Özyurtlar Construction has become the first and only Turkish company to obtain a license to sell residential property in Saudi Arabia, following a lengthy process which lasted for one year. Özyurtlar Construction will be able to offer all of its property projects for sale in Saudi Arabia, at the same time as it offers them in Turkey.
Özyurtlar has taken action to increase its market share in Saudi Arabia, which wants to enter into cooperation with Turkish companies in order to eliminate its shortfall in residential properties. Özyurtlar, which has previously sold to Saudi Arabian nationals through various different channels, has become the first Turkish company to obtain a license to market and sell properties in this country. Özyurtlar, which received this certificate following lengthy endeavors which lasted for one year, will market all new real estate projects which it has released for sale in Saudi Arabia as it does in Turkey, from now on.
Tamer Özyurt, the chairman of the Özyurtlar Group of Companies, who stated that they had been put through very tight controls for a year in order to be able to obtain the certificate, said, “They inspected everything from our company license to its structure. We passed the controls successfully, and became the first Turkish company to receive this certificate.”
The share of foreigners is increasing
Tamer Özyurt, who stated that there was high demand for Özyurtlar Construction projects from the Gulf countries and the Middle East, as well as Saudi Arabia, said, “This demand has risen over the years. While the share of the sales we made to foreigners in our turnover was 17 percent in 2014, in 2015 this share increased to 42 percent.” Özyurt, who stated that they had employed staff who speak Arabic and English in the company, in parallel to this increase, said, “Contrary to belief, foreign investors do not want projects which are specifically for them. In fact, they are buying properties from highly popular projects. They prefer 1 and 2 bedroom properties, which they will be able to turn into cash very quickly in the event of any problems.”
They prefer Esenyurt
Özyurt, who emphasized that the first choice of investors from Saudi Arabia, the Gulf countries and the Middle East, is Esenyurt, said, “When we look at Istanbul in general, average prices range from 5 to 10 thousand liras per square meter. Esenyurt is the only region where prices are between 3 to 4 thousand liras. Therefore, the projects in Esenyurt are drawing investors due to their more suitable prices as well as their social and transport facilities.”