Sabah – As Turkey’s megacity turns into an international finance center, property investors from the East and the West are flocking to the office and housing projects in Istanbul’s Atasehir district, heart of the Istanbul Finance Center (IFC).
The office and shopping center complexes in Atasehir arouse interest among Europe-based investors while Middle Easterners are generally after housing projects in the area, according to sources familiar with the matter. Moreover, Turkey’s easing of restrictions in property purchases by foreigners is sure to lure more property investors to the country, particularly from Gulf countries, Russia and Azerbaijan. The Turkish parliament is expected to pass a law soon that lifts the reciprocity barrier that only allows property acquisitions by foreign nationals whose country of origin gives the same right to Turkish citizens.
Large players, as well as small investors, in the real estate sector are actively acquiring properties en masse in and around Atasehir to market them at a later date especially to customers from Gulf and Middle Eastern countries, reports suggest.
Aiming to provide services in all the segments of the finance sector, the integrated complex to be built on the Asian side of Istanbul will span over 2,500,000 square meters of land, comprising office space, residences, a conference hall, a shopping mall and a hotel. IFC will also house the head offices of the country’s governing bodies of financial markets, state-owned banks and related businesses.