Limitless taps Turkey housing shortage

FOREIGN EXPANSION: Limitless has opened an operation in Turkey to tap demand for real estate amid a housing shortage. (Getty Images)

Limitless, the global development arm of UAE government-controlled Dubai World, has opened an operation in Turkey as it seeks to tap surging demand for real estate in the country caused by a housing shortage.

“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 around 5.5 million homes over the next eight years,” Bahaa Abouhatab, Limitless regional director for Levant and Turkey, said in a statement on Sunday.

Limitless was established by the Dubai government to develop large-scale real estate projects in the UAE and other international markets.

The real estate developer is building an $11 billion canal that will encircle downtown Dubai and will rival the Panama Canal in length.

The office will be the ninth international operational branch for Limitless, a Dubai based developer that currently oversees nine projects valued at over $100 billion in Asia and the Gulf region.

The firm has an aggressive expansion plan in place, with projects in Europe and North Africa also in the pipelines.

“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,” said Abouhatab.

“Visitor rates are already up around 32% on last year.”

Dubai-based Limitless has nine global projects which it says are worth more than $100 billion, in Russia, Jordan, Saudi Arabia, India, Vietnam, Malaysia and the UAE.

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.