First Foreign Investor on Turkey’s First Mega Urban Revolution Project
Turkey’s mega revolution project which targets the earth quake hit area where homes are destroy are to be replaced with the new buildings has gain the attraction from the first mega investor outside the country.
Stern Immobilien, the German property investment company, joins hands with Turkish Company Vartas Yapi on equal basis of partnership to construct over 3000 housing units in Istanbul’s neighborhood in the district of Kadjkoy. This is among the area of renewal in this mega project. The project is about 300 million and both companies will invest equal amount. The German company has become the first investor.
In a press conference Mr. Hans Kilger said that we have huge confidence in Turkey and the real estate market of Turkey is one of the best in Europe. He further said we are looking to invest more in different projects in different parts of Turkey.
It is projected that about 500 billion investment can be created in market in a decade, after the execution of this project a lot of new projects will be open in Turkey.