Agaoglu has closed over USD 200 M of sales in 10 days after the legislation has passed and there is another USD 300 M on the pipeline.
Maslak 1453 project has been the focus of the buyers from the Middle East since it has been introduced at Cityscape in Dubai last November. It is currently the largest active mixed use development in Europe with more than 4800 residential units, 200 thousand sqm of retail and a lot of life style activities like a fashion center, ampitheatre, sports facilities etc. with total construction area of 2 million sqms.
Ali Agaoglu states that before the regislation has passed, there were individual buyers but now investors are buying towers. He states that they have sold two towers last week and another 3 towers are under negotiation. He comments that there is special interest for the serviced apartments sector, the buyers wants to convert the towers for the needs of the middle eastern families who can reside in Turkey without limitation to exit the country like in the past.
Maslak 1453 project was introduced at 2.650 USD/m2 prices and now reached to 3.400 USD/m2. General Manager of Agaoglu Group Hasan Rahvalı states that comparative prices in the region is around 6.000 USD/m2 and there is a lot of room for price increase when the projects construction is finished. Currently about 65% of the residential units has been sold. The adds that the size of the project gives them cost advantage and they are reflecting this to the buyers that are buying off-the-plan.
The government of Turkey has been improving the ties with the Arab countries. It has liberalized the real estate markets for foreign ownership last year and now liberalizing the movement of people. Arab people who buy real-estate will be entitled to have residency and will not need Visa as long as they keep the property. After 8 years, they will be granted full residency.
City of Istanbul: As Napoleon said: “If the world was only one country, Istanbul would be its capital.”
Istanbul is a unique city, being the 3rd most popular European tourist destination after London and Paris.
Istanbul enjoys a network of 93 direct flights to Europe and other countries daily.
Istanbul is home to ‘The Grand Bazaar', and soon home to the “ Istanbul International Fincance Center”, a project by Agaoglu group of companies.