Limitless, the global master development arm of Dubai World, has opened new corporate operations in Turkey, where demand for homes, hotel accommodation and retail space is rising sharply, the company disclosed today (Sunday).
The office – in Istanbul’s Esentepe district – is the nerve centre for all Limitless activities in Turkey. Run by a growing team of development, design, sales and administrative personnel, it is the ninth international office for Limitless.
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 around 5.5 million homes over the next 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 115 square metres 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 already up around 32 per cent on last year.”
Dubai-based Limitless currently has nine global projects, worth more than US$100 billion, in Russia, Jordan, Saudi Arabia, India, Vietnam, Malaysia and the UAE. Combined, they span nearly 30,000 hectares and will provide homes for around three million people. More projects in Europe, North Africa, South Asia, the Far East and the Gulf Region will be announced this year.
Limitless also has offices in Poland, Russia, India, Pakistan, Jordan, Egypt, Singapore and China, with a Saudi Arabia office coming soon.
– Ends –