratejik orta Accor, Ankara Esen-boa Havalimanna 2 km mesafede bulunan bu oteli iletecek.

Ibis Otel Esenboann faaliyete alnmasyla ilgili aklama yapan Akfen GYO Genel Mdr Vedat Tural, ehir otelcilii konseptiyle Trkiye, Rusya ve KKTCde 17si operasyonel, 3 yatrm aamasnda olmak zere toplam 20 otelden oluan bir portfye ulatklarnn bilgisini verdi. Tural, Ibis Otel Esenboann hizmete alma-

syla birlikte Akfen GYOnun faaliyetteki otellerinde oda saysnn 2.924 olduunu dile getirdi ve yatrm devam eden otellerin de hizmete almasy-la birlikte bu saynn 3.641e ulaacan kaydetti.

Ibis Hotel Esenboa, developed by Akfen REIT in line with the urban hotel management concept in Ankara, recently opened. Ac-cor, strategic partner of Akfen REIT, will manage this hotel

Akfen Enerji'nin Kurulu Gc Yllk 203 MW'a UlatDoruk HES'in enerji retimine balamas ile birlikte, Akfen'in HES yatrmlar toplamda 203 MW Kurulu gce ve yllk 848 GWs retim kapasitesine ulat.

A kfenHES Yatrmlar ve Enerji retim irketinin bal ortakl Yeni Doruk Enerji Elektrik retimin Giresun ehrinde bulunan Doruk HES proje-sini enerji retimine balad. Bu sayede Akfen Holding, 11 hidroelektrik santrali ile toplam 203 MW kurulu g kapasitesine ve yllk toplam 848 GWs retim kapasitesine ulat.

Annual Installed Capacity of Akfen Energy Has Reached 203 MWAs Doruk HPP commenced power generation, Akfen HPP's investments have reached a total installed capacity of 203 MW and an annual production capacity of 848 GWs.

D oruk HPP project implemented by Yeni Doruk Energy Electric Production, a subsidiary of Akfen HEPP Investments and Energy Production, commenced energy production in Giresun. Akfen Holding reached a total installed capacity of 203 MW and a total annual production capacity of 848 GWs with 11 hydroelectricity power plants.

A 147 rooms Ibis Hotel Esenboa, an investment made in Ankara by Akfen GYO, has been opened.

Ibis Otel Esenboa, Akfen GYO'nun stratejik orta Accor tarafndan iletilecek.

Ibis Hotel Esenboa will be managed by Accor, the strategic partner of Akfen REIT.

T rkiye genelinde 2014 ylnn 9. aynda 115 bin 786 konut satld. Bu say, konut satlarnda bir nceki yln ayn ayna gre yzde 13,2lik bir art olduunu gsterdi. Trkiye genelinde ilk defa satlan konut saysna bakldnda, o da bir nceki ayn ayn dnemine gre yzde 13,4 artt ve toplamda 53 bin 039 konut ilk defa satlm oldu. kinci el satlarnda ise yzde 13,1lik bir art grld.

I n total, 115,786 residences were sold in September of 2014 across Turkey. This figure implied a 13.2% increase in comparison to the corresponding month of the previous year. When the number of residences sold for the first time is considered, this figure also rose by 13.4% across Turkey, and a total number of 53,039 residences were sold for the first time. Further, second-hand sales grew by 13.1%.

Konut Satlarnda Byk Art

Residential Sales Soared

10

KE / COLUMN


Kresel ve blgesel ekonomi-politik gelimeler nedeniyle, hayli zor bir 2014 yln bitirmeye hazrlanyoruz. Dnya ekonomisinin byme asndan hi tat vermedii ve 2015 yl iin de umut verici byme ngrlerinin konuulmad bir ortamda, 2010 ve 2011 yl rekor bymeleri sonras, Trk Ekonomi Ynetimi 2012-2014 dnemini daha kontroll byme performans ile tamamlayarak, bir yandan fiyat istikrar riskini, yani enflasyonu, bir yandan da finansal istikrar riskini, yani cari an kabul edilebilir seviyelere ekmek adna nemli bir gayret ortaya koyuyor.

Blgesel politik gerginlikler olmasayd, net ihracatn tek bana bymeye katks, 2012 ylnda olduu gibi, 4 civarnda olabilirdi. talebin reel olarak hi katks olmasa dahi, 2014 yl bymesi yzde 4 ok rahat yakalard. Ancak, sz konusu kresel ve blgesel gerginlikler nedeniyle net ihracatn by-meye katks 2,4 ile 2,7 puan arasnda kalabilir ve toplam yurt ii talebin katks da 0,5 puan da kalr ise, Trk ekonomisi 2014 bymesini yzde 2,9 ile 3,2 aras tamamlar. Toplam yurt ii talep katks eer -0,5de kalr ise, bu durumda 2014 bymesi yzde 3lerin bir hayli altnda kalabilir.

Neticede, Trk Ekonomi Ynetiminin iki nemli riski kontrol altnda tutmas gerekiyor; birincisi fiyat istikrar riski, yani enflasyon; dieri de finansal istikrar riski, yani cari ak. kisini de yzde 5e ekmek gerekiyor. Yani, yl sonu yllkland-rlm manet enflasyonu da yzde 5e indirmemiz, cari an milli gelire orann da yine yzde 5e indirmemiz gerekmekte. Bu nedenle, 2012 ylnda olduu gibi, 2014 yln da, tabiri caiz ise, fren pedaln pompalayarak, yani kontroll bir byme ile geiriyoruz. Bymede ve enflasyondaki keyifsizlie ne yazk ki, bu yl tarmdaki kuraklk ve don afetinin de katks oldu.

KONTROLL BYME ILE TRKIYEYI POZITIF AYRITIRABILIRIZ

Dnya ekonomisinin 2014 yl bymesinin yzde 3.3, geli-mi ekonomilerin bymesinin yzde 1.8, Rusyann 0.2, geli-mekte olan Dou Avrupa lkelerinin 2.7 ve Latin Amerikann yzde 1.3 beklendii bir tabloda, Trk Ekonomisinin 2014 yln yzde 3n biraz stnde tamamlamasn ar dert edinmemiz-de yarar var. Trk Ekonomisinin 2010 ylnda yzde 9.2 ve 2011 ylnda yzde 8.8 rekor bymelere imza atmas sonrasnda, bymenin i talebe dayal dinamikleri nedeniyle, yumuak ini modeli ile, kontroll byme dnemine getik.

2012 ylnda yzde 2.2 byyen Trk ekonomisi, 2013 ylnda

We are about to complete a very challenging 2014 due to global and regional financial and political develop-ments. In an environment which was very unproductive for global economy in terms of growth and where no promising growth forecasts for 2015 are expected, after a record-breaking growth in 2010 and 2011, the Turkish Economy Management has made significant efforts to bring the risk of price stability, in other words inflation, and the risk of financial stability, in other words the current deficit, to acceptable levels upon comple-tion of the period of 2012-2014 with a more controlled growth performance.

If there had been no regional political tension, the contri-bution of the net export alone in the growth might have been around 4% as with 2012. Even if there had been no contribution from the domestic demand in real terms, the growth for 2014 would have easily reached 4%. However, the contribution of the net export in growth may remain between a score of 2.4 and 2.7 due to global and regional tension, and if the contribution of the total domestic demand remains at a score of 0.5, the Turkish economy completes 2014 with a growth score of 2.9 to 3.2. If the contribution of the total domestic demand remains at -0.5, in this case, 2014 growth may remain much below 3%.

Consequently, the Turkish Economy Management must control two significant risks, one of which is the risk of price stability, in other words inflation, and the other is the risk of financial stability, in other words the current deficit. Both should be brought to 5%. In other words, we need to reduce the annual-ized end-year headline inflation to 5% and the ratio of current deficit to the national income to 5% again. We are therefore experiencing controlled growth, as the phrase goes by pumping the brake pedal, in 2014 as in 2012. Unfortunately, the drought and frost disaster also contributed to the depression in growth and inflation.

