Emaar, United Arab Emirates’ biggest property developer by market value, has invested $700 million in a luxurious project on the European side of Istanbul. The company is now planning to build some 2,100 residences on the Asian side of the city this year, said Ümit Türüdü Şen, vice general manager of the Turkey branch of the company, during a press meeting Tuesday.
“The Turkish real estate market has been the shining star in its region,” Şen told the Hürriyet Daily News on the sidelines of the meeting.
Comparing the local property market with Dubai, the homeland of the investor, Şen said, “The Turkish property market has been driven by domestic demand, which stabilizes constant growth and attracts foreign investors as well.”
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