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76 Gulf Property
Turkishdelights
T
urkish developers are
increasing their pres-
ence in the UAE both
as part of their expan-
sion of portfolio in the
Gulf region as well as to se-
cure investments for their
projects back home – from
the GCC investors and prop-
erty buyers.
Turkish government last
year relaxed property owner-
ship laws by opening the
market for Arab investors -
who can now own properties
in Turkey in their names with
full title deeds and rights. The
move has resulted in in-
tended impact – and saw
large-scale property pur-
chases by wealthy Arab buy-
ers from the Gulf region.
Since last year, a number of
Turkish developers, design-
ers, project designers, archi-
tects and real estate agents
have set up offices in the
UAE to tap the market fur-
ther. This was visible at the
Cityscape Global exhibition
held recently.
Turkish realtors seemed
desperate to attract foreign
buyers for their projects as
well as reap the benefits of
investing in the Dubai market.
Ağaoğlu inject
$5bn in IIFC
Major Turkish developer
Ağaoğlu decided to do some-
thing unique.
Realising that the Dubai
and the larger GCC market is
a highly lucrative market,
Ağaoğlu launched probably
its biggest project till date, the
Istanbul International Fi-
nance Centre (IIFC), ahead
of its launch back home. In
the words of Ali Ağaoğlu,
Chairman of Ağaoğlu Group
of Companies, “This is be-
cause Dubai is an important
financial centre in the world.”
The IIFC is being regarded
as an important project be-
cause the government hopes
it will increase Turkey’s share
in international capital by en-
hancing Istanbul’s power of
attraction.
“Turkey is the 16th largest
economy in the world and it
continues to grow, with the
growth rates remaining sta-
ble. And the aim is to become
An artist’s impression of
the Istanbul International
Finance Centre (IIFC)
Turkishdelights
By Indrajit Sen
Senior Reporter

2. MIddleeAST
Gulf Property 77
among the top 10 global
economies by 2023. But al-
though we are the 16th
largest economy we only get
around 1 per cent share of
the global market. So the Is-
tanbul Financial Center proj-
ect will play a very important
role in the Turkish economy,”
Ağaoğlu elaborates.
The project is designed to
be the best and the most
contemporary financial cen-
tre in the world in terms of
the security and technology it
offers. “We have analysed
the top financial centres
around the globe. Dubai was
one of them. Our project will
be similar to the DIFC (Dubai
International Financial Cen-
tre),” Ağaoğlu states.
The total land area for the
project is 800 hectares and
the complex will be sprawled
over a construction area of
3.3 million square metres. “It
will be a large facility and it is
a very large project with
Sheikh Ahmed Bin Saeed Al
Maktoum, Chairman and
Chief Executive of Emirates
Airline and Group, at the
Ağaoğlu stand during
Cityscape Global 2014
An artist’s impression of
Agaoglu’s MyNewwork1
more than one building,”
Ağaoğlu says.
For the construction of the
Istanbul International Finan-
cial Centre Agaoglu will use
its own resources to com-
plete all excavation work, the
common infrastructures, ac-
cess routes and roads, open
and closed parking areas,
the reinforced concrete man-
ufacturing for the construc-
tion of the metro station, the
ground improvement for the
project site and all structural
and vegetative landscape

3. 78 Gulf Property
work for the project. The con-
struction has begun and is
expected to finish in 2017.
The company is investing a
whopping $5 billion in IIFC
development. The developer
has not decided on the pric-
ing structure for each unit.
But buying property in the
project has been made con-
venient as, “A foreign enter-
prise willing to setup in the
Istanbul Financial Center can
buy directly from us. We are
also selling certain buildings
and towers. Businesses can
buy towers if they want to,”
Ağaoğlu explains.
The project will be the cen-
tre of financial and monetary
transactions and will house
the Central Bank of Turkey,
Bosra Istanbul, and many
other vital financial institu-
tions and headquarters of
state-owned banks. The proj-
ect is also planned to offer
shopping and entertainment
opportunities along with the
different attractions available
for the first time with this proj-
ect such as the museum of
ancient coins.
The development of the fi-
nancial centres help cities
and countries attract financial
institutions in a country that
helps them to attract foreign
capital and investment. In the
Gulf, Dubai International Fi-
nancial Centre (DIFC), Qatar
Financial Centre and Bahrain
Financial Harbour are com-
peting against each other in
trying to attract international
financial institutions as well
as the capital.
However, DIFC has man-
aged to create a niche for it
and it has been a major at-
traction for foreign financial
institutions – many of whom
have already opened up of-
fices at the DIFC.