WE CAN SEGMENT TURKEY IN A POSITIVE WAY THANKS TO CONTROLLED GROWTH

In a picture where expected economic growth for 2014 is 3.3% worldwide, 1.8% in developed countries, 0.2% in Russia, 2.7% in developing Eastern European countries and 1.3% in Latin America, it would be better not to bother too much about the Turkish Economys completion of 2014 at a rate slightly above 3%. Following the record-breaking growth of the Turkish Economy in 2010 by 9.2% and in 2011 by 8.8%, we made a tran-

2015 IIN TABLO TRKIYE LEHINE DNEBILIR

GENERAL PERSPECTIVE FOR 2015MAY BE ADVANTAGEOUS FOR TURKEY

PROF. DR. KEREM ALKN

STRATEGY 13

yzde 4.1lik bir byme yakalam olsa da, kontroll byme-nin doal sonucu olarak, 2014 ylnda da yzde 3 civar byye-ceiz gibi gzkyor. Temel hedef, yllk enflasyonu yzde 6 ve altna, cari an mille gelire orann da yzde 5 civarna ekmek olarak zetlenebilir. Bu iki temel makro ekonomik gsterge, Trkiyenin dnya ekonomisindeki konumlandrmas ve kredibi-litesi asndan nemli.

2015 yl ortasna kadar normallemesi beklenen yllkland-rlm manet enflasyonun yan sra, cari a da kontrol altnda tutmay srdrrsek, aynen uluslararas derecelendirme kurulu-u Fitch gibi, Moodys de Trkiyenin grnmn iyiletirmek durumunda kalacak ve derecelendirme notumuzun bir kademe daha ykselmesi adna, bu kurulular zerindeki bask artacak. Rusya bata olmak zere, nde gelen pek ok gelimi ve geli-mekte olan ekonominin grnm ve derecelendirme notlarnn krlma riskinin artt bir dnemde, Trkiyenin grnmn ve notunu korumamz ve dzeltmemiz, hi phesiz Trkiyeyi pozitif ayrtracaktr.

EMTIA FIYATLARI 2015DE BYMEMIZI DESTEKLEYEBILIR

2014n son eyrei ve 2015 yl iin, Trkiyenin elini g-lendiren bir baka detay da, kresel emtia, hammadde fiyat-larnn seyri. Dnya Bankasnn 2004 yl fiyatlar 100 kabul edilerek hesap edilen kresel emtia fiyatlar endeksini inceledi-imizde, 2008 yl ortasnda, kresel kriz ncesi, endeks 126.3 puana ykselmi. Bu seviye petrol fiyatlarnn varil bana 147 dolar grd seviye. Ardndan kresel krizle birlikte, endeks 50.6 puana dm ve sonra tekrar 125.8 puana km. Bu da altn fiyatlarnn ons bana 2 bin dolar zorlad seviye. Getii-miz temmuzda endeks 88.2 puana inmi. stelik, o srada petrol fiyatlar 110 dolar. imdi, 80 dolarda tutunmaya alyor.

Uluslararas raporlar, kresel emtia fiyat-larndaki izlenmekte olan d ve yumua-madan en olumlu ynde etkilenecek lkelerin banda Trkiyenin yer aldn gsteriyor. Trkiyenin cari a kresel emtia fiyatla-rndaki gerileme ile 8 milyar dolar iyileir ise, bu durumda, 2015 ylnda yzde -7.2 olabile-cekken, yzde -5.2de kalan cari ak demek, yatrm harcamalarnn milli gelire orann da yzde 17den yzde 19a karmak demektir. Bu da, 2015 ylnda minimum yzde 4 by-memizi garantiler.

DOLAR 4,5 YIL SONRA YINE ZIRVEYI ZORLUYOR

Son 15 gnn en kritik konu balkla-rndan birisi, dnyann nde gelen 6 para birimi karsnda ABD Dolarnn durumunu, pozisyonunu gsteren Dolar Endeksinin gel-dii seviye idi. Hatrlatmak asndan, son 5 yl ierisinde, en yksek deer olarak, gn ii ilem deerinde 88,708 puan, kapanta da 88,405 puan 7 Haziran 2010da grm olan Dolar Endeksi, bu satrlar kaleme aldmz dn, yani 14 Kasm Cuma, gn ii ilemlerde 88,267 puan grd.

sition to an era of controlled growth with the soft landing method due to the growth dynamics based on domestic demand.

After achieving a growth by 2.2% in 2012 and 4.1% in 2013, the Turkish economy appears to grow around 3% in 2014 as a natural consequence of the controlled growth. The basic goal can be summarized as reducing annual inflation to 6% and below and the ratio of current deficit to national income around 5%. These two basic macroeconomic indicators are important with regard to positioning and credibility of Turkey in the global economy.

If we continue to control the annualized headline inflation which is expected to normalize until mid-2015 in addition to the current deficit, just like Fitch, the global rating agency, Moodys will also have to improve Turkeys status and the pressure on these agencies to improve our rating will increase. In an era when many developed and developing economies, primarily Russia, face the risk of reduction in economic status and ratings, maintaining and improving Turkeys status and rating will undoubtedly segment Turkey in a positive way.

COMMODITY PRICES MAY SUPPORT OUR GROWTH IN 2015

Another factor which strengthens Turkeys hand for the last quarter of 2014 and all of 2015 is the course of raw material prices, a global commodity. When we examine the global com-modity prices index calculated by regarding 2004 prices of the World Bank as 100%, the index increased up to 126.3 before the global crisis in mid-2008. It corresponds to the level at which the price of oil was about USD 147 per barrel. Following the global crisis, the index reduced to 50.6 and then increased to 125.8 once again. It corresponds to the level at which the price of gold was pushing USD 2,000 per ounce. The index reduced to

88.2 last July. Back then, the price of oil was around USD 110, which now seems to float around USD 80.

The international reports state that Turkey will be one of the top countries most positively affected by the fall and modera-tion in global commodity prices. If Turkeys current deficit improves by USD 8 billion with a reduction in global commodity prices, it might be -7.2% in 2015 but a current deficit remaining at -5.2% means improvement of the ratio of investment expenditures to the national income from 17% to 19%. This guar-antees for us a growth by 4% as a minimum in 2015.

US DOLLAR ONCE AGAIN HEADING FOR THE TOP AFTER 4.5 YEARS

One of the most critical headlines of the last 15 days is the level of the US Dollar Index showing the status/position of the US Dollar against the top six foreign currencies of the world. As a refresher, the US Dollar Index, which was as high as 88.708 in day trading and 88.405 in closing on 7 June 2010 within last 5 years, was 88.267 in day trading yester-

INTERNATIONAL REPORTS SHOW

THAT TURKEY IS THE LEADER AMONGST THOSE COUNTRIES

WHICH WILL BE POSITIVELY AFFECTED

BY CURRENT DEVELOPMENTS.

ULUSLARARASI RAPORLAR, YAANAN

GELMELERDEN OLUMLU YNDE

ETKLENECEK LKELERN BAINDA

TRKYE'NN YER ALDIINI GSTERYOR.

KE / COLUMN


Bu durum, 4.5 yl sonra dolarn tekrar nde gelen paralar karsnda en yksek deeri bir kez daha test etmesinin zor olmadna iaret etmekte.

Para politikas cephesindeki cesur admlar sonrasnda, ABDnin Euro Blgesi ile Japonya karlatrldnda, ekonomi-sini kresel krizin etkilerinden en fazla ekip karabilmi lke zellii gstermesi, bunun bir paras olarak da, ABD tahvil-lerinin gvenilir liman olarak alglanmas, dolarn deerini dorudan etkiliyor.

