Limitless, the international development arm of Dubai World, announced on Monday that it has expanded its activities to Turkey due to the rising demand there for homes, hotels and retail space. Limitless has design, sales and administrative personnel in a new office in the Esentepe district of Istanbul.
Limitless, the international development arm of Dubai World, announced on Monday that it has expanded its activities to Turkey due to the rising demand there for homes, hotels and retail space. Limitless has design, sales and administrative personnel in a new office in the Esentepe district of Istanbul.
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 lower than the European average of 115 m2 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% on last year.'
Dubai-based Limitless currently has nine global projects worth more than EUR 59bn in Russia, Jordan, Saudi Arabia, India, Vietnam, Malaysia and the UAE. Combined, the projects span nearly 30,000 hectares and will provide homes for around three million people.
Limitless said more projects in Europe, North Africa, South Asia, the Far East and the Gulf Region will be announced this year. The company also has offices in Poland, Russia, India, Pakistan, Jordan, Egypt, Singapore and China. It plans to open an office in Saudi Arabia shortly.
