With the relaxation of foreign investment laws in Turkey, the number of real estate transactions involving the GCC investors, mainly Emiratis, has hit a new high in the country, said industry experts ahead of the inaugural Cityscape Turkey in Istanbul.

Running from March 24 to 26 at the Istanbul Congress Centre, the expo is the latest addition to the Cityscape portfolio of events and follows on from the success of the Turkey pavilion at Cityscape Global 2015 in Dubai which saw a surge of investor interest from the UAE.

As the relaxation of foreign investment laws in Turkey have driven up the demand for prime real estate projects, the launch of the inaugural Cityscape Turkey is expected to attract a number of UAE investors keen to capitalise on this growing market, stated the experts.

Turkish real estate transactions by UAE residents have increased by 160 per cent in the last two years, according to Turkey’s Ministry of Land Registry, with the Emirati investors accounting for more than 300,000 sq m of space.

In 2015, over 500,000 GCC residents visited Turkey with investments from the Gulf accounting for almost 30 per cent of total transactions.

According to the Turkish Land Registry, 332 UAE citizens purchased property in 2015 and the country ranked among the top nations in terms of square meterage, at more than 433 sq m per person.

“Turkey appeals to the UAE investor on multiple levels, from the comfort factor of cultural similarities such as halal food and plentiful mosques, through to the cosmopolitan positioning of a city like Istanbul,” said Wouter Molman, the director of Cityscape Group at Informa Exhibitions, the event organisers.

The debut Cityscape Turkey will bring together over 50 high-profile exhibitors across 7,000 sq m of exhibition floor space, with more than 5,000 regional and international visitors expected to attend.

“The country offers a variety of upscale resort communities on the coasts, an abundance of quality retail locations and has a growing presence from renowned international hotel chains. Couple this with steady high returns and a wealth of prime developments that meet stringent international construction standards, and you have a formula for investment success,” he stated.

The sixth largest European economy with a current GDP (gross domestic product) -in excess of $800 billion, Turkey is also the 17th largest economy in the world and sixth most popular tourism destination, attracting 37 million international visitors in 2014.

The country’s real estate sector continues to attract significant levels of foreign direct investment, with over $3.5 billion in the first to third quarter of 2015 according to Gyoder, the country’s association of real estate investment companies.

The FDI (foreign direct investment) inflow to the real estate and construction sector soared to $4.8 billion in 2015 and is expected to top $10 billion in the medium term, said the experts.

Infrastructure development is also being prioritised, with a third Istanbul airport in the pipeline, and with the introduction of the urban regeneration law, which will see $4.4 billion invested into housing projects over the next 20 years, the Turkish government is putting real estate development at the top of its economic agenda, they added.

In a unique and innovative move, the organisers will be inviting a select number of prospective UAE investors to attend the debut show through its exclusive hosted buyer programme.

"We want to connect serious investors with participating developers and reputable brokers directly. Under the hosted buyer programme, we will bear the cost of potential investors’ five-star hotel accommodation and airport transfers and arrange a series of pre-qualified one-on-one meetings to fast track the experience and showcase a tailored collection of quality projects and existing developments that meet clients’ exacting requirements," explained Molman.

Current investment hotspots for UAE residents are Turkey’s capital, Istanbul, as well as Trabzon on the Black Sea coastline, and Yalova and Bursa in the northwest of the country, he added.

Key exhibitors at the inaugural showcase include Damac Properties, Agaoglu, DKY Insaat, EGE Yapi, Evrenol Architects, Green Valley Real Estate, Kuzu Group, Metropol Istanbul, Ofton, Piyalepasa, PNR, Sinpas GYO, and Suryapi.-TradeArabia News Service