UAE-based developer launches new real estate project in Turkey

Sabah – United Arab Emirates-based Green Valley International Real Estate has unveiled its latest residence project in Turkey’s Black Sea region tailored for buyers from the Middle East and the Gulf countries. Located in Trabzon province, the USD 60 million project is the company’s fifth in Turkey, following other residential complexes in Bursa, Yalova and Sakarya provinces.

"The real estate sector in Turkey offers a huge potential for growth and we are proud to be playing a pivotal role by unveiling a new project in Trabzon." Wiaam Mahmoud Rabah, Green Valley International Chairman, said about the project.

"The iconic development offers a huge return on investments for Gulf Cooperation Council (GCC) nationals in Turkey and we offer this great chance for GCC nationals to invest in this booming market," he added.

The two-stage project in Trabzon will consist of 36 buildings with a total of 604 apartments, complete with restaurants, supermarkets, swimming pools, a gym, playgrounds and parks.

Turkey lifted restrictions on property ownership by foreign buyers in 2012, opening the market to investors from Russia, the Arab world, and Southeast Asia. Long-term residency permits are also granted to investors acquiring property in Turkey.

Foreign nationals acquired USD 3 billion worth of property in the country last year, up 15 percent from 2012.

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