Bu arada, hatrlatmamda yarar var; 1997 ylnda da 88 puan dzeyini gren Dolar Endeksinin, srekli trmanarak, 2000-2001 dneminde, euro-dolar paritesi bir ara en dip seviye olarak 0,78 dolar grm ve 0,82 dolar deerlerinde gezerken, 115 ile 122 puan arasn test etmilii de var. O seviyelerden 2005 ylna kadar ara vermeden derek, 80 puan grml, ardndan 2006da 92 puan test etmesi ve 2008 kresel krizinin balang-cnda 70 puann altn da grml de var.

ABDLI IHRACATILARIN KEYFI KAABILIRUzmanlar, Dolar Endeksinde 88-90 puan aralnda bir

skmaya iaret ediyor. Bu durumda, dolarn deer kazanmay srdrerek, Dolar Endeksinde 90 puan krmas, yeni bir tren-din olumas anlamna gelebilir. Ancak, bu durum, 2011 ylndan bu yana dnya mal ihracatnda Almanyay gemeyi baarm ve ihracat yapmay da sevmeye balam olan ABD ekonomisi iin, ihracattaki avantajn hzla kaybetmesi anlamna gelecektir. ABD ekonomisinin i ekonomik dengeleri tam olarak yerine oturma-mken ve ABD irketleri ihracatlarndan da nemalanmaktan memnun iken, dolarn bu derece deer kazanmas keyifsizlie yol aabilir. Bu nedenle, ABD cephesinde, dolardaki bu deer artnn bir ekilde sakinlemesi arzu edilecektir.

ABD Merkez Bankas (FED) 3 parasal genileme karar ve sreci (QE) ile, dolarn deerine rekabet edilebilir bir dzey kazandrd ve ABDnin ihra mallar bu imkandan fazlasyla yararland. Bunun doal sonucu olarak, 2013 yl sonu itibariy-le, in 2 trilyon 209 milyar dolar ile dnya mal ihracatnda 1. srada yer alrken, ABD 1 trilyon 580 milyar dolar ile, 3. srada yer alan ve 1 trilyon 453 milyar dolar ihracat yapan Almanyann bir stnde, 2. srada yer almakta. 4. srada yer alan Japonya ile birlikte, bir anda yllk ihracat hacmi 715 milyar dolara dyor. Son kresel krizde bu avantaj yakalam olan ABDli firmalar, dnya mal ihracatndaki ikincilik konumunu kaybetmek istemeyecek-tir, doal olarak.

TRKIYE DENGELERI OK IYI GZETMELI

Getiimiz ay aklanan eyll ay de-meler dengesi verisi, bir aylk cari an 2,6 milyar dolar beklenmesine ramen, 2,2 milyar dolarda kaldna ve geen yln 9 aylk dnemine gre cari an 15 milyar dolar iyiletiine iaret etti. Bymesini yzde 3 dzeyinde koruyarak, bir yandan bir ok gelimekte olan ekonomiden ve Euro Blgesinden daha iyi byme performans gsteren Trkiyenin, ayn anda cari an

day, namely 14 November, Friday.This situation indicates that it would not be so difficult for

the US dollar to once again contest for top place among the lead-ing foreign currencies after 4.5 years.

After its bold moves in money policy, the ability of the United States above other countries to protect its economy from the

effects of global crisis (when the Euro Zone is compared to Japan) and, accordingly, the perception of U.S. bonds as a safe harbor directly affect the value of the dollar.

It should be reminded that the US Dollar Index which was around 88 in 1997 tested 115 to 122 with a continuous raise in the period of 2000-2001 while the euro-dollar parity was around USD 0.82 after reaching the lowest level of USD 0.78 at some point. It also happened to fall continuously from such levels to 80 until 2005, then tested 92 in 2006 and remained below 70 at the start of the global crisis in 2008.

AMERICAN EXPORTERS MAY BE ANNOYED

The experts indicate a congestion around 88-90 in the US Dollar Index. In this case, if the US dollar continues to gain value and

IMPROVEMENTS IN THE CURRENT

DEFICIT, MAINTAINED BY TURKEY,

POSITIVELY SUPPORT THE PERCEPTION THE REGARDING TURKISH

ECONOMY.

TRKYE'NN, CAR AIINI

YLETRMEY SRDRMES, TRK EKONOMSYLE LGL

ALGIYI OLUMLU YNDE BESLYOR.

STRATEGY 15

da iyiletirmeyi srdrmesi, Trk ekonomisiyle ilgili algy olumlu ynde besliyor.

Nitekim, Japonyann bir numaral ve dnyaca mehur finans kurumu Nomura, yaynlad raporda, Trkiyenin yatrmclara Trk Liras almak iin daha fazla sebep sunmaya baladn ve TLnin d tahminlerine kar koyarak dnya genelinde en iyi getiri salayan para birimlerinden olduunu belirtti. Rapor, dolar karsnda 23 para biriminin 21i gerilerken, TLnin deer kazandn hatrlatyor. Uzmanlar, TLnin 2015 ylnn ilk eyreinde 2,18-2,22 TL bandnda hareket edebilecei tahminlerini paylayorlar.

Trk Ekonomisinin kresel algs asn-dan, dolar tm paralar dverken ve ABD Merkez Bankasnn faiz artrm ihtimali nedeniyle, 2015 yl iin ktmser senaryolar gndemdeyken, Trkiyenin iyileen cari ak ve enflasyon, kamu mali disiplini ve iyi bir bankaclk tablosu ile kalkanlarn glendir-mesi, bizi 2015 ylnn adrenalinli ortamnda koruyacaktr. Ancak, bu durum TLnin ar deerlenmesine sebep olur ise, bu durum-da, net ihracatn bymeye katks da zora girebilir. Bu nedenle, 2015de dengeleri iyi gzetmeliyiz.

breaks 90 in the US Dollar Index, this may mean a new trend. However, it will mean that the United States, which has man-aged to exceed Germany in global commodity export since 2011 and developed a liking for export, will lose its export advantage quickly. While the internal economic balances of the US econ-omy are not fully settled and the US companies are pleased of exploiting their exports, it may be annoying for the US dollar to gain so much value. For this reason, moderation of such increase in the value of the US dollar somehow would be appreciated in the United States.

The Federal Reserve System (Fed) brought the value of the US dollar to a competitive level with three quantitative easing (QE) procedures and the export commodities of the US benefit-ed exceedingly from this opportunity. As a natural consequence of this situation, while China with exports of USD 2,209 billion is the leading merchandise exporter followed by the US with exports of USD 1,580 billion and Germany with exports of USD 1,453. With the contribution of Japan in fourth place, annual ex-port volume falls to USD 715 billion. Benefiting from this advan-tage in the last global crisis, the US companies would naturally not wish to lose this position in global commodity export.

TURKEY SHOULD OBSERVE THE BALANCE VERY CAREFULLY

The balance of payments for September announced this week indicated that the current deficit for a period of one month remained at USD 2.2 billion although it was expected to be USD 2.6 billion and that the current deficit improved by USD 15 billion compared to a nine-month period of last year. Turkeys ability to maintain its growth at the level of 3%, to show a better growth performance than most of the developing countries and the Euro Zone and to continue to improve its current deficit contributes to the positive perception regarding the Turkish economy. As a matter of fact, Nomura, the world-renowned and top financial institution of Japan, stated in its report that Turkey provides investors with more reasons to buy Turkish Lira and that the TRY is one of the foreign exchanges with the highest return worldwide by resisting expectations of falling.

The report underlines that the TRY gained value while 21 out of 23 foreign exchanges decreased. The experts anticipate that the TRY could move in the band of TRY 2.18-2.22 in the first quarter of 2015.

With regard to global perception of the Turkish Economy, while the US dollar beats all other foreign exchanges and pessimistic scenarios are on the agenda for 2015, due to the possible interest rate hike of the US Federal Reserve Bank, strengthening Tur-keys hand by improving the current deficit and inflation, public financial discipline and good status of banking would protect us from the adrenaline-filled environment in 2015. However, if this situation causes the TRY to gain too much value, then the contribution of net export in the growth would be difficult. The balances should therefore be observed carefully in 2015.

THE CONTRIBUTION OF NET EXPORT

TO GROWTH MAY BECOME DIFFICULT.

