The Turkish Elections Influence on the Economy and Foreigners

A Glance at Turkish Elections Impact of Economy and Foreigners

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.

The Major Changes of Real Estate Market Due to Turkish Elections

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.

How Turkish Currency Devaluation Affect Foreign Investment?

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.

Why Should You Acquire a Good Real Estate Background?

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.

Edited by: Imtilak Real Estate ©

Source: Radio Misk