Dubai Developer Emaar enters Turkey

Emaar announced their newest venture on the 23rd of March. The new project Lakeside is valued at US$700m and is a joint venture with Turkish company Atasay (largest Jewellery Exporter in Turkey).

Further to this investment there will be an estimated US$5-10 billion to follow as addition funds. The two companies are looking for potential sites to develop other facilities including shopping centres and hotel complexes.  Emaar has put in place a “Vision 2010″ program, which includes expansion across the many countries such as Morocco and India.

For more information on this press release click here

This Turkish development sounds as impressive as many of the projects that Emaar are developing. It has a good location close to the International airport and city and will consist of villas, some of which will be close to the sea.

I feel that they are showing the local community that they are not just there to develop and move on, as they have reported investment in infrastructure to back up the development.As many of the Emaar projects are yet to be completed, it is difficult to know how well the concept will work in the new countries that they have chosen. However as they are such a large organisation, I feel confident that they have the resources to make these projects work.

Emaar may feel that although the Dubai property market today is in a boom period for longevity, a more global development base will stand them strong in the long run.