This document is a detailed report of Turkey and covers Economy, Office Market, Industrial Market, Retail Market, Hotel Market and Residential Market:

Economic Overview: From March until august 2008, turkey’s economy suffered from a period of instability due to the negative side-effects of political un-certainty. During this period, the state pros-ecutor filed a lawsuit to shut down the ruling Justice and Development Party (aK Party) and the Constitutional Court started to examine the case. in addition, and further disabling economic growth, the country experienced delays in the government’s economic reforms, required as part of the european Union’s ac-cession criteria. the timing of the case pushed forward by the state prosecutor to close the ruling aKP coincided with recession concerns in the U.s economy. the day after the state prosecutor filed the lawsuit against the AKP, concerns re-garding economic and political instability led the lira to depreciate by approximately 2.5% and share prices to fall by nearly 7.5% on the ise100 index. During this uncertain period, the compound yield on the benchmark bond, maturing on april 14, 2010, edged up to approximately 22.8%. the closure case also affected the expectations in the market. However by the beginning of the third quarter, the positive expectations of foreign investors regarding the outcome of the closure case, and the pos-sibility that the prime minister would not be banned in the resulting verdict, initiated a re-bound in the Turkish financial markets.

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