In Part 2 of this article on Turkey, the authors discuss how favourable demographic and economic trends have resulted in growth in consumer spending and widespread real estate development, particularly in the retail sector and the shopping centre subsector. Part 1, in the July/August 2012 issue, looked at the country’s macroeconomic and political environment.

All European countries are battered after the crises of recent years. All European countries? Turkey, with its high GDP growth, liquid banking system and young real estate market, is giving new impulses to the world economy.

At today’s growth rate, the Turkish economy — presently as large as the Dutch economy and the sixth largest in Europe — is doubling in size every seven to nine years. The population is young — the average age of the 73 million inhabitants is 28.5 years — and Turks have become affluent consumers.

With such a healthy demographic pyramid and a difficult-to-feed hunger