THEREFORE, WE MUST PROTECT THE BALANCES WELL IN

2015.

NET HRACATIN BYMEYE KATKISI ZORA GREBLR. BU NEDENLE, 2015'DE

DENGELER Y GZETMELYZ.

KEF / EXPLORE


Firze kubbelerle bizim ehrimizdi o;Yalnz bizimdi, ehre ve rhiyle bizdi o.skp ki ar-danda devmyd BursannBir lle bahesiydi dklm temiz kann.

T rkenin en byk airlerinden Yahya Kemal Beyatlnn Kaybolan ehir adl iirinden alnm bu dizeler sadece Beyatl iin deil, biroumuz iin skpe olan sevgi ve hasretin en gzel ifadeleri olsa gerek. Gerekten de skpn tm Balkan ehirleri arasnda ayr bir yeri olduu kukusuz. Bunun nedenini de yine Beyatldan devam ederek anlamak mmkn: skp Yldrm Bayazd Han diyardr ve evld- Ftihna onun ydigrdr.

Gerekten de 1392de Osmanl mparatorluunun ilk Ubeylerinden Yiit Paa tarafndan fethedilen ve 520 yl boyunca nce Rumeli Eyaletine bal skp Sancann, vilayet sistemine geilmesinden sonra da Kosova Vilayeti-nin merkezi olan skp, hl Osmanlnn izlerini tayor.

1912deki Balkan Savann ardndan imza-lanan Londra Antlamasyla Srbistan Krallna braklan kentte yaayan Trklerin byk blm Trkiyeye g etmek zorunda kalm. Byk bir g dalgas da 1950li ylarda yani Yugoslavyann kurulmasnn ardndan yaanm. Yine de bugn nfusu 2 milyonun biraz zerinde olan Makedonyada 100 bine yakn Trkn yaad

With its turquoise domes, it was our city;Only ours, in form and spirit, the city was us.Skopje, like Bursa reaching across Sharr Mountains,Of innocent blood shed, a garden of tulips.

T hese verses cited from the poem Kaybolan ehir (The Lost City) written by Yahya Ke-mal Beyatl, one of the best Turkish poets, most beautifully express love and compassion felt for Skopje not only by Beyatl, but also by many of us. Truly, and without doubt, Skopje enshrines us in our hearts among other Balkan cities. One can tell why it is so, if they listen further to Beyatl: Skopje is the land of Bayezid I, and a relic to the children of Conquerors.

Skopje, the center of Skopje District, which was conquered in 1392 by Yiit Pasha, one of the first margraves of the Ottoman Empire, remained under the Nomarchy of Rumelia for a period of 520 years, and which later became the center of Kosovo Province when a provincial system was adopted, still bears Ottoman marks.

A great majority of Turkish inhabitants had to migrate to Turkey, after the city was annexed by the Kingdom of Serbia with the Treaty of London signed following the First Balkan War which broke out in 1912. Another migration wave

THE LOST CITY OF THE BALKANS SKOPJE

With its multilingual and multicultural structure, Skopje, capital of Macedonia, maintains a culture of tolerance inherited from the

Ottoman Empire. Ottoman structures, which managed to survive in the city that had almost been destroyed by earthquakes many

times, help Skopje preserve this unique character.

Makedonya'nn bakenti skp, ok dilli, ok kltrl yapsyla Osmanl'dan devrald hogr geleneini srdryor. Birok kez depremlerle neredeyse yerle bir olan kentte ayakta kalmay baaran Osmanl yaplar da kentin bu zgn karakterini korumasna yardmc oluyor.

BALKANLARIN KAYIP EHRI SKP

NFUSU 2 MILYONUN BIRAZ ZERINDE

OLAN MAKEDONYA'DA 100 BINE YAKIN TRK

YAIYOR.

APPROXIMATELY 100 THOUSAND TURKISH PEOPLE CURRENTLY LIVE IN MACEDONIA,

INHABITED BY SLIGHTLY MORE THAN 2 MILLION

PEOPLE.

STRATEGY 17

tahmin ediliyor. ok kltrl, ok dinli ve ok dilli bir lke olan Makedonyann en byk iki toplumunu yzde 64 ile Makedonlar ve yzde 25 ile Arnavutlar oluturuyor. lkede Trklerden sonra drdnc byk grup ise yzde 3 ile Romanlar. Bu eitlilik bakent skpte de var ancak kentin ortasndan geen Vardar Nehri, Ortodoks Make-donlar ile Mslman Arnavut, Trk ve Romanlar ayryor. Makedonlar, arlkl olarak kentin ticaret ve ynetim merkezlerinin de bulunduu yeni blmnde yayor. Vardarn kuzeyinde yer alan ve Arnavutlar ile Trklerin younlukta olduu blm ise Osmanldan kalan mimari yaplaryla bir Anadolu kentini andryor.

skpteki Osmanl izleri Vardar nehri zerin-deki Takpr ile balyor. 12 adet yarm yay kemere balanan sabit stunlardan oluan kprnn uzun-luu 214, genilii ise 6 metre. 1451-1469 yllar arasnda Fatih Sultan Mehmetin himayesinde ina edilen kpr bu nedenle onun adyla da anlyor. Kprden getikten sonra stanbulun ardndan Balkanlarn en byk ars olduu sylenen skp Trk ars sizi karlyor. Trkiyeden gelen birinin bu arda kendisini yabanc hisset-mesi mmkn deil. Arnavut kaldrm sokaklarn iki yanna dizilmi iki katl dkknlar yerlerini yava yava kafelere, cep telefonu maazalarna brakmaya balam. Yine de demirciler, kazanc-

took place in 1950s, i.e. after the foundation of Yugoslavia. However, it is estimated that approxi-mately 100 thousand Turkish people currently live in Macedonia, inhabited by slightly more than 2 million people. Macedonians (64%) and Albanians (25%) constitute the two largest com-munities of Macedonia which is a multireligious and multilingual country. With 3%, Romani are the fourth largest group following Turkish people in the country. The capital Skopje displays this diversity as well; however, the Vardar River that flows through the middle of the city separates Orthodox Macedonians from Muslim Albanians, Turkish people and Romani. Macedonians dense-ly inhabit the new district where commercial and administrative centers of the city are located. On the other hand, in the north of the Vardar River, the district densely inhabited by Albanians and Turkish people resembles an Anatolian city thanks to the architectural structures inherited from the Ottoman Empire.

The Ottoman marks in Skopje begin with the Stone Bridge built over the Vardar River. The bridge, consisting of fixed columns connected to 12 semi-circular arcs, is 214 m long and 6 m wide. Built under the tutelage of Mehmet II the Conqueror in 1451-1469, the bridge is mentioned with his name as well. Having crossed the bridge, the Old Bazaar, which is considered as the big-gest bazaar outside Istanbul, welcomes you. It is impossible for a Turkish visitor to feel like a stranger in this bazaar. It seems that two-storey shops along the streets with cobblestone pave-ments have begun to slowly yield to cafs and cel-lular phone stores. Nevertheless, it is still possible to see the craftsmen of old times such as black-smiths, coppersmiths, quilt makers, shoemakers,

NE YENR?skp'te yemekler arlkl olarak et ve hamur ilerinden oluuyor. Elde a-lan yufka ile yaplan

spanakl, prasal, lahanal brekleri kesinlikle denemeli-siniz. Burada kebap ad verilen kftelerin de tadna doyum olmuyor. skp'te tatl konusun-da yabanclk ekmeyeceksiniz ama ille de bir tavsiye isterseniz, kaymainay deneyin.

WHAT TO EAT?Skopje dishes are dominated by meat and pastry. You must definitely try spinach, leek, and cabbage pies made with hand-rolled dough. Meatballs, locally called kebab, are very tasty too. You will find Skopje desserts quite familiar, but should you need a recommendation, try Kaymacina.

Trkiye'den gelen birinin skp Trk ars'nda kendisini yabanc hissetmesi mmkn deil.

