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"In another sign that the Turkish construction industry is booming, Turkish paint producer Polisan Boya A.Ş grew 38% in the first half of 2010.
Speaking to the Hürriyet Daily News & Economic Review, Polisan CEO Erol Mizahi said the demand for paint had growth potential “not just for new buildings to be constructed but also for work to save on energy expenses.”
Mizahi said that Turkey has a $1.5 billion paint market, and that the 38% growth was a "surprise".
The Polisan CEO said the company has produced 700,000 tons of paint in total, 450,000 tons of which was for decorative purposes.
Mizahi also said that Polisan, which has a 22% market share in Turkey is planning to open plants in other countries, and indeed has already began negotiations in several countries. He also said that 5% of the company's $250 million annual revenues came from export activities.
This is yet another sign of Turkey's growth and growth potential.
In other news Beşiktaş Turizm Yatırımları is preparing to welcome the first guest to the Pera Palace hotel, having completed the 23 million Euros restoration of the hotel, one of Turkey's cultural centres.
The company obtained the right to use the Pera Palace Hotel until 2051 from Istanbul Turizm Otelcilik in 2006. “We have prepared the Pera Palace Hotel in accordance with its original design and restored it,” said Yavuz Kalkavan, Beşiktaş Turizm Yatırımları board chairman.
As long as the news of growth and development continue to emanate from Turkey, we will continue to see confidence growing and sales of property in Turkey increas
