Turkish developer sees sales of $400m from Middle East investors
- United Arab Emirates: Wednesday, September 26 - 2012 at 16:58
- PRESS RELEASE
Turkish real estate developer, Agaoglu, has seen investments of US$400 million from countries across the Middle East, including the UAE, Saudi Arabia, Kuwait and Yemen. This follows the introduction of the "Reciprocity Law" in Turkey, allowing foreigners to buy residences in Turkey without observing the reciprocity principle. Following the implementation of this law, Agaoglu, one of Turkey's largest real estate developers, will be promoting its latest project, Maslak 1453, during Cityscape Global 2012.
"The Turkish and Arabic cultures are similar in many ways, and the fact that we share common values enables us to understand each other better. This recent increase in investments has ensured Turkey has now become a major competitor within the European real estate market. We will be attending Cityscape Global in Dubai to promote our latest project, the Agaoglu Maslak 1453, the largest real estate project in Turkey."
An annual sales volume of $5bn is expected following the introduction of the Law and Agaoglu targets a market share of 20 per cent over this volume, corresponding to a sales figure of $1bn.
Agaoglu Maslak 1453 is located in Maslak, one of the most developed central locations in Istanbul. The project comprises of 4,700 residences, with a number of key features, including a large public squares, theatres, international fashion centre, a 1,453-meter-long shopping avenue and neighboring forest.
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