These financial centres
also help global banks and fi-
nancial centres penetrate
these markets that have tra-
ditionally been restricted for
foreign institutions. The
DIFC’s contribution to
Dubai’s GDP is quite signifi-
cant. IIFC could play a similar
role in Turkish economy – if it
could effectively turn the flow
of global capital towards its
economy in general and real
estate in particular.
Besides the IIFC, Ağaoğlu
also highlighted two other
exclusive projects: ‘My New-
work’ and ‘Maslak 1453’. My
Newwork is not just a busi-
ness centre, but also a pres-
tigious investment at the
heart of the business and fi-
nancial center of Istanbul.
Adding a new vision to the of-
fice concept, the project of-
fers spacious office plans,
business units, a cinema and
an art centre all in one loca-
tion. As far as the sale of the
project is concerned, the
company claims 25 per cent
of it has been sold already to
‘foreigners’ and ‘Gulf coun-
tries composed the major
part of the sales’.
Maslak 1453 also stands
out with distinctive architec-
ture that offers spacious
squares, a theatre and a
An artist’s impression of DAP
Yapi’s IST Marina
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4. fashion centre reaching inter-
national standards. The proj-
ect is spread on a
1453-metres street and con-
tains 24 towers, the tallest
one being 55 floors tall and
the shorter tower having 21
floors.
Following Turkey’s Reci-
procity Law which enabled
selling real estate properties
to foreign citizens, Maslak
1453 became one of the first
Turkish projects to be
opened for foreign invest-
ment with its launch last
year. Ağaoğlu received great
attention from international
investors for the project, and
conducted a record sale of
two blocks for $200 million to
a big Saudi investor. After the
completion of the first two
phases of the project by
2015, Agaoglu is expecting
an extensive increase of in-
terest from Gulf investors.
Ali Agaoğlu said, “Turkey is
still a very attractive country
for the Gulf nations. The po-
tential for the investment
Ali Ağaoğlu, Chairman of
Ağaoğlu
An artist’s impression
of Dumankaya
Construction’s Miks
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Gulf Property 79
from the region increases
every year with more proj-
ects showcased in Dubai.”
Ağaoğlu continued saying,
“We have received a
turnover of $1.5 billion from
our sales to foreign investors
so far. We have completed
enormous sales to foreign
customers in our ‘Maslak
1453’ project which we
launched a year ago.”
The Ağaoğlu Group has di-
versified its business efforts
in the Gulf market in line with
the attention it has received
in the region through the first
international office launched
in Dubai in 2013.
dAP Yapı
launches IST
Marina
DAP Yapı, one of Turkey’s
renowned real estate devel-
opers launched their IST Ma-
rina project in Dubai.
The mix-used project is
being developed on the
Asian side of Istanbul, on
Kartal’s coastline, a popular
residential area, which is
second only to Bosporus in
terms of popularity. IST Ma-
rina received great interest,
especially from investors
from the GCC.
DAP Yapı’s Chairman of
the Board Ziya Yılmaz said,
“It is our first time here in
Dubai, the heart of Middle
East. We are here to launch
IST Marina, which we call the
‘world’s best mixed-use proj-
ect’, to the world.”
With 500 metres of water-
front and a view of the
Princess Islands, IST Marina
is allowing both domestic
and foreign investors to re-
alise their dreams of living on
the Bosporus. Realignment
of the coastline increases the
value of the region. With the
‘Kartal Urban Transformation
Project’, which has been de-
veloped with the vision of
creating a first class city cen-
tre on Istanbul’s Asian side,
‘We have received a
turnover of $1.5
billion from our sales
to foreign investors
so far. We have
completed enormous
sales to foreign
customers in our
‘Maslak 1453’ project
which we launched a
year ago...’
– Ali Ağaoğlu,
Chairman of Ağaoğlu

5. MIddleeAST
a global business and resi-
dential centre is being devel-
oped for Istanbul.
This centre is to be con-
nected to all areas of Istan-
bul via the metro, the
Marmaray (undersea rail
transport system) and the
sea transportation, and to the
rest of the world with the
Sabiha Gökçen International
Airport. With parks, hotels,
restaurants, cultural areas
and a marina area, Kartal is
being transformed into a me-
tropolis and IST Marina lies
right at the centre of this new
hub.
“So far, we have almost
achieved our target of 1,000
units by selling 950 units
within the first 45 days. In the
second phase, we will offer
500 units for sale. I am sure
the interest in IST Marina will
grow exponentially in the
near future,” Yılmaz stated.
dumankaya
Dumankaya Construction,
another debutant realtor from
Turkey, promoted an array of
residential projects namely
Dumankaya Horizon, Du-
mankaya Ritim Istanbul, Du-
mankaya Mix, hi-Fit and
Dumankaya Mozaik projects.
