Astas Holding, a top Turkish real estate and hotel developer, said there has been an overwhelming response from Gulf investors for its upcoming luxury residential project, The Residences at Mandarin Oriental Bodrum.

'The Residences at Mandarin Oriental,' Bodrum is located in Göltürkbükü on the northern part of the Peninsula in 2012. It has been set up in partnership with Mandarin Oriental Hotel Group, an award-winning owner and operator of some of the world's most prestigious hotels and resorts.

The project boasts of 98 villas and 116 residences with breathtaking views over the Aegean Sea, designed with sophisticated and natural materials.

Astas said there has been a 50 per cent increase in sales at The Residences at Mandarin Oriental Bodrum since May 2012, when the Turkish Government passed the 'Reciprocity law' in parliament, which enables foreigners to buy property in the country.

As per the law, residents of 183 countries, including the GCC states, can now acquire real estate projects and take advantage of the speculated 20 to 30 per cent annual hike in Turkish luxury property value, due to the shortage of high-end developments in the country, said a senior official.

The expectations of discerning investors from the Gulf region are being met by the quality, comfort and luxurious lifestyle at The Residences at the Mandarin Oriental, Bodrum, which will open early next year, remarked Verdat Asci, the chairman of Astas Holding.

Nearly 10 per cent of sales have come from the UAE, highlighting the potential of Turkey to replace Paris and London in terms of property investment from the Gulf States, Asci noted.

Founded in 1983, the Istanbul-based Astas is a major player in the field of luxurious real estate and hotel development along with many other areas of activity. The company provides employment to 2,000 people and is planning to invest $3 billion within the next 5 years.

“Turkish cities are soon expected to replace Paris and London in terms of property investments from the Gulf states as I expect the price of luxury property in Turkey to increase by 20 to 30 per cent annually, due to a shortage of high-end developments in the country," he remarked.

"Therefore, I believe that the Residences at the Mandarin Oriental, Bodrum will soon become one of the leading resort destinations in the Mediterranean for Arab nationals," he added.

Besides the beautiful scenery, a warm climate and a wealth of cultural, sporting and culinary attractions, what has lured Arab investors most to Turkey has been the property prices when compared to ‘competitor’ Dubai.

The overall appetite is also leading to the growing status of some areas as fashionable summer haunts, including Bodrum, where Gulf visitors are drawn by the pleasant year-round climate, the 60 km stretch of coastline with three private bays and the backdrop of a landscaped hillside, surrounded by ancient olive groves and pine trees.

Bodrum also offers a vibrant nighlife, award winning resturants, prestigious marinas and PGA rated golf courses, all within easy access of the new international terminal at Milas-Bodrum Airport.

All these factors have contributed to the increased Arab investment in second homes in Turkey, said Asci.-TradeArabia News Service