Arab ownership of real estate in Turkey
Arab ownership of real estate in Turkey is constantly increasing, and the Turkish real estate market is witnessing a great and continuous demand by Arab investors. As there are many reasons that motivate Arabs to own real estate in Turkey as we will see in this article from Ebla Real Estate.
The legal basis for Arab ownership of real estate in Turkey:
According to the government amendment to Article 35 of Real Estate Law No. 2644 issued on May 18, 2012.. The principle of reciprocity with regard to foreign ownership of real estate in Turkey has been abolished. Thus, foreigners have the right to own any type of real estate within the borders of the Turkish Republic.
It is worth noting that Syrian nationals are excluded from this, as they are not entitled to own real estate in Turkey unless they establish a company or obtain Turkish citizenship.
Reasons for Arab ownership of real estate in Turkey:
- Turkey has a strategic geographical location as it is a natural bridge between Asia and Europe.
- Moreover, the real estate market in Turkey is one of the best real estate markets due to the great successes and the high profits it provides to Arab investors.
- The strong economy which makes Turkey a pioneer in the field of real estate investments and urban transformation projects.
- Furthermore, there are diverse options of real estate that meet all Arabs’ needs and desires.
- Additionally, Turkey includes many urban expansion projects, built to excellent standards with the latest equipment and the best services.
- Obtaining a residence permit.
- Obtaining Turkish citizenship, and this one is one of the most important reasons that motivate Arabs to own real estate in Turkey.
Advantages of Arab ownership of real estate in Turkey:
- Turkey is a highly safe country, particularly in large cities like Istanbul, Bursa, Ankara, and Izmir.
- Moreover, Turkey is an advanced country in terms of infrastructure, transportation, education and health.
- Additionally, the cost of living in Turkey is a lot cheaper than EU countries or the US.
- The prices of luxury properties in Turkey are also affordable.
- The ease of real estate ownership procedures in Turkey and the ease of Turkish laws
- Government support for foreign investors in Turkish real estate.
- In addition, properties in Turkey are characterized by charming sea and mountain views that meet all the buyers’ tastes and needs.
Statistic about Arab ownership of real estate in Turkey:
The demand for real estate purchases in Turkey continues at an upward pace, especially among Arab investors wishing to purchase property in various Turkish cities.
Arab investors have contributed to the establishment of more than 8,000 companies in Turkey. Moreover, Arabs own more than a quarter of real estate sales to foreigners in Turkey, they bought 10,900 properties. In 2022, the number reached more than 20,000 properties in various Turkish cities.
The best areas for Arab ownership of real estate in Turkey:
Istanbul:
Istanbul is Turkey’s window to the world. Moreover, it is one of Turkey’s largest and most important cities. Furthermore, Istanbul is Turkey’s cultural, historical and economic hub. It includes the best vital facilities and service centers. In addition, Istanbul has many options of real estate with developed services and charming views.
Bursa:
Bursa, which is a preferred destination for Arabs, is the fourth largest city in Turkey and one of the most livable cities in Turkey. Moreover, it is characterized by the urban transformation and the prosperity of the projects. In addition, it includes many historical and tourist attractions.
Antalya:
Antalya has become a preferred destination for living and stability for many, especially for Arabs. The real estate market in Antalya has witnessed a great boom in the past five years and has become an excellent real estate investment destination like the rest of Turkish cities.
Trabzon:
Trabzon is one of the major cities of Turkey and the biggest one in the Eastern Black Sea region. It is a preferred city for Arabs to buy real estate as it is one of the fertile environments for investment.
Thus, we talked about Arab ownership of real estate in Turkey. To own a property in Turkey do not hesitate to contact us. We provide various options of real estate in the Turkish cities.
Edited by: Ebla Group Real Estate
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