Investor-demand prompts Top Real Estate Group acquisitions in Turkey
Al-Qaddoumi sees opportunities in Turkey property market
As a part of its policy to frequently visit and follow up the projects marketed by the Group and to ensure that such projects have been or are executed according to the agreed standards, Waleed Al-Qaddoumi, Managing Director of Top Real Estate Group and Mohamed Farghaly, the Group’s Exective manager have recently visited the projects located in the Turkish Republic, which are promoted by the Group.
The visit covered the regions of Istanbul, Bodrum and Kusadasi. AlQaddoumi expressed his full satisfaction with the progress of the projects under construction, which, will be delivered on time. The visit also included a meeting with a number of the Company’s clients who took over their residential apartments in several projects, notably Terrace Tema and Terrace Mix, which were executed by Inanlar Real Estate Development Company. On the other hand, the customers expressed their satisfaction with the projects quality and variety of services offered therein with utmost happiness to have a property in Turkey.
Al-Qaddoumi stated that Inanlar projects have significantly attracted customers from Kuwait, Qatar and Saudi Arabia where Top Real Estate Group managed to market and sell the largest proportion in these projects due to its great confidence in the developer who executes the projects according to the highest engineering standards. Their projects offer high quality and commitment to high-end distinctive finishing in those projects. Al-Qaddoumi added: Furthermore, confidence in the Turkish real estate market is a critical factor, which enabled the Group to market the largest number of units despite negative events that took place during 2016 in Turkey or other regions of the world. Such events had impact on the performance of various sectors including real estate industry, which witnessed slowdown and decline in sales in the majority of world countries including Turkey. AlQaddoumi added that the events that took place in Turkey such as failed coup attempt, terrorist acts in several areas or the decline the Turkish currency etc., did not hinder the economic and urban activity in the country, and did not limit the demand for acquisition of property in Turkey. Confidence in Turkey’s economic and political potential and its ability to overcome adversity and hardships enhanced the continuing attraction of different segments of investors, particularly in the real estate sector.
Al-Qaddoumi added that the Group is currently doing highly successful business with Inanlar Company over the past five years and continues to promote the Company’s projects in Kuwait, Qatar and a number of Arab countries. There comes on the top of such projects the Terrace Lotus Project located in Beylikduzu, Istanbul. He added that the project offers unique prime location on E-65 Highway, which provides easy transportation where it is possible to access the main education, health and shopping centers within few minutes. He pointed out that the project is located just 10 minute drive from Ataturk Airport, 3 minutes from TIM Highway, 6 minutes from Edo Naval Bus Station and 15 minutes from the Marmara. The distance will also be only minutes from the new underground station, which is set to be completed in 2019.
Al-Qaddoumi added that Terrace Lotus apartments, which are located in the most expensive and most beautiful sites in the area, have different sizes ranging from 90 to 240 square meters. The project comprises 40 floor at height of 150 meters. The project has 149 residential units and 44 retail shops in the shopping mall. Apartment spaces vary from 1, 2, 3 or 4 bedrooms with prices starting from TL 567 thousand. The advance payment is 20% and the progress payment is 20% while the remaining amount will be paid in 40 monthly installments. The project is set to be completed by Q4 in 2017 with estimates and projections that there will be an increase of 40% in the property value upon completion of the project implementation.
On the other hand, Al-Qaddoumi said that the Group would offer a limited number of units in the Terrace Mix and Terrace Tema projects, which are ready for immediate occupation with payment facilities up to 24 months. Al-Qaddoumi stated that the acquisition in Turkey remains a demand by investors seeking to utilize the promising opportunities offered by the real estate market, particularly at the present period as the Turkish Lira have been declining against the Kuwaiti Dinar, which constitutes a great benefit for the buyers.