Published On: Fri, Nov 1st, 2019

Turkey’s Polat Group enters housing sector in Hungary with € 60 million



Construction sector is one of the most important revenue sources of the Turkish economy. In fact, many Turkish contractors have erected some major projects abroad, in countries such as Russia, Libya and more.

POLAT Holding one of said companies with investments in real estate and energy fields, has chosen Hungary for its first overseas real estate investment.

The group has bought a piece of land with an old building on it, in Budapest and will build a unit consisting of residential, hotel and commercial areas. The project is expected to end up with a cost of Euro 60 million.

The project called “The Duna Pearl” consists of 200 residences, a 100-room hotel and 8 shops and 1 restaurant on a 3,000 square meter leasable area. The group plans to begin construction of the on 13 October and complete it in 2022.

At a press conference held in Hungary, Polat Holding Chairman Adnan Polat said that Hungary is an important country for them and that they chose Hungary as a base in Europe. Polat reminded that Turkey targeted to reach a total of Euro 5 billion in investments in said country, as part of its 2023 strategy and the group would continue to invest in this country as well as other Balkan countries.

Polat noted that they had started the sales process a week ago only and they had already signed 8 contracts without any advertising.

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