Why Wealthy Arabs are Investing in Turkey

Why Wealthy Arabs are Investing in Turkey

 Turkey has had its problems recently, such as frequent terrorist attacks on its soil, but there is no denying the fact that it is a very popular overseas property destination, especially with the Arabs. In fact, if you are looking to sell your overseas property in Turkey, your best chances are at selling to Arab buyers.

Turkey is a very popular tourist destination and attracts a record number of tourists from the Middle East every year, especially from Iraq, Kuwait, UAE and Saudi Arabia.  In fact, Arabs make up 40% of the 42 million visitors Turkey gets each year. Not only are Arabs visiting Turkey as tourists, they are buying property – more so than any other group of foreigners.

Sales to foreign investors went up by 24% in 2015, with Arabs accounting for a majority of the sales. Generally Arabs prefer to buy beachfront villas in posh Istanbul, Bosphorus areas such as Vanikoy, Kandilli, Bebek and Yenikoy, as well as at the Sapanca Lake and Kartepe.

The historic city of Bursa is rising up the popularity charts as well. The Black Sea region holds tremendous attraction among Arab buyers and many prefer to buy properties in the province of Trabzon. So why are so many Arabs buying property in Turkey?

There are many reasons for this, starting with the fact that investing in property in Turkey is a great investment. Property prices have risen by almost 19 percent since 2014 and show no sign of slowing down, despite Turkey’s recent problems with terrorism. Home prices in Istanbul rose by almost 25% in 2015.

Arabs also appreciate that there the culture in Turkey is very similar to what they would get back home. Most of the hotel staff, tourist guides and taxi drivers in Turkey speak Arabic. Real estate agents, lawyers, doctors, architects, interior designers and other professionals speak Arabic too. The people of Turkey are very friendly towards Arabs and share a lot in common with them, including the fact that most of them follow Islam. 

 Turkey has a fast growing economy and is a great place to do business. For example, a number of Arab entrepreneurs have entered the hospitality business in Turkey, because of the fact that Turkey is one of the most popular tourist destinations in the world and receives over 40 million tourists each year.

It is easy to invest in Turkey as well. The new real estate law makes it very easy for Arabs to buy property in Turkey. The abolition of the rule of reciprocity means that Arabs face no restrictions at all in buying property in Turkey. Arab buyers can expect to get the same property rights as the local Turks. They can now buy real estate of up to 60 hectares, while earlier they could only buy land up to 2.5 hectares.

 Despite the recent problems that Turkey has had with terrorism, it is still much safer and more peaceful than any other Middle Eastern country.  For this reason, a lot of people from some of the volatile parts of the Middle East such as Tunisia, Egypt and Syria have relocated to Turkey. Cities such as Istanbul and Antalya are very popular with Arabs and are full of opportunities for work and play.

Arabs love Turkey because it acts their connection to the West, while still feeling like home. Turkey is where a million Arabs live and work. Turkey has food that they are familiar with, has a common Islamic heritage and even the schools in Turkey offer courses in Arabic to students. So, it’s pretty much home away from home. 

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