The real estate sector in Turkey is receiving great interest from foreign investors due to its potential for returns and the opportunities it offers, in the last few years. In particular, Arab investors from the Gulf countries are both becoming the owners of real estate in Turkey and taking advantage of the knowledge accumulated by Turkish companies by inviting them into partnership in their own countries. The last example of this is the Fuzul Group, which has expanded abroad with its brand Nevita. The Fuzul Group, which has produced 4 thousand residential properties in Başakşehir since 2000, has rolled up its sleeves for its first investment with Nevita. Fuzul will undertake a project comprised of apartments and villas in Riyadh, together with two large construction companies from Saudi Arabia. The Alayuni Group, which has an annual turnover of 2.5 billion Liras, and Alhabi Real Estate, which has an annual turnover of 1.5 billion Liras, have formed a 3 company consortium with the Fuzul Group, and will invest 400 million Liras.
The impact of Başakşehir
Building work in the project, which is located in the northern region of the Saudi Arabian capital of Riyadh, will begin at the end of this year. The project will be built on a 70 decare (7 hectare) estate. The project will combine traditional Arabian architecture with Turkish type housing complex applications. Similar to the projects built in Turkey in recent periods, it will have social facilities. The project, which is to be comprised of apartments and villas, is expected to be completed within 2.5 years. It is also expected that 30 percent of the project will be sold this year, after the start of the construction work.
Faruk Akbal, a member of the Board of Directors of the Fuzul Group, who gave details on the investment, made a reminder that the group had been planning to expand abroad with its brand Nevita, for a long time. Akbal, who stated that they are in very close contact with Riyadh, said, “Our partners who are in the consortium, had previously invested in our projects in Başakşehir. Our acquaintance and our relationship of trust dates back to that period. They have also spoken to other large construction groups here. However, both our relationship of trust, dating back into the past, and our excitement concerning expanding abroad, made an impact on our partners.”
Fuzul to put its name to the design
Faruk Akbal, who explained their status within the partnership, stated that they would be offering know-how support to the project in Riyadh. Akbal said, “We will draw up the project and present its design and architecture to our partners, with our experience. Our partners will then build it in Riyadh. This cooperation will be just a start. The Riyadh project will be our first pilot project with our brand Nevita. We do not have an expectation of profit from this project. It will be an investment which will open the doors of the region to us.”