Halil Ibrahim Demirhan, vice chairman at Agaoglu Group of Companies in Istanbul, told the news provider: "We have had inquiries of more than$1 billion only in the Istanbul International Financial Center from Dubai [investors] and around $300 million in the same project from Abu Dhabi."
Sales will certainly be boosted by the Cityscape Global show in Dubai, which will see 30 Turkish exhibitors descend on the country. Projebeyaz International, which will be at the exhibition, expects to close a deal for 60 units and explained to The National that the company can have deals worth around $20 million. It is expected that 90 per cent of potential buyers at Cityscape will be individuals, the majority of which from the United Arab Emirates.
The Turkish government is starting to acknowledge the impact overseas buyers can have on the market and is currently considering cutting red tape to attract wealthy investors. Speaking at a workshop, environment and urban planning minister Erdo?an Bayraktar and the Justice and Development Party deputy chair responsible for external affairs Mevlüt Çavu?o?lu said creating new regulations to lower bureaucratic obstacles would benefit the country. Already, 2013 is expected to bring in $5 billion in revenue from real estate sales to international buyers alone. "Foreigners pay for all expenses related to the property or properties that they have purchased from the region," Mr Çavu?o?lu stated. Nonetheless, the government is stuck between a rock and a hard place, with some saying that it is selling the country.