Turkish real estate companies have been making their presence felt more and more in the GCC, specifically in Dubai, while Turkey is increasingly being seen as an attractive vacation spot by the population of the Middle East.
Ağaoğlu Group, one of the leading investment groups in Turkey, has launched the Istanbul Financial Center (IFC) exclusively to Middle Eastern investors during Cityscape Global Dubai on September 8. Ağaoğlu opened its office in Dubai in 2013, as part of its efforts to tap into the investors and the purchasing power of the Middle East.
IFC, the first private investment area in Turkey, is slated to initially turn Istanbul into a regional financial hub and eventually grow into a global financial hub.
“The main reason we are here in Dubai is because we need to promote our project to customers who are already Turkey,” Ali El Salih, foreign customer relations manager at Ağaoğlu, says. “We are focusing on the Middle East for foreign investors to come to Turkey.”
Hundred per cent ownership a major incentive
El Salih explains that the biggest advantage of investing in Turkey is that 100 per cent ownership is allowed. “You get a title under your name and you own the piece of land where the project is located – this is a huge advantage,” he says. Additionally, when owning property in Turkey, a residential permit is automatically offered.
For the last ten years, Turkey has seen many investors from the Middle East, especially the GCC, invest in residential and commercial markets. “They saw the value and they saw how the profits increase with years in Turkey,” explains El Salih.
The Istanbul Financial Center is turning Istanbul into a financial hub
The IFC project will rise over a 303,000sq m land space and have 3,181,116sq m of built-up area. The first step is to find customers. “Our target customers are in Dubai,” he says. “It is not something that we can market all over the world, because it is a unique project and we need specific people who have the vision to not only make a profit, but want to be there and stay for a long time.”
“Middle Easterns need to invest in Turkey because they are going to make a lot of profit”
“Dubai investors need to be there because they are going to make a lot of profit, ” El Salih insists. The value of the project is definitely slated to increase with time, as conservative estimates project 50,000 employees, 20,000 visitors every day and 9,000 new residents. “With the economic stability in Turkey, everyone is making money there. We are here to provide a bridge between the Middle East and Turkey, with a focus on Dubai,” concludes El Salih.