Tuesday, 23 August 2016

Gulf investors maintain interest in Turkish property despite turmoil

Gulf property investors are likely to remain unfazed by the security concerns in Turkey, thanks to their tolerance for risk and the country’s economic potential.

Despite political uncertainty coupled with a recent intensifying of violent attacks from Kurdish PKK militants, property brokers say that interest from Gulf investors remains strong.
"GCC countries currently account for more than 50 per cent of all foreign sales and are expected to increase demand in the short to mid-term," said Diana Dogan, the head of research at the broker CBRE Istanbul.

    Earlier this month the Kuwaiti real estate firm Mazaya announced it had raised to 90 per cent its stake in Istanbul, a development of six tower blocks comprising more than 1,000 homes, 150 shops and nearly 100 offices.
    Mazaya, which signed the deal after the botched coup on July 15, is keen to pursue other opportunities in Turkey.
    "Any political disturbance internally or externally always has an impact on the market’s economic and financial situation following the external appetite for supply and demand, but this is a short-term effect," said a Mazaya spokeswoman. "The Turkish market has all the strong parameters to promote itself in the GCC."
    Source: www.thenational.ae/business/property/gulf-investors-maintain-interest-in-turkish-property-despite-turmoil

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    Friday, 12 August 2016

    Al Mazaya acquires 50% stake of a real estate project in Turkey

    Kuwaiti real estate firm Al Mazaya Holding has acquired 50% stake at Ritim Istanbul project in Turkey, raising its share of the project to 90%.

    The deal is valued at around $25m.

    On this occasion, the group CEO of Al Mazaya Holding, Eng Ibrahim Al Soqabi, said: “This acquisition reflects the confidence of Al Mazaya in Ritim Istanbul project; it also reflects the high potential of the project (especially as 80% of it has already been sold while construction is reaching 95% completion) and it has yielded positive returns on the company.”

    He added: “The deal has positive financial returns for Al Mazaya from the profits generated by the acquisition and also from consolidating the project’s balance sheet into ours—the handover of the project started in the second quarter of this year, which led to pocketing profits from this handover process.

    "Also, the revenue generated from leasing the retail space, which is already 60% leased, will yield positive financial returns for Al Mazaya and contribute to its profitability in the coming period.

    "This will prove to be particularly true with Al Mazaya’s stake in the project reaching 90%, which will be incorporated into the company's Q3 2016 balance sheets and profits once all deal procedures are finalised.”

    Source: http://www.constructionweekonline.com/article-40392-al-mazaya-acquires-50-stake-in-turkey-project/

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