By 80% | Increase in the percentage of Saudis' freehold ownership of apartments in Turkey

Official data released by the Turkish Statistical Institute, monitoring foreign purchases of residential properties in the country, showed a steady and significant increase in the freehold property ownership by citizens of the Kingdom of Saudi Arabia in Turkey during the first five months of this year.

The statistical data showed that the Saudi nationality rose to 11th place in the list of the top foreign nationalities purchasing residential properties in Turkey during the mentioned period, with an increase of 79.4% compared to the same period last year.

The announced list revealed that Russian citizens topped the list of foreigners with the highest freehold property ownership and purchases in the country, while Iranians and Iraqis ranked second and third respectively, and the fourth place went to Ukrainian citizens.

What is the reason behind the Saudis' interest in freehold property ownership in Turkey?

The interest of Saudi citizens in purchasing properties in Turkey is linked to several factors, strengthened by the growing positive strategic relations between the two countries. In addition, Saudi citizens are attracted to Turkey's enchanting nature and conservative environment, as reflected in their repeated annual tourist trips to Turkey for relaxation and to spend wonderful times.

The motivations for Saudis' freehold property ownership of residential properties in Turkey are also based on the desire to invest in the Turkish real estate market, due to the profitable returns the real estate market in Turkey provides to its investors. In addition, foreign investors gain many advantages according to Turkish investment law, such as legal residency in the country.

Edited by: Imtilak Real Estate

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