Arabs seeking to purchase large-scale homes to accommodate their extensive families have now inspired investments in Turkey to focus on the building of larger residences. While Turkish investors are placing emphasis on larger-scale home projects, Gulf real estate companies, who are well aware of the need for these sorts of projects in Turkey, have also begun investing.
The Reciprocity Law which went into effect in Turkey 11 months ago has resulted in bringing the large home concept to the forefront. A major factor in the creation of this new demand was the desire of Gulf investors to purchase multiple-room homes to accommodate their large families. Known for having an extensive family structure, when Arab buyers faced difficulties finding properties that had enough rooms to accommodate them, they ended up creating a solution by way of purchasing two three-bedroom homes next to each other. Upon seeing this rising demand, investors are now deciding to increase the room numbers in their ongoing residential projects. This demand has also reeled in real estate firms from the Gulf as they get ready to join Turkish investors in embarking on new 5+1 and 6+1 room projects.
Tasweek, one of the United Arab Emirates' largest real estate property development firms, has designated a 280 million dollar budget to develop a villa-style project in Turkey. Tasweek, which has 13 partners, including members of the Abu Dhabi royal family, signed an agreement just last week to develop villa-style homes in Bursa and Yalova with Beyttürk Yatırım.
Muhammet Uğurcan Barman, the CEO of Beyttürk Yatırım who also serves as Vice-Chairman of the DEİK Turkish Kuwaiti Business Council as well as Gulf Nations Coordinator for MÜSİAD says, "At first, we will be realizing a 280 million dollar project in Bursa, Yalova and Istanbul. Last week, we signed a deal with Tasweek CEO Masood Al Awar. Our villa-style residences will stand out."
Large units for large family units
Barman went on to explain that after the passing of the Reciprocity Law, they failed to see the high demand in property sales they expected from the Gulf. "Firms were not familiar with the Arab culture's large family units. Therefore, the small apartments they had built failed to sell.
This is a translation of an article originally written by Kerim Ülker.