25 Mayıs 2011 Çarşamba

Dubai firm trusts in Turkish real estate market

GÖKHAN KURTARAN
The Turkish real estate market has been the shining star in its region, Ümit Türüdü Şen of Emaar says.

The Turkish real estate market has been the shining star in its region, Ümit Türüdü Şen of Emaar says.
Emaar, United Arab Emirates’ biggest property developer by market value, has invested $700 million in a luxurious project on the European side of Istanbul. The company is now planning to build some 2,100 residences on the Asian side of the city this year, said Ümit Türüdü Şen, vice general manager of the Turkey branch of the company, during a press meeting Tuesday.

“The Turkish real estate market has been the shining star in its region,” Şen told the Hürriyet Daily News on the sidelines of the meeting.

Comparing the local property market with Dubai, the homeland of the investor, Şen said, “The Turkish property market has been driven by domestic demand, which stabilizes constant growth and attracts foreign investors as well.”

Turkey’s real estate market recorded 25 percent growth in the third quarter and 17.5 percent in the last quarter of 2010, according to official figures. Şen said many analysts predict a steady increase in property prices and rent due to the increasing demand. According to the manager, investments in the real estate sector would increase by 10 percent by the end of this year.

Taking about Emaar’s investment in the Büyükçekmece district of Istanbul, Şen said, “Toscana Valley project on 1.7 million square meters of land cost around $700 million up to now.”

She said nearly 40,000 square meters of shops would be built as part of the giant project in addition to hotels and a hospital. “These additional investments are not part of the amount,” noted Şen.

Inspired by the Italian architectural style, Tuscan Valley Project includes 540 luxury units including villas, apartments and townhouses ranging from 149 to 940 square meters and set in 12 different types. The prices range between $528,000 to $2.3 million, said Şen.

“Foreigners are interested in Turkey’s property market,” said Şen, noting that they are primarily encouraged by the booming demand in recent years in Istanbul. “The young and dynamic population of the country desires owning a stylish house,” added Şen. According to Şen, nearly 35 percent of Toscana Valley project has already been sold to foreigners, which shows that Eastern and Western countries are motivated to own a house in Istanbul. “While Middle Eastern ones become interested in the Turkish market after watching Turkish TV series, Europeans primarily concentrate on investment opportunities in the sector,” said Şen.

The property sales to foreign nationals stood at nearly $3 billion, according to a recent report of Association of Real Estate Investment Companies, or GYODER. The amount dropped to $800 million at the end of 2009 due to the global economic crisis’ affect on Turkish property sector. The amount rose back to $2.5 billion by the end of last year, close pre-crisis levels.

Emaar also plans to build a giant a multi-purpose development project including 1,200 luxury residences, a shopping mall and a five-star hotel in Çamlıca district on the Asian side of Istanbul. The mall would the largest mall of the Asian side, according to Şen. The project to be built on 74,000 squares of land would expect to start by the third quarter of this year, she said. The company has invested a total of $400 million to purchase the expensive plot of land.

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