The retail sector spearheaded the evolution of Turkey’s commercial property market. Within a few years, domestic retailers expanded and consolidated to form regional and national chains. Cross-border retailers entered the market, benefiting from the country’s strong economic growth, limited legal barriers to entry and attracted by high growth potential. Approximately 190 shopping centres had been built in the country by February 2008, although most shopping centre developments were delayed until 2003, due to the contraction of the Turkish economy following the economic crisis in 2001. 14 Ever since, the retail market has been the fastest-growing sector of the Turkish real estate.