It is impossible for a Turkish visitor to feel like a stranger in the Old Bazaar of Skopje.

Vardar Nehri'nin zerindeki Takpr, skp'n eski ve yeni

kesimlerini birbirinden ayryor.

The Stone Bridge over the Vardar River separates the old and new

areas of Skopje.

KEF / EXPLORE


lar, bakrclar, yorganclar, kunduraclar gibi eski zanaatkrlar grmek hl mmkn. ar, ayn zamanda Trkiyedeki yaknlarnz iin hediyelik eya alverii yapmak iin de en uygun yer.

OSMANLI ILE YAIT INAR AACIarda dkknlarn yan sra Kurunlu, Kapan

ve Sulu Han ile sanat galerisi olarak kullanlan ifte Hamamn yan sra Murad Paa, Dkknck, Mus-tafa Paa, Yahya Paa, shak Bey, sa Bey ve Alaca camileri bulunuyor. sa Bey Camisinin bahesinde bulunan 500 yllk nar aac da 20 metreye ulaan boyu ve 7,5 metrelik ap ile Osmanlnn varlnn canl bir kant olarak duruyor. skpn en byk camisi olan Murat Paa Camisi ar esnafnn da zellikle cuma namazlar iin ilk tercihi.

arnn hemen yaknnda yer alan skp Ka-lesi de kentin grlmesi gereken yerlerinden biri. lk olarak MS 6. yzylda ina edildii dnlen kale hem kuatmalarda hem de depremlerde byk zarar grm. lki 518 ylnda yaanan depremlerin sonuncusu ise 1963 ylnda yaand. Byk hasar gren kalenin Osmanl dneminde yetmie kadar kan kulelerinden bugn sadece tanesi ayakta. Kalede Makedonya Kltr Bakanl Kltrel Miras Koruma Mdrl tarafndan Osmanl dnemine ait eserlerin sergilenmesi iin yaptrlan Osmanl Mzesi ok zengin olmamakla birlikte ziyaret edilmesi gereken yerler arasnda.

Eski ar, skp mutfan denemek isteyenler iin de eitli alternatifler barndryor. Restore edilmi eski ahap konaklarda hizmet veren lokan-talar skpn yemeklerini tatmak isteyenler iin hem lezzetli hem de kalitesine gre olduka ucuz seenekler sunuyor.

DEPREME DIRENEN BINALARTakprnn gney kysnda yer alan ve ar-

lkl olarak Makedonlarn yaad blm Gney ve Orta Avrupa kentlerine benziyor. Kprnn ayanda sizi Makedonya Meydan karlyor. Mey-dann ortasnda 2011 ylnda al yaplan 22 met-relik grkemli bir heykel karlyor. Aslnda heykel Byk skenderi anlatyor olsa da Yunanistann

etc. The Bazaar is also the best place to buy some souvenirs for your loved ones in Turkey.

A PLANE TREE AS OLD AS THE OTTOMAN EMPIRE

Along with the shops, there are Kursumli (Kurunlu) Han, Kapan Han, and Sulu Han, ifte Hamam (Double Baths) used as an art gallery as well as Murad Pasha, Dkkanck, Mustafa Pasha, Yahya Pasha, Ishak Bey, Isa Bey and Alaca mosques in the bazaar. Twenty metres high and 7.5 m in diameter, the 500-year-old plane tree located at the dooryard of the Isa Bey Mosque stands as living proof of the Ottoman Empires existence. The Murat Pasha Mosque, biggest in Skopje, is the first preference of the shopkeepers in the bazaar especially for Friday prayers.

Skopje Castle located next to the bazaar is also a must-see in the city. The castle, estimated to have been built in 6th Century A.D., incurred substantial damages due to both sieges and earthquakes in the past. Of these earthquakes, the first one occurred in 518 and the last one in 1963. Only three towers survived among those the number of which increased up to seventy during the Ottoman era. Although the Ottoman Museum which was built by the Ministry of Culture of Macedonia, Directorate for the Preservation of Cultural Heritage for the purpose of displaying the artworks of the Ottoman period is not very rich, it is still one of those places to be visited, and the Museum is located in the castle.

The Old Bazaar offers some alternatives for those who would like to taste Skopje cuisine. Restaurants serving in restored old wooden villas offer delicious alternatives for a price that can be considered cheap in comparison to the quality, for those who would like to taste Skopje dishes.

NFUSU 2 MILYONUN BIRAZ ZERINDE

OLAN MAKEDONYA'DA EN BYK IKI

GRUBU MAKEDON VE ARNAVUTLAR OLUTURURKEN LKEDE 100 BINE

YAKIN TRK YAIYOR.

WHILE MACEDONIANS AND ALBANIANS

CONSTITUTE THE TWO LARGEST GROUPS IN

MACEDONIA INHABITED BY SLIGHTLY MORE THAN 2 MILLION PEOPLE, THERE

ARE APPROXIMATELY 100 THOUSAND TURKISH

INHABITANTS.

STRATEGY 19

itirazlar nedeniyle kaytlarda resmi ad Atl Sava olarak geiyor. Meydandaki tek sorunlu heykel Byk skenderinki deil. Bulgarlarn milli kahraman olarak kabul ettii Birinci Bulgar mparatoru ar Samuilin heykeli de Atl Sava antnn hemen arkasnda yer alyor. Makedonya Meydannda ve meydana ulaan bulvarlarda bir-ok baka heykele rastlamanz mmkn.

Makedonya Meydann evreleyen yaplarn arasnda da bazlar mimari zellikleri ile dikkat e-kiyor. Bunlardan biri de kentin ilk modern binalar arasnda yer alan Ristik Saray. 1926 ylnda Mimar Dragutin Maslak tarafndan ina edilen bina, sahibi Eczac Vladislav Risticin adyla anlyor. Dnemi-nin Bat standartlarndaki en yksek konforuna sahip olan Ristik Saray ayrca depreme dayankl olarak ina ediliyor. Bu nedenle 1963 ylndaki dep-remde ayakta kalan az saydaki binadan biri olmas da sarayn nemini artryor. Saray, gnmzde i merkezi olarak kullanlyor.

Sarayn ok yaknnda yer alan Rahibe Teresa An Evi de yeni olmasna karn mimarisi ile ilgi eken bir bina. 2009 ylnda hizmete alan binada Rahibe Teresa Mzesi, sergi salonlar, amfi tiyatro ile bir apel yer alyor. An evi, Rahibe Teresann 1910 ylnda vaftiz edildii kilisenin yerine ina edilmi.

Ristik Saray gibi 1963 depreminde ayakta kalan binalardan biri olan Eski Tren stasyonu da 1970 ylndan bu yana skp ehir Mzesi olarak hizmet veriyor. 1938-1940 yllar arasnda ina edilen istas-yonun tarihi olduu iin deil kullanlmad iin eski dendiini belirtelim. Bu arada tren istasyonun-daki byk saat, depremin olduu 05.17de durmu ve o gnn ansna bir daha tamir edilmemi.

Son olarak kentin iinde olmasa da kentin her yerinden grlebilen Milenyum Handan bah-sederek skp gezimizi bitirelim. Hristiyanln Makedonyaya geliinin 2000. yl ansna Vodno dann zirvesine dikilen 66 metre yksekliindeki ha, ald 2002 ylndan bu yana birok tartma-nn da nedeni olmutur.

BUILDINGS RESISTING EARTHQUAKESThe area inhabited mainly by Macedonians

located in the south of the Stone Bridge resem-bles Southern and Central European cities. After the bridge, the Macedonia Square welcomes you. A 22 meters-long statue stands at the mid-dle of the square, which was opened in 2011. Although the statue represents Alexander the Great, it is officially recorded as the Mounted Warrior due to the objections raised by Greece. The Alexander the Great statue is not the only one with issues at the square. The statue built in honor of the First Bulgarian Emperor, Tsar Samuil, who is embraced by Bulgarians as a national hero, stands right behind the monu-ment. One can encounter many other statues at the Macedonia Square and along the boulevards reaching to the square.

