Turkey’s liberalization of the real estate markets for foreign ownership as well as relaxation of residency rules has boosted the sales of leading developer Agaoglu Group, said its founder.

Ali Agaoglu added that after the legislation was passed, there is special interest for the serviced apartments sector. He added that the company sold two towers last week and another three towers are under negotiation.

The group’s project Maslak 1453 has been the focus of the buyers from the Middle East since it has been introduced at Cityscape in Dubai last November, he said.

It is currently the largest active mixed use development in Europe with more than 4800 residential units, 200,000 sq m of retail and a lot of life style activities like a fashion center, amphitheatre, sports facilities etc. with total construction area of 2 million sq m, Agaoglu explained.

“Maslak 1453 project was introduced at a price of $2.650 per sq m and now reached to $3.400 per sq m,” said general manager of Agaoglu Group Hasan Rahvali.

“Comparative prices in the region is around $6 per sq m and there is a lot of room for price increase when the projects construction is finished. Currently about 65 per cent of the residential units have been sold,” he added.

Agaoglu Group has strong presence in GCC through its Dubai representative office, Rahvali said. – TradeArabia News Service