Real estate in Turkey has become a target for many foreigners, especially Arabs, and Saudi nationals are among the most frequent investors, as they have been attracted by the many advantages that they can obtain by owning it.
In this article, you can see the size of the Saudis’ investments in real estate in Turkey, and we will also highlight the most important reasons that prompted them to invest in Turkey.
Saudis buying real estate in Turkey:
Did you know that the Saudis are one of the most important foreign investors in Turkey, and during the past ten years their number has increased significantly as a result of the privileges they can obtain and the many facilities provided by the Turkish government.
Since Turkey issued the decision to abolish reciprocity in 2012 and their numbers began significantly, some of them were aiming for real estate investment and some wanted to obtain Turkish citizenship, so you find that their research focused on real estate suitable for the conditions for obtaining it (that is, the price should be two hundred and fifty thousand US dollars as a minimum + commitment not to sell it before the lapse of three years).
Reasons for Saudi ownership in Turkey:
Through the following paragraph, you can see the reasons that encourage Saudis to invest in real estate in Turkey.
1 – Obtaining real estate residency:
When buying a property in Turkey, you can apply for a real estate residence permit, which is one of the most important types of residence in Turkey for many reasons, including:
– It gives you the right to travel to and from Turkey without the condition of obtaining a travel permit.
– The holder can move between the Turkish states without restrictions.
– All family members will get it.
– It enables you to benefit from medical and educational services.
– It is the means that allows you to reside legally in Turkey.
2 – The booming economy in Turkey:
The Turkish economy is considered one of the main reasons that prompted the Saudis to own real estate in Turkey, especially with its diversion from the Arab countries in light of the economic collapses that they are witnessing, such as Syria – Egypt – Lebanon.
What assured them of the importance of this economy was that it was stable in the face of many crises that passed through the Turkish state, the latest of which was the epidemic crisis (Corona).
3 – Good relations between the two countries:
Relations between Turkey and Saudi Arabia are very good, and this is evident by looking at the volume of trade exchange between them and their agreement on many points of view (both countries have plans to achieve a renaissance by the year 2023 AD).
You might say that there are some political differences between the two countries. Does this have a negative impact on the relationship between them? Of course not, there must be some differences between countries, which is very normal.
4 – Flexible Turkish laws:
The Turkish government is constantly working to amend laws that intersect with the interests of foreigners and investors and what it has taken.
– Imposed the purchase of real estate in Turkish lira only.
– Tax exemptions and tax reduction.
– Providing guarantees that encourage the investor to buy a property in Turkey, such as the real estate appraisal document that accurately determines the value of the property.
– There are many projects that are guaranteed by the Turkish government.
– It is keen on supervising real estate projects to ensure compliance with international standards.
5 – A wide scope for real estate investment:
According to the many ingredients that are available in Turkey, it is one of the most important countries in the world in the field of real estate investment, and through the following points, you can discover the reasons to go to it.
– Real estate prices in Turkey are very appropriate (in contrast to the European countries, where real estate prices are very high).
– Each year, Turkey hosts millions of tourists from different countries of the world (it has many historical and natural attractions).
– It is very easy to buy real estate in this country (it will not take much time).
– Construction companies are racing among themselves to present real estate projects with high-end and modern specifications.
– Turkey, in general, witnesses a high population density, with a population of more than 84 million people.
– Real estate prices in this country are increasing significantly and are expected to record a rise of more than fifty percent during the current year.
In addition to all that, real estate in general is a good financial portfolio that is not affected by economic collapses or any crises. If they occur, they will quickly recover their value.
6 – Real estate in Turkey is very diverse:
It is no secret to anyone that real estate is witnessing great diversity in Turkey, and therefore it suited all tastes and budgets without exception. Here are the highlights that you may find.
– Residential complexes, which are the finest types of real estate in Turkey, assuring the investor that he gets a different and upscale lifestyle, and have been designed according to the highest international quality standards.
– Penthouses are the luxury option for everyone and are located on the last floors of high-rise buildings but are reserved for those with higher budgets.
– Among the most important types of residential real estate are the duplex apartments, which consist of two floors on top of each other, with an internal staircase between them.
– Also, the villas are considered among the distinguished options and are suitable for those who are looking for privacy and comfort in relation to the vastness of their spaces.
There is also commercial real estate that is distributed between offices – restaurants – cafes – shops – hotels – hotel apartments – stores and others.
According to the statistics, investors with Saudi citizenship prefer to buy large real estate, i.e. up to 450 square meters, and their search is also focused on luxury villas and palaces.
In this article, we have provided you with everything related to Saudi investments in real estate in Turkey, and we can finally say that the presence of Saudi state investors in Turkey was only based on the privileges they would receive in return.
Do not forget that we at Hana Real Estate are pleased to assist you in choosing the right property for you. If you are seeking to own a property in this country, do not hesitate to contact us.
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