Turkey Intends to Open Real Estate Facilitation Offices in Arab Countries
Turkey is a rising country, developed and considered among the strongest economies in the world. The economy is growing within a fixed plan. It is a promising country by any measure. The General Directorate of Real Estate Survey in Turkey is now preparing to open offices in the Arab countries to facilitate matters related to investment and to attract large numbers of investors, especially those who are trying to buy remotely without having to go to Turkey.
Real estate types in Turkey
Real estate is anything fixed in a place and can not be moved. Real estate has several types such as:
1 – Residential properties such as: apartments – villas – palaces and chalets .
2 – Commercial real estate such as: administrative buildings -commercial centers – shops.
3 – Industrial real estate such as: factories – warehouses.
4 – Agricultural properties such as: farms – orchards.
5 – Real estate used for special purposes such as: mosques – churches hospitals and schools.
Reasons why people in Arab countries tend to buy property in Turkey
Owning a property in Turkey under the legislation and laws adopted by the Turkish state, has made the opportunity to own property in Turkey for the Arab citizen backed by encouraging incentives which does not exist in another country. The number of Arab properties in Turkey has doubled in recent times. here are many reasons that still push many Arabs to favor Turkey as a country for stability and investment, including:
– Beauty of Turkey
Turkey has a variety of beauty elements, from a rich history and modernity and development. The city of Istanbul attracts the continents of Asia and Europe, has achieved goodness and originality, beauty and splendor, has become a wonderful destination for Arab tourists who always prefer to visit it.
– Turkey’s developed economy
Turkey’s economic prosperity has been encouraging all types of investment, attracting many trade activities, from all over the world. It has proved that Turkey is holding its place among the most powerful economies in the world.
– Political and security stability
The stability of Turkey’s political position played a major role, especially after the 2018 elections, in gaining the trust of Arab foreign investments, as Turkey has maintained its strong democratic political entity despite the crises that did not affect its internal security and regional stability.
The opportunity to obtain Turkish citizenship by real estate investment, has effected positively the Turkish real estate market, attracting
large numbers of those wishing to obtain a Turkish passport, as stated in the amendments to the Turkish citizenship law, and the decision to grant citizenship to those who buy property worth $ 250 thousand.
– Real estate residence
Turkish law grants property owners, whose price is less than $ 250,000 in Turkey from Arab nationalities, a residence permit that is renewed annually to the landlord, his wife, and his children under 18 years of age.
– Property prices are relatively low
Turkish real estate prices are lower than Europe and America, despite successive rises in prices over the past few years, especially in major cities such as Istanbul, Antalya, Bursa and Yalova.
– The nature of the Arab and Turkish societies
Turkey has a social environment very close to the Arabic style. Most Turkish people carry oriental customs and traditions. For instance, Turkish food is familiar to Arabs. Also, a lot of expressions from the Turkish language are originally from the Arabic Language.
– Turkey’s interest in Arab Visitors
There was a large Arab community in Turkey, and some language schools began teaching Arabic and Turkish language with a clear interest from the state in this language, as there are many Turkish language schools for Arabs. Arab schools spread throughout Turkey, especially in major cities, and with the spread of mosques for religious events, Turkey has become one of the most favorable destinations for Arabs outside the Arab world.
Real Estate Investments in Turkey made by Arabs
With the AKP coming to power in Turkey in 2002, Turkey’s policy of real estate opening began with laws on attracting real estate investments allowing foreigners to buy property. However, buying property is limited to limited areas, with a requirement according to the citizens of each country. In 2005, foreigners were allowed to own property on any spot on Turkish territory, and the requirement of reciprocity remained. In 2012, the Turkish government made changes to the property law in respect of foreigners, and canceled the reciprocity requirement, in order to attract more foreign investment. Citizens of 183 countries were allowed to buy real estate in Turkey. Arab citizens were allowed to own real estate after it was banned by the principle of reciprocity. Then Arabs started to acquire real estate in Turkey. Almost five times after 2012, Saudi Arabia ranked first among the Gulf Arab investments by 48%. By the beginning of 2013, the purchases increased to nearly 2700 properties by Arab citizens, which is equivalent to 10% of the total sale of Turkish real estate in the exhibition “Emlak” For real estate developers held in Istanbul in 2013 and the City scape World Expo in Dubai in 2015, the Arab presence and the trend for the acquisition of real estate in Turkey was evident as well as in 2014 Gulf investors spent about $ 4.3 billion in Turkish real estate. In 2015, the property sales increased, and the proportion of property purchases increased from The turkish real estate sector continues to achieve record sales figures following the decision to grant Turkish citizenship to those who buy a property worth US $ 250,000.
Especially after the new news of Turkey in July 2019 that the Turkish Directorate of Real Estate Registration intends with the opening of office in Arab countries, Turkey can attract Arab investments to the Real estate sector. It is more and more easier to own real estate. Under this decision, Turkey is booming economically than ever.