Some structures surrounding the Macedo-nia Square stand out with their architectural features. Ristic Palace, one of the first modern buildings in the city, is one of them. The build-ing, which was built by Architect Dragutin Maslak in 1926, is named after its owner, Phar-macist Vladislav Ristic. Offering the best comfort in accordance with the Western standards in that period, Ristic Palace was built as an earthquake-resistant structure. Therefore, the fact that it is one of the few buildings which survived the earthquake in 1963 increases the buildings significance. The palace is currently being used as a business center.

On the other hand, the Memorial House of Mother Teresa, located very close to the palace, is another one that draws attention with its archi-tectural features. Opened in 2009, the Memorial House of Mother Teresa contains exhibition halls, an amphitheater and a chapel. The memo-rial house was built on the land of the church in which Mother Teresa was baptized in 1910.

The Old Railway Station, which is another building that survived the earthquake in 1963 like Ristic Palace, has been open for visitors as the Museum of the City of Skopje since 1970. We should mention that the building, constructed between 1938 and 1940, is called old not for its long history but for not being utilized anymore. By the way, the big clock at the railway station stopped at 05:17, the moment of earthquake, and was not repaired in memory of that day.

Finally, let us conclude our Skopje trip by mentioning the Millennium Cross, which can be seen from every location in the city although it is not located within. The 66 m high cross, which was erected in 2002 at the summit of Mount Vodno in memory of the second millennium of Christianity in Macedonia, has been a cause of controversy since then.

NERES GEZLR?Gezilmesi gereken yerlerin birou hala Osmanl karakterini koruyan kuzeyde bulunuyor.

Ta Kpr (Kameni Most) ehrin en nemli tarihi eserlerinden biri. Davut Paa Hamam ve bu-gn ada sanat mzesi olarak kullanlan ifte Hamam, Saat Kulesi, Mustafa Paa ve Sultan Murat camileri, Kurunlu Han, Kapan Han da ilginizi ekecektir. Gneyde ise Makedonya Mey-dan ve bata Byk Iskender olmak zere irili ufakl birok heykeli saymak mmkn.

WHERE TO SEE?Many places to see are located in the north, which still pre-serves an Ottoman character. The Stone Bridge (Kameni Most) is one of the most impor-tant historical buildings in the city. You will find interesting Davut Pasha's Baths and ifte Hamam (Double Baths) which is used as a contemporary art museum today, along with the Clock Tower, Mustafa Pasha and Sultan Murad mosques, Kursumli (Kurunlu) Han and Kapan Han. In the south, we can count the Macedonia Square as well as many large and small statues, mainly the monument of Alexander the Great.

NASIL GDLR?THY'nin ve Pegasus Havayollar'nn Istanbul'dan TAV Havaliman-lar tarafndan

iletilen skp Alexander The Great Havaliman'na dzenli seferleri var. Uu sresi yaklak 1 saat 30 dakika. Ayrca Bulgaristan'dan transit vizesi alarak karayoluyla da skp'e gidebilirsiniz.

HOW TO GO?Turkish Airlines and Pegasus Airlines offer regular flights from Istanbul to Skopje's Alexander The Great Airport which has been operated by TAV Airports. The flight takes approximately 1 hour and 30 minutes. Also, you may reach Skopje by land, with a transit visa obtained from Bulgaria.

Makedonya Meydan'ndaki Byk Iskender heykeli, Yunanistan'n itiraz nedeniyle resmi olarak "Atl Sava" adyla anlyor.

The monument to Alexander the Great located in Macedonia Square is called "Mounted Warrior" due to the objections raised by Greece.

20

ANALZ-SEKTR / ANALYSIS-SECTOR


Cumhuriyet dneminde yabanclara gayrimenkul sat ile ilgili ilk yasal d-zenleme 1934 ylnda yapld. 2006-2008 yllar arasnda bir takm dzenlemeler yapl-m ve edinilebilecek tanmaz miktar 30 hek-tardan 2,5 hektara drlm olsa da 1934 ylnda dzenleme genel hatlar ile 2012 ylna kadar devam etti. Bu konudaki en radikal deiiklik ise 18 Mays 2012 tarihinde 28296 sayl Resmi Gazetede yaymlanan 6302 sayl Tapu Kanunu ve Kadastro Kanununda Deiiklik Yaplmasna likin Kanun oldu. Sz konusu olan kanun deiiklii; bir yandan mtekabiliyetin dourduu kstlamalar

T he first legal regulation concerning real estate sales to foreigners was enacted in 1934 throughout the Republican period. Although certain modifications were performed in 2006-2008 and the total purchasable real estate value reduced from 30 hectares to 2.5 hectares, the regulation enacted in 1934 continued in general terms until 2012. The most radical change in this regard was Law no. 6302 Amending the Land Register Law and Cadastre Law issued in the Official Gazette no. 28296 on May 18, 2012. This legal amendment on the one hand abolished the restrictions arising from reciprocity and on the

FOREIGNERS SMITTEN WITH REAL ESTATEForeign citizens have displayed growing interest in real estate since the legal regulation enacted in 2012, and the decision to grant foreigners owning real estate in Turkey a one-year residency permit in August 2013 has accelerated residential sales. While Istanbul presented the highest quantitative increase with 2,464 residences in the last year, Antalya once again became the most popular choice for foreigners, as always.

2012 ylnda yaplan yasal dzenleme sonrasnda yabanc lke vatandalarnn gayrimenkule ilgisi artarken 2013 ylnn Austos aynda Trkiye'de

gayrimenkul olan yabanclara 1 yl sreli oturma izni verilmesi konut satna ivme

kazandrd. stanbul son bir ylda 2.464 konut ile adet baznda en

yksek arta sahip kent olurken yabanclarn en byk

gzdesi her zaman olduu gibi yine Antalya oldu.

YABANCILAR GAYRIMENKUL SEVDI

ERKAN YAVUZ

STRATEGY 21

kaldrrken bir yandan da yaplan deiiklik-lerle yabanclarn gayrimenkul almna yeni dzenlemeler getirdi.

SATILAR 4 MLYAR DOLARA KOUYOR

Yabanclara gayrimenkul sat ile ilgili dzenleme 18 Mays 2012 tarihinde yrrle girse de bu haktan yararlanabilecek lke-lerin listesi yaynlanmad iin ay gibi bir gecikme ile hayata geti. 8 Austos 2012 tarihinde sadece ilgili tapu mdrlkleri ve Bakanlklara gnderilen Gizli ibareli listede 183 lkenin yer ald evre ve ehircilik

other hand stipulated new regulations on real estate purchases by foreigners.

SALES ABOUT TO REACH $4 BILLIONAlthough the regulation on real estate sales

to foreigners entered into force on May 18, 2012, the regulation became effective with a three-month delay since the list of beneficiary countries was not published. In a press statement given on August 8, 2012, Ministry of Environment and Urban Planning announced that the list, communicated exclusively to the relevant land registry directorates and Ministries as Confidential, contained 183 countries.

Powerful expectations regarding real estate sales to foreigners had to defer to some extent when the regulations began to be practiced in the final quarter of 2012, and due to reasons such as FEDs announcement to stop monetary expansion in May 2013 and Gezi Park protests. However, real estate sales to foreigners boosted both quantitatively and in terms of sales revenue as of the final quarter of 2013. In our opinion, entry into force of the law granting a 1-year residence permit to the foreigners owning real estate in Turkey on August 24, 2013, also played a significant role in this picture. Results indicate that the quarterly average sales revenue had been $697 million for the 12-month period from the final quarter of 2012 to the first three quarters of 2013 whereas the same revenue exceeded $1 billion throughout the 9-month period from the final quarter of 2013 to the first half of 2014. If such a performance can be maintained, real estate sales to foreigners realized as approximately $3 billion at the end of 2013 can be expected to exceed $4 billion by the end of 2014.

