Iraqi, Saudi and Kuwaiti nationals came among the most foreigners to buy real estate in Turkey in 2018, according to figures released by the Turkish Statistical Institute on Wednesday.
According to the data, the Iraqis came first with 8205 homes, the Saudis ranked third with 2,718 homes and Kuwaitis ranked fifth with 2199 homes.
Iranian citizens ranked second among the most foreign buyers in Turkey with 3,652 homes, and Russians ranked fourth in 2297 homes.
Real estate sales to foreigners in Turkey last year rose by 78.4 percent, compared to the previous year’s sales, with a total of 39,663 properties.
According to the Turkish Statistical Institute, Istanbul was at the forefront of the most selling real estate to foreigners, with 14,270 homes.
While Antalya came second with 7938 houses, Bursa ranked third with 2720 homes and Ankara ranked fourth in 2133 homes.
After allowing the foreigners to own Turkish real estate, the Arabs began to acquire the lion’s share of their purchases. Immediately after the law was implemented – specifically in the first ten months of 2013 – non-Turks bought 2,691 properties in Turkey. The Arabs accounted for 2697 properties or about 10%.
In 2014, Gulf investors alone spent $ 4.3 billion on Turkish real estate. In 2015, real estate sales rose by 24% and the majority of the buyers were Arabs.
GCC nationals bought one out of four properties bought by foreigners in 2015 alone
There are many reasons why Arabs prefer to buy or invest in real estate in Turkey. The prices of Turkish property relative to Europe and the United States are low despite the successive price increases over the last few years, especially in big cities such as Istanbul, Antalya and Borza Yalova.
The geographical location plays a prominent role in the travel of the Arabs to Turkey and their real estate investments. The country is adjacent to Iraq and Syria, and the maximum distance between it and the farthest Arab country may not exceed four hours by plane.
Most of the Turkish people condemn Islam, and therefore there are cultural and shared values between Arabs and Turks, unlike Western countries.
Some languages schools have also begun to teach Arabic language courses, with mosques, religious events and relatively common food, making Turkey the most convenient destination for Arabs outside the Arab borders.
Turkey offers excellent educational opportunities for foreigners and Arabs in particular, Turkey has a relatively high quality education, low tuition costs and a large number of scholarships offered by Turkish universities.