The German international joined the Gunners on deadline day for a reported £42.5m fee, but Fabregas believes that Real Madrid have lost their second-best player.
"Ozil was the second-best player at Real Madrid behind Cristiano Ronaldo," Fabregas told COPE. "I could identify with him really well as we have a similar style of play. He's an amazing signing for Arsenal."
Meanwhile, Ronaldo has expressed his 'anger' at Ozil's departure.