Haluk Sur, Chairman for Cushman & Wakefield Turkey, emphasized the importance of urban regeneration and indicated that 6.7 million residential units will have to be demolished and rebuilt within the next 20 years and as such 334,000 units will be subject to transformation on an annual basis. He further added: “To complete the entire process US$ 465 billion of financing is needed which equates to US$ 23 billion annually.”