The Residences at Mandarin Oriental, Bodrum - Ready for the UAE investors

The 102-key Mandarin Oriental, Bodrum and The Residences at Mandarin Oriental, Bodrum comprised of the 98 villas and 116 residences are beautifully set on a 600.000 m2 site at Cennet Bay which has two kilometers of coast line embracing three private bays, all offering breathtaking views of the Aegean Sea and redefining Mediterranean lifestyle throughout all seasons. The project is scheduled to be completed in 2013 with a targeted opening date of the first half of 2014. It will be the first property in Turkey to be managed and branded by Mandarin Oriental Hotel Group.

Additionally, The Residences at Mandarin Oriental, Bodrum is the most ambitious project in the Mediterranean basin and aims to elevate Bodrum to the top of the luxury resort destination list, especially amongst visitors from the Gulf States. In May 2012, the Turkish government took the step of dropping the existing law of reciprocity relating to foreign purchase of property. This opened up the market to allow foreign buyers from new countries, notably the UAE and Gulf, to acquire unique and luxurious Turkish property for the first time.

The Turkish Central Bank recently announced that there was an increase in the amount of property purchased in the first month after the law was published in May 2012. Overseas investors obtained around £706 million worth of real estate, which was four times the amount seen in 2011 indicating that the new law has already had a positive effect on the country. The move has also led to a strong increase in Arab tourism to Turkey.

Vedat Aşçı, Chairman of the Board of Astaş Holding, who collaborates with select international brands for the operation and design of his real estate developments and who is well-known for his branded projects, says:

“Turkey ranks among the top ten in the world’s tourism industry in terms of revenues and number of foreign visitors and the industry has quadrupled its share in national income over the last 20 years making it one of the fastest growing markets in the world. The number of visitors with high spending capacity coming to Turkey increases each year and the tourism revenues which were 18 million USD in 2011 are expected to increase up to 25 million USD in 2012. These factors indicate that Turkey is a rising star in its region's tourism industry. We, as Astaş Holding, believe that our project with Mandarin Oriental Hotel Group will add outstanding value to Bodrum and Turkey.