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Nurol Reit (real estate investment trust) is making a concerted bid to attract GCC investors to its Dh3 billion property portfolio in Turkey. It has signed on the Dubai wing of the Australian brokerage firm Raine & Horne to market and sell units in three property projects in Istanbul.
GCC investors are responsible for nearly a quarter of the foreign buyers in Turkey, at 24 per cent, according to Reidin. Since Turkey liberalised the foreign investment law in 2012, there has been a 500 per cent increase in property investment from the GCC.
Besides providing a gateway into Europe, Turkey also offers property investors a 12-month residency visa, which can be renewed every year thereafter. This also applies to the investor's family.
Nurol Tower features offices in the heart of Istanbul's central business district. It is a ground-plus 50-storey tower with average rates starting from $700 per square foot. The tower is ready to be handed over and has a flexible payment plan. Investors can pay 30 per cent of the sales price across 90 days and the remaining in 30 months after handover. This payment plan applies to the other two Nurol projects as well.
Nurol Life is a luxury residential project in the heart of Istanbul with homes offering views of the city and Belgrade forest. Prices start from $400 per sq ft and the 50-storey tower is slated for completion in April 2017. Amenities will include a concierge, private cinema and a rooftop restaurant featuring a celebrity chef.
Meanwhile, Nurol Park is a mixed-use community around six minutes away from Istanbul's Ataturk international airport and comprises 11 buildings - two commercial, eight residential and one with hotel apartments. It is a self-contained community with gardens and open spaces spanning the length of five football stadiums. A retail component will run all through the development. Prices start from $445 per sq ft and the completion date is March 2016.
"Turkish property traditionally finds favour among investors from Kuwait, Saudi Arabia and Qatar. There has been a good response from the UAE so far and it is still early stages for all the three projects," said Sanjay Chimnani, joint managing director of Raine & Horne Dubai.
The parent company, Nurol Holding is a $25 billion business conglomerate, which has built projects in the UAE such as infrastructure in Jumeirah Park, homes in Jumeirah Village Triangle, Millennium Hotel Abu Dhabi, Khalidiya Palace Rotana Hotel and Residences Abu Dhabi, among others.
- deepthi@khaleejtimes.com
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