One of Turkey's leading companies, Emlak Konut GYO takes the stage at Expo Turkey by Qatar that is set to increase the number of opportunities for cooperation between Turkey and Qatar
Expected to enhance Turkey and Qatar's opportunities for investment and cooperation in other countries in the Gulf Region, the expo featured discussions on the increasing investment opportunities in Turkey as a result of the recent efforts to extend the scope of legislative regulations to clear the way for selling real estates to foreign nationals. Connecting two continents and harboring all colors of humanity, Istanbul has a powerful history as the capital of culture and civilizations and the city that was honored by our Prophet's praise. Also the largest city of the country, Istanbul has the power to compete with other leading cities of the world in terms of development, history, accommodation services, office buildings and banking; while also gaining ground to rapidly become one of the leading finance and trade centers of the world. However, the recent investments are not limited with Istanbul: To meet the needs for housing and employment in Anatolia, many investments were made in distinguished Anatolian cities including Ankara, İzmit, Nevşehir, Niğde, Denizli and Konya. As the largest real estate investment partnership company in the construction sector - which is the leading force of these investments - Emlak Konut GYO plays an active role in giving this sector momentum with outstanding projects. Consolidating its position among Turkey's most powerful companies with a total of USD 1.02 billion paid-in capital, Emlak Konut GYO had a successful year thanks to achieving the expected sales value of USD 1.73 billion as well as nearly USD 612 million of minimum company share liability as a result of seven tenders conducted with the revenue sharing method.
With its portfolio of 9.9 million square meters non-tendered lands worth USD 1.47 billion, Emlak Konut GYO further consolidates its position as the largest real estate investment partnership in Turkey, having high expectations for the year 2017. Planning to sell 9,9000 units within the scope of its prospective projects in 2017, Emlak Konut GYO continues its growth toward achieving the targeted USD 483 million of annual profit and has achieved a hard-to-reach success with its sales figures in the first quarter of 2017 that are announced as completed sales of 2,833 independent units for USD 773 million with the help of the campaign “Solidarity Time for a Powerful Turkey”. Having announced its target for 2017 as to achieve USD 2.14 billion, the company, has, indeed, achieved a major part of this target in short time - 3 months - by the sales it made in the first quarter.
Turkey: The right address for investment
Giving information on the blooming real estate sector and investments in Turkey, Emlak Konut GYO's General Director Murat Kurum said: “In the recent years, Turkey - particularly Istanbul – has been undergoing a great transformation and evolution process. With this dynamism [of change], Turkey comes to the fore as the shining star of the world economy that is currently facing deceleration in its growth rate. As Emlak Konut GYO, Turkey's largest real estate investment partnership company, we continue to work and produce for a more powerful Turkey with the strength we take from our deep-rooted history.
While Turkey is taking firm steps towards the future with various mega projects such as the Eurasia Tunnel, Marmaray, Çanakkale Bridge, 3rdAirport, Yavuz Sultan Selim Bridge and Osman Gazi Bridge, Emlak Konut GYO continues to work around the clock with its vision of 250,000 independent units by the year 2023, the 100th anniversary of the Republic of Turkey.
Following the legislation in 2013 clearing the way for real estate investments by foreign investors without any reciprocity, various other regulations for foreign investors have been successively put into effect in Turkey. For instance, a regulation providing residence permit to those, who buy real estate for USD 1 million, has recently been put into practice. Following the provision of this convenience, there are now ongoing preparations for offering significant tax advantages. Furthermore, foreign country citizens will be exempted from VAT for their first real estate purchase within the scope of the new regulation with regard to VAT that constitutes an important part of real estate prices with up to 18%. Currently at the level of USD 4.5 billion, the foreign investment shares will reach the level of USD 10 billion in the short term with new regulations as such. For this reason, real estate investments in Turkey shine out as even more attractive opportunities.
In order to increase the level interest in these opportunities even more, strengthen our relationships and better represent the investments in our country, we, as Emlak Konut started to dwell on promoting ourselves abroad. We will focus our attention on our dynamism and projects with high potential and put effort to promote both our company and country to be able to present our investments in the medium term in Gulf countries such as Qatar as well as the Middle East and European countries that follow our country closely.”
We believe in the power of Turkey - Qatar solidarity
Expressing his thoughts regarding the Expo Turkey by Qatar, Emlak Konut GYO's General Director Murat Kurum added: “As Emlak Konut GYO, we believe that opening up to foreign countries is important for the real estate sector as it is for all sectors. We care to take place in platforms, where we can represent ourselves and our country in the best way possible. In this context, we participated in the CityScape Global held in Dubai in September 2016 and the MIPIM 2017 held in France in March 2017 as one of the largest international real estate expositions of the world. We firmly believe that the Expo Turkey by Qatar organized for the first time by the cooperation between Turkey and Qatar on April 19 - 21, is one of these outstanding expositions.
We took our place at the “Expo Turkey by Qatar”, where the strategical partnership between Turkey and Qatar took the world stage. The aim of the expo was to strengthen the economic relations between these two great countries as well as to create a more effective trading force in the region.
While establishing economic partnerships with other Turkish companies participating in the expo along with us, we also carried out promotional activities for our country. In our booth on an area of 345 m2, we - together with our contractor firms - promoted our projects as well as the governmental incentives and attractive investment opportunities. In line with our essentially common target with all of our companies, we experienced a pleasant expo.”