REAL ESTATE PURCHASES BY FOREIGNERS SOARED BY 65%

The nine-month period of the last year had witnessed a total number of 862,381 residences sold whereas 831,287 residences were sold in the corresponding period of the current year. Sales contracted by 3.6%; however, purchases by foreigners, which hold a share of approximately 1.6% in total sales, soared by 64.7%. 8,263 residences were sold to foreigners throughout the nine-month period in 2013, and sales reached 13,611 in the corresponding period in 2014. The sales realized throughout the nine-month period in 2014 thus outpaced the number of sales realized for the whole of 2013, which amounted to 12,181.

Figures display an interesting picture when considered according to provinces. Antalya witnessed the highest number of residences

K / PEOPLE2014 N OCAK-EYLL

DNEMINDE ANTALYA'DAN KONUT ALAN YABANCI SAYISI

THE NUMBER OF PEOPLE WHO PURCHASED RESIDENCES IN ANTALYA IN JANUARY-

SEPTEMBER 2014

4.874

YABANCILARIN SATIN ALDII KONUT SAYISINDA SON 1 YILDA

YAANAN ARTITHE INCREASE OBSERVED IN

THE NUMBER OF RESIDENCES PURCHASED BY FOREIGNERS

FOR THE LAST YEAR

%64.7

22



Bakanl tarafndan bir basn aklamas ile duyuruldu.

Yaplan dzenlemelerin 2012 ylnn son eyreinde devreye girmesi, 2013 ylnn mays aynda ise Amerikan Merkez Bankas FEDin parasal genilemeye son verecei-ni duyurmas ve Gezi olaylar yabanclara gayrimenkul sat ile ilgili gl beklentilerin bir miktar telenmesine yol at. Fakat 2013 ylnn son eyrei ile birlikte yabanclara konut satnda hem adet baznda hem de sat haslat olarak ok gl bir srama yaand. Bunda, 24 Austos 2013 tarihinde Trkiyede gayrimenkul olan yabanclara 1 yl sreli oturma izni verilmesi ile ilgili yasa-nn yrrle girmesinin de nemli bir rol olduunu syleyebiliriz. Nitekim sonulara baktmzda 2012nin son eyrei ile 2013n ilk eyreini kapsayan 12 aylk dnemde eyrek bazl ortalama sat geliri 697 milyon dolar olurken 2013n son eyrei ile 2014 ilk yarsn kapsayan 9 aylk dnemde eyrek bazl ortalama sat gelirinin 1 milyar dolarn zerine ktn gryoruz. Ayn performans devam ederse 2013 yl sonunda toplam 3 milyar dolar civarnda olan yabanclara gay-rimenkul satnn 2014 yl sonunda 4 milyar dolar aacan syleyebiliriz.

YABANCILARA KONUT EDNM YZDE 65 ARTTI

Geen ylnn dokuz aylk blmnde 862.381 adet konut sat yaplrken bu yln ayn dneminde konut satlar 831.287 adet olarak gerekleti. Satlarda yzde 3,6 gibi

K / PEOPLE2014 YILININ OCAK-EYLL

DNEMINDE YABANCILARA SATILAN KONUT SAYISI

NUMBER OF HOUSES SOLD TO THE FOREIGN NATIONALS IN

THE PERIOD OF JANUARY-SEPTEMBER 2014

13.611

MLYAR / BILLION2014 YILSONU ITIBARIYLE

YABANCILARA SATII YAPILACAK GAYRIMENKULLERDEN ELDE

EDILECEK TAHMINI SATI HASILATI

ANTICIPATED SALES REVENUE TO BE ACQUIRED FROM THE

REAL ESTATES TO BE SOLD TO THE FOREIGN NATIONALS BY

THE END OF 2014

4

Kaynak: evre ve ehircilik BakanlSource: Ministry of Environment and Urban Planning

TRKIYE'DE VATANDALARI EN OK KONUT SAHIBI OLAN LKELER (31 AUSTOS 2014)THE COUNTRIES WHOSE CITIZENS HAVE THE HIGHEST NUMBER OF RESIDENCES IN TURKEY (AUGUST 2014, 31) lkeCountry

Konut Says (Adet)Number of Residence

IngiltereUnited Kingdom

34.355

RusyaRussia

11.770

AlmanyaGermany

10.144

NorveNorway

7.681

IrlandaIreland

5.532

DanimarkaDenmark

5.118

HollandaNetherland

4.811

IsvireSwitzerland

3.326

IrakIraq

1.650

KKTCCyprus

1.262

STRATEGY 23

bir daralma yaanrken satlar ierisinde yaklak yzde 1,6 paya sahip olan yabanc satn almlarnda ise yzde 64,7 art yaand. 2013 ylnn dokuz aylk diliminde yabanclara 8.263 adet konut satlrken 2014n ayn d-neminde satlar 13.611 adete ulat. Bylece 2014n dokuz aylk blmnde yaplan sa-tlar 2013 tamamnda yaplan 12.181 adetlik sat rakamn gemi oldu.

Rakamlara iller baznda baktmzda orta-ya ilgin sonular ktn gryoruz. Antalya yzde 36 pay ile yabanclara en ok konut satlan il olurken stanbul yzde 29 pay ile ikinci srada, Aydn ise yzde 6,6 pay ile n-c srada yer alyor. En yksek art yzde 386,7 ile Trabzon gerekletirirken stanbul, yzde 161,5lik art ile 3.990 adetlik sat rakamna ulaarak en arpc sonuca ulat. Mula, Mersin, Bursa ve Yalova yabanclarn en ok tercih ettii dier iller arasnda yer ald. Yabanclarn zellikle yazlk konuta talep gsterirken evre ve ehircilik Bakanlnn verilerine gre sadece Antalyada yabanclara ait 40 binden fazla konut bulunuyor. Ayn e-

sold to foreigners and ranked top with a 36% share, Istanbul followed Antalya with 29% and Aydn ranked third with 6.6%. Trabzon presented the highest increase by 386.7%, and Istanbul reached the most outstanding figure of 3,990 residences sold, with an increase by 161.5%. Mula, Mersin, Bursa and Yalova were other popular provinces preferred by foreigners. Foreigners demanded particularly summer villas, owning more than 40,000 residences only in Antalya according to the data issued by the Ministry of Environment and Urban Planning. Likewise, foreigners own approximately 30,000 residences in the vicinities of Mula and Aydn.

YOU MAY SHORTLY HAVE A BRITISH NEIGHBOR

After August 2013, residence permits are now granted for one year to foreigners owning real estate in Turkey, and it is renewed every year unless the real estate is sold to another person or entity. This implies that we will shortly have a British, Russian or an Arab

Yabanclar, zellikle Istanbul'da yaamak veya yatrm yapmak iin konut satn alyorlar. AVM'ler yabanclarla dolup tayor. Bunun ekonomiye nemli bir katk saladn dnyoruz. Mtekabiliyet yasas ok iyi bir balangt. Dier dzenlemeleri de tamamlarsak sadece Istanbul ve tatil blgeleri deil, her birinde ayr gzellikler sunan Anadolu ehirleri de bundan payn alacaktr. Biz projelerimizde makul oranlarda yabancya sat yapyoruz. Konsept yaklamlarmzdan, mimarimizden ok etkileniyorlar ve yaamak iin konut seiyorlar. Trklerle yaamak iin buraya geliyorlar. Birbiriyle yaamak iin deil. Bunu bilip onlar bir turist gibi deil de bir komu gibi selamlamaya baladmzda Trkiye ok daha fazla kazanabilir.

Foreign nationals purchase residence for living or making investment particularly in Istanbul. The shopping malls are brimming with foreign nationals. We believe this contributes to the economy significantly. The reciprocity law was a very good start. If we complete the relevant arrangements as soon as possible, not only Istanbul and holiday resorts but also the Anatolian cities offering unique attractions will have a share from it. We make sales to foreign nationals in reasonable proportions in our projects. They are very impressed from our concept approaches and architecture and select a house to live in. They come here to live together with the Turks, not with one another. When we realize this and start greeting them not as a tourist but as a neighbor, Turkey may win a lot more.

