The fluctuations in the FX rates effected the third quarter of 2018 and it was not as active as expected. The FX rate fluctuations, not only affected the relocate decisions but also extended the signature process of the completed transactions.

Although conversion to Turkish Lira following the amendments to the Decree No. 32 Regarding the Protection of the Value of the Turkish Currency [the Decree #32], was to be obtained as of mid-October, the expectation of converting the rent to local currency has led the market to go “on hold” policies. Despite the Decree #32 is not being administered in full, the asking and achieved rental prices in the lease agreements have started to be denominated in Turkish Lira.