Turkey Real Estate Companies Fall on Home Taxes: Istanbul Mover
By Taylan Bilgic - Jan 2, 2013 8:30 AM ET
Turkish real estate investment trusts slumped after the government raised value-added taxes on sales of new homes.
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO) led declines on the Istanbul Stock Exchange National Reits Index (XGMYO), dropping 2.6 percent to 3.04 liras at 3:20 p.m. in Istanbul. The index dropped 1.5 percent, the only of 21 Turkey industry gauges tracked by Bloomberg to fall on the day. The Istanbul Stock Exchange National 100 (XU100) added 1.1 percent to 79,050.82, a record high on a closing basis.
More:Turkey Real Estate Companies Fall on Home Taxes: Istanbul Mover - Bloomberg
