Turkish developer Nurol has signed up the Dubai unit of top Australian real estate agent Raine & Horne, as the lead agency in the GCC region for its Dh3 billion ($817 million) property portfolio in Istanbul.

Classed as the world's most popular tourism destination in 2014, Istanbul has a strong appeal for visitors from the Gulf region, with a 450 per cent increase in tourists from the Gulf in the last two years.

Also according to official data, a quarter of Turkish real estate, sold to foreign buyers, is being purchased by GCC investors.

"As an investment destination for the Gulf countries, Turkey is a strong option, particularly for real estate purchases," said Ceyda Carmikli, the executive board member of Nurol real estate investment trust (REIT), the $25 billion business conglomerate, which boasts a proven track record in the UAE and wider GCC as well, with involvement in Jumeirah Park, Jumeirah Village Triangle, and Saadiyat Island.

Following the 2012 liberalisation of foreign investment law in Turkey, there has been a 500 per cent increase in investment from the GCC, which accounts for nearly a quarter of the foreign buyers, at 24 per cent, she said, citing data.

"Istanbul's attractive capital returns and strong capital appreciation are drawing substantial interest from this region. The security offered by Turkey's government-protected title deeds, combined with a young population of 49 per cent under 30 who have housing needs, are all appealing to both the home owner and buy-to-let investor," stated Carmikli.

"In addition to this, the Reciprocity Law, which facilitates real estate sales to foreigners, has increased the investment attractiveness of Turkey. The Turkish real estate market is expecting revenue of $5 billion from the sales of 20,000 houses to the foreigners in 2015. The target for 2016 is 40,000 houses and a revenue of $10 billion," she added.

Turkey, which enjoys a religious and cultural bond with the GCC, is now developing into an increasingly important economic partner. Trade volume between Turkey and the GCC was close to $16 billion in 2014 and as Turkey is classed as the 17th biggest economy in the world, it presents a healthy investment destination that straddles both Europe and Asia.

On the appointment, Sanjay Chimnani, the joint managing director of Raine & Horne Dubai, said: "High capital growth, great investment propositions, important infrastructure projects on the horizon and secure legislation and regulation means Turkey is a key market for today's property investor and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market."  

The Turkish developer's key projects - Nurol Life, Nurol Park and Nurol Tower - will be Raine & Horne's first foray into Europe, so this is a historic partnership for us," noted Chimnani.

Nurol Life is a luxury residence project located in the heart of the city in Seyrantepe area with a 4-m-high ceilings which allow for exceptional vistas of the Bosphorus and the forest.

The mixed-use community Nurol Park is located in close proximity to Ataturk Airport. It is built on former industrial land, which is now prime real estate, and comprises 11 buildings, two commercial, eight residential and one hotel, with affordable prices for the first time investor.

Nurol Tower homes and offices are located next to Istanbul Court in the Maslak area and nearby Taksim and Nişantaşı, by a cross street which sees two million people cross it every day.

"The developments offer exciting opportunities with a range of different properties to suit different buyers. We are proud to be in partnership with Nurol REIT and thrilled to be the lead agency in the GCC for this project," he added.

The agreement was signed in the presence of Pablo Kang, Australian Ambassador to the UAE; Mustafa Levent Bilgen, Turkish Ambassador to the UAE; Gerard Seeber, Australian Consul General and Erdem Ozan, Turkish Consul General to the UAE.-TradeArabia News Service