A quarter of Turkish real estate, sold to foreign buyers, is purchased by GCC investors according to official figures

18th November Dubai, UAE

Following the 2012 liberalisation of foreign investment law in Turkey, there has been a 500% increase in investment from the GCC, which accounts for nearly a quarter of the foreign buyers, at 24%. According to figures released by REIDIN, the leading real estate information company focusing on emerging markets, investment from the Gulf region has increased five-fold since the successful change in law. The news comes as dignitaries from Turkey and Australia gathered to mark the announcement of Nurol Reit's appointment of one of Australia's largest and longest established real estate agents, Raine & Horne in Dubai, as the lead agency in the GCC for a AED 3 billion property portfolio in Istanbul.

Turkey has a religious and cultural bond with the GCC but is also developing as an increasingly important economic partner. Trade volume between Turkey and the GCC was close to $16 billion in 2014 and as Turkey is classed as the 17th biggest economy in the world, it presents a healthy investment destination that straddles both Europe and Asia.  At Cityscape Global 2015 in Dubai, 52 stands out of 369 in total were from Turkey, which accounts for 15% of all exhibitors, showcasing the increased interest from regional investors.  Classed as the world's most popular tourism destination in 2014, Istanbul has a strong appeal for visitors from the region, with a 450% increase in tourists from the Gulf in the last two years. 

"High capital growth, great investment propositions, important infrastructure projects on the horizon and secure legislation and regulation means Turkey is a key market for today's property investor and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market. The developments presented by Nurol REIT offer exciting opportunities with a range of different properties to suit different buyers. We are proud to be in partnership with Nurol REIT and thrilled to be the lead agency in the GCC for this project," said Sanjay Chimnani, Joint Managing Director of Raine & Horne Dubai. "Nurol Life, Nurol Park and Nurol Tower will be Raine & Horne's first foray into Europe, so this is a historic partnership for us," he added.

Nurol Life are luxury residences in the heart of the city in the  Seyrantepe area with four metre high ceilings which allow for exceptional vistas of the Bosphorus and the forest; mixed use community Nurol Park, which is in close proximity to Ataturk Airport is built on former industrial land, which is now prime real estate, and comprises of eleven buildings, two commercial, eight residential and one hotel, with affordable prices for the first time investor; and Nurol Tower homes and offices, which are located next to Istanbul Court in the Maslak area and nearby Taksim and Nişantaşı, by a cross street which sees 2 million people cross it every day.

"As an investment destination for the Gulf countries, Turkey is a strong option, particularly for real estate purchases," said Ceyda Carmikli, Executive Board Member of Nurol REIT, the USD 25bn business conglomerate, which boasts a proven track record in the UAE and wider GCC as well, with involvement in Jumeirah Park, Jumeirah Village Triangle, Saadiyat Island. "Istanbul's attractive capital returns and strong capital appreciation are drawing substantial interest from this region. The security offered by Turkey's government-protected title deeds, combined with a young population of 49% under 30 who have housing needs, are all appealing to both the home owner and buy-to-let investor," Carmikli continued. "In addition to this, the Reciprocity Law, which facilitates real estate sales to foreigners, has increased the investment attractiveness of Turkey. The Turkish real estate market is expecting revenue of US$ 5 billion from the sales of approximately 20 thousand houses to the foreigners in 2015. The target for the year 2016 is 40 thousand houses and a revenue of US$ 10 billion."

Guests of Honour at the event included H.E. Pablo Kang, Australian Ambassador to the UAE; Mustafa Levent Bilgen, Turkish Ambassador to the UAE; Gerard Seeber, Australian Consul General and Erdem Ozan, Turkish Consul General to the UAE.

-Ends-

Press Contact:
Laura Westmacott
Bianca Riley
Sivale Khalil
Ahmad Mare
TOH Public Relations
+971 4 382 8900
firstname@tohpr.com

Raine & Horne Dubai
www.raineandhorne.com.au/dubai
1504 Oberoi Centre, Business Bay, Dubai, UAE
+971 4 366 3200  
Facebook
Twitter

About the developments

Nurol Life: 1 to 3 bedrooms, from 1,500 AED per sq ft

Nurol Park: 1 to 3 bedrooms, from 850 AED per sq ft

Nurol Tower: 800 to 1850 sq ft, from 2,300 AED per sq ft

Nurol Holding:
Founded in 1966 as Nurol Construction, and then diversifying its activities by venturing into numerous other lines of businesses, the Nurol Group of Companies is currently operating in five core sectors both in Turkey and abroad, ranging from construction to defense industry, from finance to tourism and energy, deriving strength from a significant wealth of business experience amassed over a half century. Operating with over 40 participants and subsidiaries and employees above 10,000 the Nurol Group of Companies continues to stamp its imprint on massive projects both at home and abroad.

Nurol REIT:
Nurol REIT was launched in 1997 and the company is providing varied services in the fields of land, estate and property development, project design, and marketing and sales, supported by a highly qualified human capital and experienced staff. Currently, Nurol REIT's portfolio of key projects is comprised of the following: Nurol Tower, Nurol Life and Nurol Park. Identifying accurately the requirements, challenges and demands of the lifestyle and metropolis travails of the 21st century in due course of time, Nurol REIT continues to develop profitable real estate and property projects: at present, the Nurol Tower project, rising in the Mecidiyekoy district, is patterned on the "HomeOfficeHome®" concept, right at the heart of the metropolitan spread, coming forward prominently as an innovative blueprint making available a precise preference  for the hard-pressed employees to use it either as a home or an office or alternatively as a home-office.

Moreover, the Nurol Life project, commenced in the fast-sprawling and stellar Seyrantepe as a residential borough, is sited almost adjacent to the Türk Telekom Arena Stadium, and offers a luxurious and multi-function residence life with 502 housing units and 50 office premises, stretching on a land of 9,525 square meters. And, last but not least, the Nurol Park is situated on a precious land of 55,000 square meters which used to accommodate the Hürriyet media group's building in Basin Ekspres next to Gunesli, and is primarily conceived as a mixed-use structural complex to respond virtually to all needs required of a modern urban life.

Raine & Horne Dubai:
Raine & Horne is an Australian real estate company that was established by Tom Raine and Joseph Horne in 1883. Ever since its days in Wentworth Court in Sydney, Raine & Horne has adhered to a set of business practices that have been maintained to the present day. The property pioneers committed to personalised service and to meeting a client's property needs across sales, leasing, management and consulting services for all types of property.

In a bid to continue the tradition of providing cutting-edge services to clients and developers in the booming metropolis of the Middle East, Raine & Horne Dubai provides a range of real estate services including: Project marketing; Residential sales; Commercial sales; Property leasing and research.

Raine & Horne Dubai has the full backing of Raine & Horne International who support with their systems, processes, knowledge and training. Raine & Horne's vast resources, including its strong international network of 350 offices give the Dubai office a competitive advantage over other agencies.

© Press Release 2015