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 representatives 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 favorite 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 location 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 $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 further said: "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 program, 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."
Moreover, he noted that "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 $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 center 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 meters.
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. The project includes 24 towers, the tallest of which is 55 floors high and the lowest with 21 floors.
My Newwork, to be completed in the first quarter of 2017, it is expected to become a modern life Grand Bazaar, comprised with two theaters, F&B facilities, social spaces and observation terraces as well as innovative commercial solutions that are inline with the current trends of office comfort and functionality. — SG
Source: Agaoglu upbeat on Saudi real estate investors in Turkey
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