Our research this year indicates that the international real estate market is very much a mixed bag. We received extremely varied reports on levels of activity, availability of capital, types of investors and lenders and the state of the legal market. Though the global picture is fractured and there is great variation between and within jurisdictions, the majority of those we spoke to were keeping busy and remained hopeful that the year ahead could bring further improvements.
Turkey has a very active trade and customs market, and its trade structures have changed considerably in recent years. Although imports have continued to outpace exports, the current government ambitiously aims to reverse this trend over the next decade. This chapter features five practitioners who are at the forefront of trade and customs law.
Turkey’s telecoms sector has experienced rapid growth over the last few years as a result of government privatisation initiatives. Increased investment coupled with emerging technology and new regulation has made this a dynamic area within the legal marketplace. We select six practitioners who are leaders in the field.
Public procurement remains a hot topic, particularly in relation to how the Turkish state deals with public tender offers and its continued favouritism of domestic companies. However, with the country still pursuing its goal of joining the EU and this area being labelled as one where “further efforts” are needed, lawyers are expecting developments in the near future. We select seven top practitioners who are lauded for their knowledge and expertise.
Foreign and domestic investment in Turkey’s infrastructure and energy sectors has remained strong over the past year and these areas are still “booming”. Earlier this year, Hasan Murat Mercan, deputy energy minister, said he expected the country to double its energy infrastructure over the next 10 years. Given the continued growth, it is not surprising that project finance lawyers are very much in demand and 11 individuals are singled out in this chapter, two more than in our previous edition.
Privatisation in Turkey is back on track. Following failed purchases of the previous tenders held in 2010, the fourth quarter of 2012 saw the sale of the country’s biggest regional electricity distribution company for $1.96 billion. On top of this, Turkey’s privatisation administration is in the process of launching tenders for four new power plants later this year. In an area which is sure to become active once more, we recognise 15 leading private practitioners.
In recent years the Turkish private funds industry has expanded rapidly. Private funds companies have sensed new opportunities in one of Europe’s fastest growing economies, particularly in the health care and consumer sectors. As the market becomes crowded with investors competing for the biggest deals, our research identifies seven lawyers who are considered leading figures in the sector.
The natural resources sector in Turkey continues to experience a rapid increase in demand, particularly in relation to oil, natural gas and mineral production. The country also faces challenges in terms of diversifying its natural resources supply routes and lessening its dependency on energy imports. In a sector which is vital to Turkey’s economic progression, we identify 11 industry-leading lawyers who excel in advising clients in relation to their natural resources activities.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.