Business | Property
ETA Star set to invest in Turkey's real estate market
Dubai-based property developer ETA Star plans to invest $200-$250 million in Turkey's real estate market in the next two years.
- By Robert Ditcham, Staff Reporter
- Published: 00:00 December 6, 2006
- Damac to invest Dh60b in Egypt
- Mizin opens Dh20b Arjan realty project
- Jiwar sells Al Makam Tower for 2.2b riyals
- Trump dismisses talk of realty bubble
- Call to seek legal advice before purchasing property
- Demand strong for mid-income houses
- Limitless unveils maiden foray into Russian market
- IFA to build $1b luxury resort on Palm Jumeirah
- Sorouh launches Dh3.5b Saraya Abu Dhabi
Dubai: Dubai-based property developer ETA Star plans to invest $200-$250 million in Turkey's real estate market in the next two years.
The company is set to launch two residential projects in Istanbul and Ankara in the first half of 2007, claiming the country's buoyant property market will get a further boost upon possible accession into the EU.
ETA Star executive director Abid Junaid said the move is part of the company's corporate objective to commit 40 per cent of its overall property portfolio to overseas markets by 2010.
"We are all reaching capacity in Dubai, so have been forced to target CIS countries, East Europe and Qatar, with Bahrain as a future option," he said.
"We are participating in some tenders in Istanbul and have a MoU with a developer in Ankara," he added.
"Eventually we will have a large portfolio in Turkey through a number of small to medium residential developments."
Related Links
Qatar plans
The company also plans to launch a residential development in Qatar by June 2007, but insists it has not lost faith in the Dubai market.
It is planning future developments in Business Bay, Sports City, Jumeirah Village South and Dubai Waterfront.
"The UAE is our home market. We expect to launch close to Dh2 billion worth of mixed use developments in the UAE alone in 2007," he said.
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
