The Migration of Large Companies from Dubai to Istanbul
2020-02-13
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The real estate sector in Turkey witnessed a significant increase in the demand of investors from several Arab and foreign countries, and the Turkish government has supported this sector significantly as it is one of the most vital sectors among other economic sectors.
Dubai has seen a large influx of expatriates coming from Western countries in the past years because of the high potential in them and because of the lack of income tax, especially during the past 15 years.
However, the increase in the value of the UAE currency in 2017 led to the return of a section of residents to their countries, as the proportion of foreigners in the UAE up to 90 percent of the total population in the country.
Data released by the Dubai Statistics Center indicate that the loss of Dubai is due to the return of large numbers of foreigners to their countries without paying their debts amounted to $ 1.4 billion.
The data show that the real estate sector has seen a decline since 2008 till the present time, where the decline has reached 27 percent since that year until now.
The decline in the real estate sector, 5% customs tax and 5% value-added tax also led many major goldsmith companies to move from Dubai to Istanbul. According to experts, more than 200 companies in the goldsmith industry have moved to Istanbul since the beginning of this year, And many companies and investors in the field of real estate also enter the Turkish market.
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