Raine & Horne to market Turkish property portfolio to GCC

Turkish investment trust Nurol REIT has chosen Raine & Horne Dubai as its lead agency to market an extensive AED 3 billion (AUD $1.12 billion) Turkish real estate portfolio to Gulf Cooperation Council (GCC) states.

Nurol REIT is a US$25 billion (A$34.76 billion) business conglomerate, and is significantly involved in Dubai’s Jumeirah Park and Jumeirah Village Triangle, and Saadiyat Island in Abu Dhabi.

The property portfolio, located in Istanbul, Turkey, includes Nurol Life, a luxury residential apartment tower in the heart of the city and a mixed-use community Nurol Park close to Ataturk Airport.

Nurol Park is classified as prime Istanbul real estate and comprises two commercial buildings, eight residential towers and a hotel.

The third asset, Nurol Tower, is located next to Istanbul Court and comprises affordable residential and office properties. 

“The decision to appoint Raine & Horne Dubai as the lead agency makes plenty of sense, as a large chunk of Turkish real estate sold to foreign buyers is purchased by GCC investors,” said Angus Raine, executive chairman, Raine & Horne.

Since the liberalisation of the foreign investment laws in Turkey in 2012, GCC investment in the country's property sector has risen by 500%, while the Gulf states account for nearly a quarter of the foreign buyers, at 24%, according to Dubai-based property research firm, REIDIN.

“High capital growth and great investment propositions, combined with a raft of important future infrastructure projects and secure legislation and regulation, means Turkey is a key market for property investors, and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market," said Sanjay Chimnani, Joint Managing Director of Raine & Horne Dubai.