Published on 24 March 2006 at 12:47 pm
Filed in Property News for Turkey » Emaar’s Expansion into Turkey’s Investment Property Sector
UAE based Emaar Properties, the world’s largest property development company has announced that its ‘Vision 2010’ expansion program firmly encompasses the property sector in Turkey. Emaar confirmed this week that it is about to embark on an initial residential development in Istanbul valued at USD 700 million.
The new development, named the Lakeside Project, is a joint venture between Emaar Properties and the Turkish company Atasay which will result in the construction of 600 luxury villa residences on 1.7 million square feet of prime land overlooking both the Buyukcekmece Lake and the Marmara Sea.
Emaar’s expansion program is incredibly ambitious with the company particularly keen on targeting emerging markets with masses of potential; similar investment property development projects are already underway in Saudi Arabia, Morocco, Syria, Egypt, India and Pakistan. According to an Emaar spokesperson, their commitment to and ventures into the Turkish property sector have only just begun with the multi million dollar Lakeside Project.
The project is located around twelve miles from the main airport in Istanbul and less than an hours drive from the heart of the thriving metropolis that is modern day Istanbul. Therefore the development is situated close enough to the city’s heart and soul for residents of the Lakeside Project to live and work in Istanbul, but far enough away from the hustle and bustle of everyday city life so that the Lakeside residents can enjoy the peaceful haven that the Emaar designers, architects and visionaries will create.
The Lakeside community will incorporate social and recreational spaces and amenities for the residents of the 600 luxury properties to enjoy as well. And as is Emaar’s trademark, all properties and outside spaces will be finished perfectly with incredible attention being paid to all details of the design and construction.
Emaar Properties‘ Executive Director of International Operations confirmed in a statement that the Lakeside Project is just the first in a planned long line of projects that the company are committed to in Turkey. Other ventures that Emaar embark upon may well encompass industries other than the Turkish real estate sector with Emaar particularly interested in establishing themselves in the finance, energy, telecom, tourism and media sectors in Turkey as well.
The huge financial commitment of Emaar Properties to property in Turkey merely underlines and reconfirms the United Arab Emirates’ ongoing commitment to the development of Turkey which was previously highlighted when Dubai International Properties formed a strategic alliance with the Istanbul Metropolitan Municipality and committed to substantial investment into Turkey’s real estate sector.
The commitment of these giants to the investment property market in Turkey just proves that there is massive potential in the country and that the time is definitely right for property investors to do their due diligence on Turkey and commit to careful real estate investment projects.