SEBA GACEMERSinpa GYO Genel Mdr Sinpa REIT General Manager

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kilde Mula ve Aydn civarnda da yabanclara ait 30 bine yakn konut bulunuyor.

YAKINDA BR NGLZ KOMUNUZ OLABLR

2013 yl Austos aynda yabanclara oturum izni ile ilgili yaplan dzenleme ile birlikte veri-len Trkiyede gayrimenkul olan yabanclara 1 yl sreli oturma izni, satn alnan gayrimenkul baka bir kii ya da kuruma satlmad srece her yl yenileniyor. Bu durum, yaknda ngiliz, Rus ya da bir Arap lkesinden komumuz olacan ve bizim bu duruma almamz gerektiine iaret ediyor. evre ve ehircilik Bakanlnn verilerine gre 31 Austos 2014 tarihi itibariyle Trkiyede en ok konuta sahip olan lke vatandalar 34.355 adet ile ngilizler. Onlar 11.770 adet konutla Ruslar ve 10.144 adet konut ile Almanlar takip ediyor. Sralama-lar aylar itibari ile deise de bu ilk srann deimedii grlyor.

neighbor, and we should get used to it. The British rank top as the nationality with the highest number of residences (34,355) owned in Turkey as of August 31, 2014, according to the data issued by the Ministry of Environment and Urban Planning. Russians and Germans follow the British with 11,770 and 10,144 residences, respectively. Although the ranking may vary over the months, the top three remain the same.

YABANCILARA YAPILAN KONUT SATII (ADET)NUMBER OF RESIDENCES SOLD TO THE FOREIGNERS (UNIT) IlProvince

Ocak-Eyll 2013January-September 2013

Ocak-Eyll 2014January-September 2014

Art (%)Increase (%)

Antalya 3953 4874 23,3

Istanbul 1526 3990 161,5w

Aydn 789 897 13,7

Mula 736 800 8,7

Mersin 330 569 72,4

Bursa 202 674 233,7

Yalova 204 457 124,1

Ankara 108 255 136,1

Izmir 141 164 16,3

Trabzon 30 146 386,7

Dier illerOther Provinces

244 785 221,7

Toplam Total

8.263 13.611 64,7

STRATEGY 25

Y abanclarn yurt iinde gayrimenkul almasn kolaylatran kanunda (Mte-kabiliyet Yasas) yaplan deiiklik ile gayrimenkul yatrmlarnda balayan art eiliminin 2013 ve 2014 yllarnda da devam ettiini grdk. Sektrel Analiz blmnde detayl bir ekilde ele aldmz konu ile ilgili merak edilenleri sektrn nde gelen irket-lerinden Akfen Holdingin Ynetim Kurulu Bakan Vekili Selim Akn ile konutuk.

ncelikle mtekabiliyet yasasndaki de-iikliin beklenen etkiyi yaratp yaratma-dn renebilir miyiz?

Trkiye ekonomisi iin her zaman byme ncelik verilmesi gerekiyor. zellikle inaat/konut sektrnn yaratt katma deer ve is-tihdam olanaklaryla lkemiz ekonomisi iin son yllarda bir kaldra grevini stlendiini gryoruz.

With the amendment on the law which facilitates the purchase of real estate by the foreign nationals (Reciprocity Law), we have observed that the increase trend started in real estate investments has also continued in 2013 and 2014. As it is reviewed in detail in the Industrial Analysis section, we discussed the burning questions in this regard with Selim Akn, Vice Chairman of Akfen Holding, one of the leading companies in the industry.

First of all, can you say if the amendment on the reciprocity law has created the expected effect?

Priority should always be given to growth in the Turkish economy. Recently, we have observed that

Her sektrde olduu gibi inaat sektrnn dengeli ve srdrlebilir bir byme kaydedebilmesi iin de yabanc yatrmclara ihtiya var. Mtekabiliyet yasasndaki dzenleme yabanclarn gayrimenkul talebeni artrrken inaat sektrndeki srdrlebilir bymeye de katk salyor.

SRDRLEBILIR BYME IIN YABANCI YATIRIMCI ART

FOREIGN INVESTOR IS A MUST FOR SUSTAINABLE GROWTHAs with each industry, foreign investors are needed for the construction industry to grow in a balanced and sustainable way. While the arrangement in the reciprocity law increases the demand of foreign nationals for real estate, it also contributes to the sustainable growth in the construction industry.

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Evet, Trkiyede konut ihtiyac hibir zaman bitmeyecek. Ama sadece i tketim ile sektr asndan dengeli ve srdrlebilir b-yme salamak ok zor. Dolaysyla byme performansmzn istenilen seviyelere ula-mas iin bata konut/inaat sektr olmak zere hemen her alanda yabanc yatrmclara ihtiyacmz var.

te yandan orta ve uzun vadede Trkiye pazarna ynelik yabanc yatrmc algs lkemizin gl ekonomisi ve demografik zellikleri sayesinde olumlu seyretmeye devam edecek.

Mtekabiliyet yasas en ok hangi alan-larda gayrimenkul talebi yaratt?

Yabanclarn zellikle konut sektrne ilgi gsterdiini gryoruz. Yatrm yapmak iin tercih edilen yerler genellikle sahil kenar ve turistik blgeler ile byk ehirler oluyor. Gayrimenkul almnda zellikle Gney Ege ve Akdeniz blgesindeki illerde Avrupa kkenli yatrmclarn bulunduunu syleyebiliriz.

Yabanc yatrmclarn Trkiyedeki tan-mazlara ilgisi giderek artan bir trendle devam ediyor. Ekonomide eksikliini ektiimiz dorudan yatrmlar asndan da nemli bir kalemi oluturuyor. Son iki yla baktmzda (zellikle yasann yrrle girip duyulma-sndan sonra) gayrimenkul alm nedeni ile yaplan yatrmlarda srekli bir art sz ko-nusu olduunu sylemek mmkn. Bu alan-daki yatrmlarn toplam dorudan yabanc yatrmlar iindeki en byk art oranna sahip olduunu gzlemleyebiliyoruz.

Gayrimenkul talebini canl tutmak iin ne yapmak gerekiyor?

ABde krizin etkilerinin henz bitmemi olmas, tketim ve harcama eiliminin zayf seyretmesi nedeniyle bu blgeden gelen yatrmlarn art hznn snrl dzeyde olduunu syleyebiliriz. Ancak, Avrupa Bir-lii Merkez Bankasnn (ECB) uygulamaya koyduu yeni paketin etkileri ile 2014n son eyrei ve nmzdeki yl talep ve harcama-larda canllk olmas bekleniyor. Bu durum, Trkiyedeki gayrimenkul satlarna olumlu ynde yansyacak. Bunun yan sra bata Suudi Arabistan gibi Arap ve krfez lkeleri ile komu lkelerden gelen talep canlln korumaya devam edecektir. Gerek tanmaz gerekse dorudan yabanc sermaye giriin-deki art umut verici olup dnya konjonk-trndeki gelimelere bal olarak daha da artabileceinin nc gstergesi olarak dnebiliriz.

particularly the construction/residential sector has assumed a role of leverage for the economy of our country with their added value and employment opportunities.

Yes, the need for housing will never end in Turkey. However, it is too difficult to achieve a balanced and sustainable growth for the industry only with domestic consumption. We therefore need foreign investors in almost every field but particularly in the construction/residential sector for our growth performance to reach desired levels.

On the other hand, foreign investor perception for the Turkish market will continue to progress positively in the mid- and long-term thanks to the strong economy and demographics of our country.

In which areas did the reciprocity law create a demand for real estate the most?

We observe that the foreign nationals take an interest in the residential sector particularly. The preferred places for making investment are generally coastlines, touristic places and major cities. We can say that there are investors of European origin particularly in the cities of Southern Aegean and Mediterranean Region in t