Saudi Arabia's Ownership Increased by 400 Percent in Turkey

Real estate reports indicate a high demand for Arab investors in general and Gulf and Saudi investors in particular on Turkish real estate markets. Recent figures show that foreign sales increased in the first half of this year compared to the same period last year.

Experts attributed the reason to the big number of facilities offered by the Turkish Republic to foreign investors wishing to own in Turkey. Where there have been many amendments to the law of real estate ownership from the abolition of dealing on the basis of the principle of reciprocity, and the tax exemptions that affected the real estate in terms of VAT deduction on foreign investors wishing to own in Turkey.

The figures show that the proportion of Saudi investors who own real estate in Turkey has reached 400 percent, which is a precedent that has not been encountered before. This is a good sign that Saudi and Gulf investments will increase significantly in the coming period.

Experts note that the Turkish real estate market is experiencing a high demand from foreign investors and that the high level this year is similar to the one that happened in 2015, the year that witnessed the sale of 23 thousand apartments for foreigners. The number of apartments sold to foreigners is expected to reach this level this year as well or possibly even higher. Real estate experts say there is a high probability of breaking a record in property sales in the coming period.

A recent report by the Association of Contractors in the Asian part of Istanbul shows that the influx of foreigners to real estate investment in Turkey has increased since April. There is a possibility of reaching record numbers in the next few months.

Istanbul is experiencing a very high turnout from foreign investors in general and Saudi Arabia and the Gulf in particular. Where Saudi investors ranked first with Iraqis in the first half of this year in Istanbul, and the number of apartments sold in this half of this year to nearly double the same period last year.

The experts pointed out that the large facilities undertaken by the Turkish government to facilitate the ownership of real estate for foreigners in addition to the granting of Turkish citizenship for investors in the field of real estate comes at the top of the reasons that contribute to the high demand for the Turkish real estate sector.