Dubai: Flashing major incentives and their gateway-to-Europe status, Turkish developers are queuing up to get a piece of the Middle East funds seeking overseas realty exposures. The value-additions on offer now extend to a one-year visa for the investor as well as the immediate family, and which can be renewed every year. After eight years, permanent residency is granted.
It was in 2012 that the foreign investment law was liberalised, following which there has been a 500 per cent increase in investment from the GCC. In fact, Gulf markets contribute nearly a quarter of the foreign buyers in the country, according to available data.
“I believe the immigration benefits will continue to be relaxed for GCC citizens in the near future because the [Turkish] minister of economy has already announced that this will be a priority in the new government’s agenda,” said Ceyda Carmikli, Executive Board Member at Nurol REIT.
Top company officials are in Dubai marketing three projects in Istanbul. The local operations of Australian brokerage firm Raine & Horne has been appointed to do longer term campaign.
“Nurol Holding, our $25 billion [Dh92 billion] parent company, has constructed landmark residential, commercial and infrastructure projects around the world,” said Carmikli. “In UAE, we have built projects worth in excess of $2 billion, including infrastructure in Jumeirah Park, homes in Jumeirah Village Triangle, Millennium Hotel Abu Dhabi, Khalidiya Palace Rotana Hotel and Residences Abu Dhabi, and many other projects.”
For the three projects in Istanbul, the developer is aiming for both Gulf nationals and GCC-based investors. “Our proximity to the GCC and our robust tourism industry has opened up the opportunity for Gulf-based investors who see value in capital appreciation and high returns on their investments,” said Carmikli.
Also, the recent volatility on the Turkish lira can have a hand in generating a favourable response.
“I definitely think it’s a big advantage ... over the last year, the lira has softened against the dollar, making it especially attractive for investors from the GCC,” said Carmikli. “Our view is that the lira has found long term stability and investors would be able to retain this advantage. Now it is perfect timing after the results of the elections to invest in the growing Turkish market.”
