| Date: | Thursday, January 12, 2023 |
The Saudis ranked second among the most foreign nationalities in real estate purchase
With a charming nature, wonderful tourist places, and a developed educational and investment environment, Turkey attracts increasing numbers of people to travel to it, and the number of foreigners who traveled to Turkey last year 2019 reached more than 50 million people, the percentage of Arabs reached 18%, of whom Gulf citizens formed a large part, It is not enough for Arabs to visit every time, as the percentage of foreigners wishing to invest and buy real estate in Turkey is on the rise .
Gulf citizens constitute 30% of all foreign investors in real estate in Turkey , most notably the Saudis, who ranked second among the most foreign nationalities in buying real estate in Turkey , during the past five years, especially in cities overlooking the sea such as Istanbul, Yalova, Bursa, Aydin and Antalya. Saudi investments in real estate accounted for 25% of the total Saudi investments in it.
What real estate are the Saudis entitled to own in Turkey?
According to Turkish laws, a citizen has the right to own all types of real estate in Turkey (apartments, villas, shops, commercial offices, warehouses, hotels, buildings, lands, farms, etc.) security or military, unless the percentage of ownership by foreigners is met.
What are the most important steps that a Saudi must take to buy a property in Turkey?
To obtain his own tax number from the tax department.
To have the passport translated into Turkish by a sworn translator and authenticated by a notary public or authenticated by Turkish embassies in foreign countries.
- To bring two recent personal photos.
To open an account in a bank in Turkey.
- To pay the ownership fees (Tapu).
To obtain an insurance policy against earthquakes and natural disasters ( DASK ).
What are the things that encourage Saudis to buy real estate in Turkey?
- Take advantage of the opportunity to obtain the real estate residence permit that is given to anyone who buys a property in Turkey.
Great facilities in legal procedures and the advantages of exemptions from some taxes.
- The advantage of granting Turkish citizenship to anyone who buys a property in Turkey with a value of $250,000 or more.
- The opportunity to price real estate in Turkey in Turkish lira, and thus benefit from the depreciation of the Turkish lira against the Ummima dollar, the Umayyad dirham, the Umayyad dollar.
- The nature of life in Turkey motivates the Saudis to strive to live the experience of tourism and residence in Turkey in terms of the pleasant climate most days of the year and the many natural scenes that vary between seas, mountains, rivers, plains, valleys, etc., in addition to the large number of historical and archaeological monuments, all of which are accompanied by the highest levels of services and the best Utilities, transportation networks and other infrastructure.
- The historical bond between the Saudi and Turkish peoples, and their sharing of the Islamic religion, the conservative trait, and many customs and traditions that comfort the Saudi citizen to the idea of owning a home in Turkey.
- The existence of profitable investment opportunities in the Turkish real estate market, which has proven to be thriving year after year, with great and distinctive offers on various types of real estate in the Turkish states.
- The turmoil witnessed by many countries in the Middle East, such as Lebanon and Egypt, which used to attract a large number of Saudis, encouraged them to go to Turkey, which is characterized by good political, economic and social stability.
- The prices of real estate in Turkey are low by a good percentage compared to real estate in European countries and the United States of America, and this makes buying real estate in Turkey a more suitable investment opportunity.
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