Limitless starts operations in Turkey

Limitless, the global master development arm of Dubai World, has commenced corporate operations in Turkey, seeking to tap rising demand for homes, hotel accommodation and retail space in the country.

The office in Istanbul's Esentepe district, which is the ninth international office for the company, will be the nerve centre for all its activities in Turkey.

Bahaa Abouhatab, Limitless Regional Director for Levant and Turkey, said: "We are currently assessing a series of distinctive, mixed-use developments in Turkey, whose growing population and trend towards urbanisation will create a shortage of about 5.5 million homes over eight years.

"Our research shows that retail demand is also on the rise in Turkey, where the shopping centre space to population ratio is considerably less than the European average of 115sqm of shops per 1,000 people. In addition, more quality hotel rooms are needed to accommodate the country's growing events market: visitor rates are up around 32 per cent on last year."

In June, the Turkish parliament approved a government bill that allows sale of property to foreigners. According to the bill, foreigners will be not allowed to purchase property in irrigation, agricultural, religious, cultural, archaeological, strategic and specially protected areas, as well as areas protected for their unique characteristics such as energy resources and mines, and flora and fauna reserves. Reports show in the four years until 2007 overseas investors have invested £5 billion in Turkish real estate.

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