Gulf investors in Turkish real estate told to partner up or face big risks 10.10.2013: Boss of Projebeyaz International at Cityscape Global warns serious problems remain in Turkey property

Boss of Projebeyaz International at Cityscape Global warns serious problems remain in Turkey property if right connections are not made




photo caption:Tolga Han, International Vice President of Projebeyaz International, at Cityscape Global this week.


Gulf investors who have their sights set on the booming Turkish real estate sector have been advised to partner with those that know the market well rather than go it alone, the boss of one of the country’s most respected property consultancies said today.


Tolga Han, International Vice President of Projebeyaz International, said that while Turkey presents unlimited potential for high capital gain, risks remain if GCC investors don’t make the right initial connections.


“Investors in the Gulf countries are profoundly interested in Turkish real estate, however when they cannot make true contacts and communicate with professionals, serious problems occur,” said Han, who was speaking at the Projebeyaz International exhibition stand at Cityscape Global, currently taking place until tomorrow (10 October) at the Dubai World Trade Centre. “As a result, the reputation of the whole sector is besmirched.”


One of 30 Turkish exhibitors at Cityscape Global, Projebeyaz International is showcasing some of the most high profile real estate developments currently on the market in the Southeast European nation, as they look to establish partnerships with locally based real estate agents.


Han said that the growing popularity of Turkey as an investment option for foreign funds has invited ‘fly-by-night’ property agents to enter the market and take advantage of investors that aren’t equipped with the right knowledge to make proper decisions.


He added: “We consider ourselves not belonging to that group, yet it takes time for foreign investors to recognise the difference. To say ‘we are different’ does not solve the problem.


“To overcome trust issues, we want to cooperate with honest, decent and reliable people that the Gulf investors know. Establishing partnerships with respected GCC-based real estate agents will accelerate our business and satisfy investors.”


Some of the premier Turkish real estate developments that Projebeyaz International is highlighting at Cityscape Global include the US$450 million Trump Tower; the US$250 million Çengelköy Villas; the US$1.5 billion Maçka Residence; the US$90 million Güneşli Residence; the US$20 million Marmaroom residences, and the US$180 million Kempinski Residences Astoria, all located in Istanbul.


“Most of the properties we manage are located in Istanbul, but we have properties all over Turkey, and we also offer prime office and commercial space in some of the most sought after areas of the country, such as Helis Metro Ofis in Kartal; Esas Aeropark in Kurtköy, and Istinye Park Mall in Istanbul.” added Han, who said that they may join other Turkish real estate companies and establish their own office in Dubai.


“We can also open offices here later, however we think that there will be no need for this if we can make true connections. We hope to create an option beneficial for everyone.”


Currently 15 per cent of total sales at Projebeyaz International come from the Middle East and the company plans to increase this figure to 50 per cent over the next three years.


Projeyebaz International is exhibiting at Stand 3B40 and Stand 7D35 with Trump Towers İstanbul as its solution partner in the 1,500sqm Turkish pavilion at Cityscape Global 2013, the largest out of eight international pavilions this year at the Middle East’s largest and most influential real estate event.    
           


- Lindsay Johnston, Total Communications Dubai - also photo