Oya Zingal Dural, the CEO of the Kuwait based Mresco – the real estate investor of Hacer Tower, opposite the Ka’bah – stated that the revenue with the long term residential permits to be brought for foreigners in respect of sales – which has reached 5 billion dollars – could surpass 10 billion dollars.
The fall in oil has increased investment
Dural, who stated that the interest of Gulf investors in Turkey had begun with the Arab Spring, and had recently increased due to the fall in value of oil, added that the fact that we are the closest country to Europe, that real estate is a halal investment and the Turkish television serials had also had an impact. Dural said that when an Arab family purchased a property in Turkey, it became a center of expenses when it was not used, due to the invoices. Due to this, Mresco is developing a project by purchasing 100 properties from Nef. Mresco will manage the homes during the period customers do not come, ensuring that they turn into a system whereby the invoices are paid and the homes generate profits for their owners.
Investments to move to Antalya
Dural stated that there had been a great demand by Arabs for Trabzon, due to its moderate climate, and that they were using this region not just for holidays, but to live there, and said,
There are direct flights from Jeddah to Trabzon, in line with demand. The number of Saudi investors is very high. We are giving two apartments to one family in our sales. They are buying the second one for their helpers. A very large number of Arabs are also veering towards Antalya. We are in the tourism stage in the Antalya region – that is the situation Istanbul was in 10 years ago. We will see much more Arab investment in Antalya, in time.
Dural, who stated that the sell – build period within the sector had come to an end, and that sales could not be made until the license had been obtained and a certain stage had been reached in the construction, said that the reason for this was the clients who had encountered problems in terms of square meter sizes, in the sales from models. Dural stated that there was a need for much more investor friendly procedures within the bureaucracy, and said that standards were needed in the legislation, and taxes needed to be reduced for investors. Dural stated that while investors from the Gulf were saying, ‘I want to buy a property’, two years ago, they were now saying, ‘I want to build a project’.