Saudis are buying real estate in Turkey
We notice recently that the Arabs have tended to invest heavily in Turkey, especially the real estate field in Turkey, which has succeeded in attracting investors from all over the world, especially by Arabs and the Gulf, and this is due to the great development that Turkey has witnessed during the past few years, which He made it an important tourist destination for people from all places to enjoy its gorgeous views, and little by little, Turkey is no longer just a tourist destination, but has succeeded in moving up the ladder of success in all fields, whether it is in education where Turkish universities occupied an advanced position in the global ranking or even in the health field As there are many international hospitals in Turkey that attract patients from all parts of the world, and of course, the real estate field in Turkey has had the largest share of success, as people who do not hold Turkish citizenship have begun to buy real estate and apartments in Turkey and from these we noticed the large numbers of citizenship holders Saudi Arabia, and in this article we will talk more about real estate investment in Turkey by the Saudis, and we will separate the numbers and facts, so follow up with us for more details ...
The reasons that prompted the Saudis to invest in real estate in Turkey:
There is no doubt that there are many reasons that make Turkey the ideal place to put capital and invest in it, and below we will review the most important of these reasons and factors:
- The privileged location occupied by Turkey: It is no secret to anyone that Turkey has almost the best geographical sites in the world, how not when it mediates the region between the two most important continents of Asia and Europe, and thus it is considered the main link between the east and the west of the earth and this had an impact Great and crucial for Turkey, as this contributed to gaining an advantage in terms of international agreements and transactions in the region, and this was positively reflected on investment in Turkey and contributed to its economic renaissance significantly.
Laws and legislations encouraging investment in Turkey: One of the most important points that contributed to the increase in the number of foreign investors in Turkey are the many laws and amendments introduced by the Turkish government with the aim of attracting investors to establish their projects on Turkish territory and at the same time it guaranteed them their rights in the region and prevented Exposing them to exploitation within its territory, and we mention from these laws the law of real estate ownership in Turkey by foreigners, as it was previously impossible to achieve this unless the country of origin of the investor treats the Turkish in the same way, i.e. the law of reciprocity, but later this law was canceled and Allowing other nationalities to buy real estate in Turkey.
- The opportunity to obtain Turkish citizenship: Perhaps the most important thing that attracts Saudis in particular and foreigners in general to real estate investment in Turkey is the possibility of applying for Turkish citizenship in the event that real estate has been purchased in Turkey with a financial value of at least 250 thousand dollars or something. This is equivalent to the Turkish lira, and of course this was a golden opportunity due to the many advantages that Turkish citizenship gives to its holder from benefiting from the country's services, such as free education and free medicine, to carrying a Turkish passport, which allows its user to enter more than 70 countries around the world without the need for an entry visa. It is also possible to obtain an entry visa upon arrival in some countries.
• Buying real estate in Turkey by the Saudis:
The real estate sector in Turkey has succeeded in attracting the Saudis to invest in it, as the division of real estate investments in Turkey by the Saudis has reached 30%, which is of course a very large percentage.
But Turkey will not stand here. Rather, it seeks to increase the value of real estate investments in it by the Saudis further until it reaches about $ 25 billion, and this is what it hopes will happen by the year 2023 AD as it is working hard to develop trade relations between the two countries further and It hopes that the value of trade exchange between Turkey and Saudi Arabia will reach the equivalent of 20 billion dollars over the next few years.
When looking at the real estate records and economic studies carried out by the best international economic experts, we will find that the Saudis have dominated the real estate market in Turkey and have succeeded in occupying the first place in terms of the number of real estate purchased by foreigners ahead of Germany and the United States. American and other Arab countries with a difference of more than 2 million real estate.
It is noticeable that the city of Istanbul comes at the forefront of the cities that attracted the attention of the Saudis to buy real estate, as they bought various types of apartments in it, as well as establishing investment projects such as residential complexes, villas and much more, and the second place was for the city of Bursa and coastal Antalya comes In third place because of its great tourism fame and pleasant climate suitable for spending summer vacations with the family.
Studies indicate that real estate investment in Turkey by the Saudis will increase further in the coming period, due to the tax reduction for foreign investors and the many facilities for property transfer procedures and real estate purchases in Turkey.