Property in Turkey

Algeria receives Turkish Property Development

The Algerian economy receives welcome news as a leading Turkish construction company prepares to invest millions in a new residential and commercial project.

The move demonstrates the strength of the Turkish economy and the fact that Algeria could now be attracting overseas property investors

Turkish developers Sinpas Group, which has a 33-year history in the real estate sector is said to be investing 160 million in an Algerian property development.

Sinpas' Director General Ahmet Celik explained that they would begin the construction of the project in 2011.

Celik said that decrease in interest rates, strong financing sector and flow of foreign capital into Turkey had served to revive the residential sector and the economy.

Following an initial public offering of 49 percent of its shares in June, 2007 shortly after the formation of the partnership, Sinpas GYO became a real estate investment partnership publicly traded at Istanbul Stock Exchange.

Algeria has not been on the radar for overseas property investors and this could well be the first major investment to attract investors to the region

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