Türkiye’s largest real estate investment company Emlak Konut announced its expansion into Saudi Arabia, unveiling its inaugural project, Hayat Makkah, aimed at serving residents and visiting pilgrims.

In November 2025, the Istanbul stock exchange-listed company had signed a preliminary agreement for Hayat Makkah with Saudi Arabia’s state-owned National Housing Company (NHC) on the sidelines of Cityscape Global Riyadh 2025 Exhibition.

Hayat Makkah is located within NHC’s Makkah Gate master plan and will comprise 1,014 villas, with units ranging in size from 150 to 5,000 square metres (sqm) and several amenities, according to a press statement by the developer.

While the statement didn’t disclose the financial details, Emlak Konut had pegged the value of the project at $400 million in its 2026 analyst presentation.

Chairman Ertan Keleş said the company is in discussions with housing authorities and private partners for a second project, while a third development is being planned in Jeddah.

For 2025, Emlak Konut reported net profit of 13.20 billion Turkish Lira ($296 million) year-on-year.

(Writing by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@lseg.com)

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