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Imtilak Manager: The Economic Impact of the Recent Local Elections Has Been Exaggerated

Mr. Abdullah Al-Hammad, Chief Executive Officer of Imtilak Real Estate, stressed the vital role played by the real estate investment sector in Turkey

Imtilak Manager: The Economic Impact of the Recent Local Elections Has Been Exaggerated
2019-04-17 Last update 2020-09-30

Imtilak Manager: The Economic Impact of the Recent Local Elections Has Been Exaggerated

Mr. Abdullah Al-Hammad, Chief Executive Officer of Imtilak Real Estate, stressed the vital role played by the real estate investment sector in Turkey.

"It is clear that dealing with the issue of the recent municipal elections have been greatly exaggerated so that it occupied more space than its actual size,” Mr. Al-Hammad talked in a live interview broadcast by Misk FM about the expected state of Arab investments in Turkey. Because the municipal elections, whatever it shows, are related to the administrative and service affairs of the cities in particular, and they are far from the economic decision.

It is well known that the formulation of the country's economic strategy is sovereign, which is too large to be subject to political strife, and there is no doubt that foreign investment in Turkey and everything related to it falls within this circle.

But this interest in local elections may partly be due to the importance of Istanbul for its demographic and economic weight.

In this regard, the ruling party in Turkey has achieved a considerable success rate, and it is also certain that Turkey will live years of political stability until the next parliamentary and presidential elections in 2023, with the resultant stability of economic prosperity expected.

On the impact of this climate on foreign and Arab investments, especially in Turkey, Mr. Abdullah pointed to the seriousness of the Turkish government in achieving its objectives of a package of comprehensive economic reforms of vital sectors of the Turkish economy.

With transparency ... What is the reality of the real estate market in Turkey?

Mr. Al-Hammad: Since the year 2016, the Turkish economy witnessed a number of fluctuations in the recession of some sectors. The real estate sector in Turkey witnessed a significant activity after the government approved the amendments to the Nationality Grant Law in return for owning a property.

On this particular subject, in a field visit, we did almost a week ago to the Citizenship Department in Istanbul, we were informed that the number of files submitted for citizenship from Istanbul only has reached 2000 files of citizenship, which are large numbers accepted in all sectors available!

But there is an obstacle in the area of the traditional competitor of the Turkish real estate market, banks and their benefits, which is reflected in the local market and allows the recession to continue. There are promising promises from the Ministry of Economy to reduce the interests of banks to a single digit less than 10%, making the Turkish economy more resilient to external shocks.

On the Turkish lira fluctuations...

Mr. Abdullah: Investment in Turkey is characterized by a wide variety of options. Arab investments here are highly successful, not only in the real estate, financial and export sectors, but in several vital sectors in Turkey.

But this also means that the Arab investor should to be cautious about the quality of investment sectors targeted to be based on the dollar, and this is due to the extent of investor professionalism and his study of the realities of the Turkish market.

The importance of real estate culture

In this context, Mr. Al-Hammad advises everyone to review the Turkish laws, in order to accurately examine the requirements of the labor market and the investment reality in them.

He added: The Ministry of Labor and other official websites on investment in Turkey are mostly translated into Arabic and English, but there is a lack of follow-up, and I advise everyone to review the labor laws.

The role of economic entities in Turkey

As for the proportion of Arab investments in the Turkish real estate market, Al-Hammad reported that it exceeded 10% and may have reached 15% in a significant increase. This is due to the turnout of Gulf and Iraqi investments to Turkey. The new is the Algerian and Sudanese turnovers, proving the fact that the Turkish real estate market is one of the safest markets in the region.

"I would like to point to the importance of economic Associations and the role they play in Turkey. These Associations provide a unique opportunity for investors to enter the Turkish real estate market without risk."

Therefore, the Arab investor should consider it his first stop before entering into any investment process because it is a gathering of the experiences of successful Arab and Turkish investors in the Turkish markets, as well as the possibility of holding partnerships in the Turkish market safely and reliably. These include the Irtiad Association of Syrian Businessmen, the Association of Arab and Turkish Businessmen, and the Arab Businessmen Association in Gaziantep.

Edited by: Imtilak Real Estate ©

Source: Radio Misk

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