Property | Gulf

More Gulf investors buy property in Turkey

A Saudi businessman buys two towers Turkish real estate project

  • By Jumana Al Tamimi, Associate Editor
  • Published: 16:40 June 13, 2013
  • Gulf News

Dubai: Two out of 24 towers in a massive Turkish real estate project still in progress in Istanbul were bought by a Saudi businessman last Friday, officials at the construction company said.

The Saudi multi-millionaire, Ehsan Fareed Abdul Jawad, paid $200 million (Dh735 million) to buy the two blocs from the Turkish construction company of Aqaoglu, which is building the Maslak 1453 project in Istanbul.

“In the upcoming period, we may intend to make new investments, we trust the economy and stability of Turkey,” Abdul Jawad was quoted as saying.

The deal is the biggest of its kind between the Agaoglu and a single buyer, the company said in a statement.

Ali Agaoglu, Chairman of Agaoglu group of companies, was quoted as saying the deal “is the most significant indicator of the trust that foreigners have for our country and the real estate projects in our country”, he said referring to the protests in Gezi Park in Istanbul, which erupted nearly two weeks back.

“Following the law of reciprocity which came into effect previous year, we have reached a sales figure of $631 million and by the end of 2013; we will have provided a foreign currency inflow of over $1 billion into the country,” he added in his statement.

Meanwhile, negotiations are underway with a second Saudi businessman to sell a third bloc in the project, officials at Agaoglu office in Dubai told Gulf News.

Maslak 1453, which is expected to be completed in 2015, is being built on an area of two million square metres. It comprises of 24 blocs ranging from 21 to 55 floors. It has 5,300 independent parts, 4,789 of which are residences. Since the launch of the project, 3,040 residences have been sold, the company said.

Many of the investors are coming from the Gulf region, which the Turkish government is attempting to attract.

Latest Ads

Banking

UAE buyers are securing home loans again

Business Editor's choice