One of Turkey’s largest construction companies, the Ağaoğlu Group, has reported a surge in interest from investors from Gulf countries, highlighted last week by the sale of two of the 24 towers at its flagship new Istanbul development to a Saudi.
Officials at Ağaoğlu reported that multi-millionaire Ehsan Fareed Abdul Jawad paid $200 million (Dh735 million) to purchase the blocks at the Maslak 1453 project, one of the most important developments on the European side of Istanbul. The sale will be a confidence boost for the Turkish property market and send out positive signals to other investors in the Middle East, as well as Europe. Ağaoğlu is said to be negotiating the sale of a third block with another Saudi businessman.
Once complete, Maslak 1453 will comprise 4,800 housing units spread across 24 towers, with the highest having 55 floors and the lowest 21 floors. There will be large squares, theatres and a 1,453-metre high street.
Ağaoğlu is also the building contractor for Istanbul’s equally impressive International Financial Center. The project will house offices, commercial spaces, residences, a 5-star hotel, a conference hall for 2,500 people and shops.
About Turkey’s increasing appeal to Middle Eastern investors, Ağaoğlu Group CEO Ali Ağaoğlu recently stated: “Our relationships with Gulf countries have developed considerably over the last few years, paralleled by a similar increase in real-estate investments in Turkey. As Ağaoğlu, we had promoted our Maslak 1453 project, which is the largest real-estate project of Turkey, in Citiscape, Dubai. Our project has drawn so much interest that we decided to open an office in the region after the fair and we held the opening in March. Now, we would like to diversify our promotion efforts further in the region since Turkey is becoming more and more attractive for the investors in the Gulf region, every day. Following the law of reciprocity that passed last year and enabled foreigners to buy property in Turkey, the worth of the properties sold to customers from Gulf region only by Ağaoğlu, has exceeded $800 million.”