Agaoglu upbeat on increased Gulf based investments in Turkey’s real estate market after successful participation in Cityscape Jeddah
Turkey’s leading real estate developer Agaoglu is expecting that the huge interest in its projects during the recent Cityscape Jeddah will translate into more investments in the country’s real estate market, as the company holds a series of meetings with government and industry representives as well as investors in major Saudi cities to highlight the best opportunities available in Turkey’s thriving property market. The meetings are also expected to pave the way for new projects both in Turkey and Saudi Arabia.
A popular destination for Gulf based investors, Turkey has particularly caught the attention of investors from Saudi Arabia. Major cities such as Istanbul have been drawing considerable interest from the region due to the availability of world class properties at affordable rates. Besides, Istanbul has also made its mark as a favourite holiday destination, making properties in the city highly valuable as assets that yield good returns.
Ali Agaoglu, Chairman and Founder of Agaoglu Group of Companies, said: “Turkish residential real estate industry has displayed high and resilient growth in recent years, becoming one of the best performing markets as consistent demand and locational advantage as well as the country’s well-balanced economy and strong financial and regulatory environment make it a stable and safe location for investors.
Having attracted US$ 2.5 billion in foreign investments from as many as 104 nationalities, Agaoglu has established its credentials as a key contributor to the growth of the Turkish real estate market. The Agaoglu brand has become the preferred choice for Saudi investors and citizens in view of the quality of its projects and their locational value.
Ali Agaoglu stated: “As one of the most trusted real estate companies in Turkey, Agaoglu has today become a key pillar of the Turkish real estate sector, and a significant contributor to the country’s economy. We are excited about the huge interest in our projects at Cityscape Jeddah, which exceeded our expectations, especially since this was our first participation in this exhibition in Saudi Arabia. We are keen to welcome more Gulf based investors to Turkey to enable them to see for themselves our outstanding projects that are redefining the property market in the region.”
Expressing high optimism on its current meetings in Saudi Arabia, Ali Agaoglu said: “Agaoglu has several Saudi investors in our projects, and we believe that our properties will contribute to increasing strategic relations between Saudi Arabia and Turkey. As part of our 10-day Saudi programme, we have met key government and industry representatives in Dammam and Jeddah. During the next three days, we will be holding negotiations in Riyadh. We believe that these meetings will open the doors to many projects in Turkey and Saudi Arabia.”
Ali Agaoglu added: “Agaoglu has caught the attention of the Saudi investors because of the reputation we have built with our completed projects. We believe that real estate investors from the Kingdom put their trust in reliable projects when they look to purchase homes in Turkey. Istanbul is as good as London and New York for real estate investors but offer comparatively much more affordable prices. Our countries also enjoy religious and cultural similarities, which make Turkey an attractive real estate destination for Saudi citizens.”
Agaoglu has proved its track record with some of the most distinguished projects in the region, and is currently developing four new projects worth of US$3 billion in Istanbul and Bodrum, Turkey.
The highly anticipated current projects of the group are Istanbul International Financial Center (IIFC), Maslak 1453 and My Newwork .
IIFC is designed to be the best and newest Financial Centre in the world, consisting of 6 commercial and 1 residential towers that have been instilled with optimum security and technology on a land of 303.000 square metre. The total construction area of the project is 3,000,000 square metre. The project includes a cinema, conference centre with a 2500 seating capacity, as well as new business and shopping hubs attracting both Turkish and international investors.
The development is expected to increase Turkey’s share in the international capital movement by enhancing Istanbul’s power of attractions which are the local and foreign international financial institutions such as Central Bank, Halk Bank, Vakıflar Bank, Ziraat Bank, Capital Markets Board of Turkey and Banking Regulation and Supervision Agency head quarter offices to be relocated to the business hub of the project. Due to the significant interest from prominent investors from Gulf countries, the Agaoglu management is now looking at efforts to invite large corporate investors from this region.
Maslak 1453, Europe’s largest mixed used project is composed of 4.203 residential, 507 office and 238 retail units. The construction is planned to be completed in the first quarter of 2017 on the total land area of 320.000 square meters with the inclusion of residential units, offices, stores of various sizes, special boutiques, food and beverage facilities, amphitheater, art galleries, concert hall with a special stage and shopping malls together with a 1453 metre-long street that has the capacity to host the world of international brands, all making it an extraordinary project on a world scale with a total of 100.000 square metre shopping area.
The project includes 24 towers, the tallest of which is 55 floors high and the lowest with 21 floors. The project is adjacent to the city’s green landscape, Fatih Forest. The architectural design has been implemented adopting an environmentalist attitude nominating the project for Leed Gold Certificate Candidate. The recently completed tower of the project is launched for sales with special incentives and the new residents of the sold units are already moving into their new homes.
The project My Network was introduced to individual and corporate buyers recently. Deemed to be
completed in the first quarter of 2017, it is expected to become a modern life Grand Bazaar, comprised of two theaters, F&B facilities, social spaces, and observation terraces as well as innovative commercial solutions that are in line with the current trends of office comfort and functionality.