Dumankaya has been tar-
getting foreign investors to its
projects, promoting Istanbul
and explaining the advan-
tages of investing in the
Turkish housing sector.
Uğur Dumankaya, Chair-
man of the company, said,
“We told regional and inter-
national investors about the
matchless beauty of Istanbul,
the advantages of investing
there, and our projects. I be-
lieve that we departed from
the fair having established
strong dialogues with the in-
vestors there.”
Sea Pearl
Ataköy
Kuzu Group, a leading prop-
erty developer in Turkey, and
Qatari Diar Real Estate In-
vestment Company, featured
their latest luxury venture
‘Sea Pearl Ataköy’ in Istan-
bul.
Located on the shores of
the Sea of Marmara in Istan-
bul, the Sea Pearl Ataköy will
comprise 1,474 luxurious
apartments and a deluxe
five-star hotel, high-end bou-
tiques featuring global
brands and nice restaurants.
Ozen Kuzu, board member
of Kuzu Group, said, “The
Sea Pearl Ataköy is a highly
impressive development set
to redefine the very essence
of luxury living.
“The project is already at-
tracting investors’ interest
from the UAE and other
countries in the region.”
The Sea Pearl Ataköy,
spread across an impressive
128,000 square meters, en-
joys idyllic views of the sea
while is at the same time
highly central and accessi-
ble.
The development is estab-
lished in a bustling central lo-
cation near other hotels,
shopping malls, schools, and
hospitals, and will be five
minutes away from Atatürk
Airport, Ataköy Marina, and
the ferry terminal. Prices for
units in the project range be-
tween $7,000 to $11,000 per
square metre.
The residential units will be
built using high-quality mate-
rials, including an earth-
quake resistant piled raft
foundation system, central
floor heating, high-end built-
in kitchens, and sound insu-
lation between each flat.
Construction of the project
began in March 2014 and is
aimed for completion in Feb-
ruary 2018. With an invest-
ment of $2.7 billion, the
project is slated to be one of
the most luxurious in the city
of Istanbul.
Tabanlioglu
Tabanlioglu Architects re-
vealed their recent projects
An artist’s impression of
Kuzu Group and Qatari
Diar’s Sea Pearl Ataköy
80 Gulf Property

6. while launching their new
monograph, Tabanlioglu Ar-
chitects: Transparency and
Modernity.
Following the opening of
their office in Dubai last year,
the company has opened an
office in Qatar, where they
are also involved in a cultural
projects.
Speaking to Gulf Property,
Melkan Gursel Tabanlioglu, a
managing partner of the
company, elaborated on their
current project in Dubai:
“Presently we are engaged
in a project for Al Fattan
group, consisting of two tow-
ers in JBR.
“There will be a residential
floor, a hotel and underneath
there will be a podium with
retail outlets.
“And the most important
thing of the project is the fact
that JBR is the one of the few
places in Dubai where one
can walk. So when you are
walking, you can pass
through the building and you
can reach the beach.”
She goes on to explain
what led Tabanlioglu Archi-
tects take up the project:
“The reason why we have
planned this project in detail
is because Dubai is growing
very fast and careful plan-
ning of the city is required to
create more spaces for walk-
ing and entertainment. All es-
tablished cities of the world
are well-planned; Dubai also
needs that kind of stuff. We
don’t want to make closed
buildings but ones that are
integrated with the outside
and city life; that’s really im-
portant for us.
“We want to create syn-
ergy, because the beach and
the sea is an important as-
pect. You have people, cul-
ture, retail outlets and
business in the project, and
on the other side you have
the beach and palm trees;
and to combine all of that
and to pass through the
building was one of the most
important features of this
project.
“We also have a mosque in
this project, because we be-
lieve prayer is key to making
one’s day.”
Tabanlioglu Architects are
currently working on many
projects in Istanbul currently.
But the company, which al-
ready has left an impression
with its projects in Africa, is
looking to expand with proj-
ects in Equatorial Guinea
and in Dakar, Senegal.
With regards to reaching
out to Asia, Melkan said, “We
look forward to work in proj-
ects in Asia. We have many
friends in Malaysia, one of
whom is a big investor, who
is also investing in Turkey.
Foreign developers looking
to build in Turkey are ap-
proaching us for understand-
ing the mentality of buyers
and everything else. We
haven’t got involved in China
and India because we were
focussing on the Middle East
and Kazakhstan. But in fu-
ture we would love to.” g
Murat and Melkan
Tabanlioglu,
partners at Tabanlioglu
Architects, during the launch
of their book in Dubai
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Gulf Property 81