GCC investors see gains in Agaoglu Group’s project in Turkey

The Agaoglu Group, which has strong presence in the Gulf through its Dubai representative office, says Turkey’s new residence law is bolstering its trade prospects.
The Maslak 1453 project has been the focus of buyers from the Middle East since it was introduced at Cityscape in Dubai last November.
It is currently the largest active mixed use development in Europe with more than 4,800 residential units, 200,000 sq m of retail and a lot of lifestyle activities like a fashion center, amphitheater, sports facilities etc. with total construction area of 2 million sqms.
There were only individual buyers before the legislation was passed, says Ali Agaoglu. “But now investors are buying towers.”
He says the Group sold two towers last week and another 3 towers are under negotiation.
He says that there is special interest on the serviced apartments sector.
The buyers want to convert the towers to suit the needs of Middle Eastern families.
The new law offers incentives to Middle East investors, says a press release from Agaoglu Group
The Maslak 1453 project was introduced at $2.650/ sq m prices and has now reached $ 3.400 /sq m.
Hasan Rahvalı, general manager of Agaoglu Group, says that comparative prices in the region are around $ 6.000 /sq m
He sees a chance for price increase when the construction work is completed.
About 65 percent of the residential units have already been sold.
He says the size of the project gives them cost advantage and they are reflecting this to buyers that are buying off-the-plan.
The government of Turkey has been improving its ties with Arab countries.
It has liberalized the real estate market for foreign ownership last year and is now in the process of liberalizing the movement of people.
People from Arab states, who buy real estate, will be entitled for residency rights and will not need visa as long as they keep the property, the press release added.
After eight years, they will be granted full residency.
Founded in 1981, and inspired by the philosophy of its founder, Ali Agaoglu, the group has become one of the leading investment groups in Turkey, with works and projects accomplished in construction, energy and tourism sectors.