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Increased Real Estate Ownership Of Saudi Arabians in Turkey's Real Estate Market

Housing construction in Turkey continues to rise steadily each year. In Istanbul, Trabzon, Antalya, Ankara, Sakarya, and many other big cities, branded projects are taking place. Especially during the last 5 years, every district of Istanbul started to look as if it is a city center. That encouraged both foreign and local investors to start making investments in Turkey.

When we look at investments in Turkey from the Middle-East, we see that it is growing exponentially every year. Reva Real Estate General Manager Yusuf Boz made evaluations about investing abroad and to meet those who want to invest to explain why it should be invested in Turkey.

 Reva Real Estate General Manager Yusuf Boz said that they have received great interest from investors. Boz said: "We came to Saudi Arabia with great interest since the day we arrived. I have been in contact with hundreds of citizens. We see that compared to American and European countries Arabs have started to transfer their capital to Turkey. ".

Boz said that they in turn expressed the advantages of investing in Turkey and showed more popular projects under construction. But he said that not every project should be trusted, especially the advantages of the project to the investor should be known. "When you buy a house from a project, you need to learn the advantages of your surroundings and the project itself. "

Indicating that they have been working with Arab customers since the day they were founded, Boz said that they know well what they want and what they are looking for. When choosing a project they said that they pay attention to these situations. About the meeting with Saud Prince Saif al-Islam bin Saud bin Abdulaziz, Boz said that they had a very good meeting. He said he went to good relations between the two countries. Also, they talked about our project and said they wanted to get housing from Turkey.

Investment Project From Arabs

Saudi businessmen who have come to Turkey with housing started to invest. Businessman Ibrahim Al Hussain built a solar energy factory in Düzce. Adil Al Husayni is considering housing and agricultural production on the land he bought for 50 million dollars Turkey's safe harbor and the Islamophobia trend in the West have translated the route of Saudi investors into Turkey. The Saudi capital, which first came to buy real estate, is now turning to industrial and energy investments. The large conglomerates of Saudi Arabia are establishing factories in Düzce, Eskişehir, and Trabzon. Rimall Invest Chairman Fatih Tataroglu, who advises the Gulf capital, said that a Saudi investor bought 20 million TL shopping mall and 20 million TL house from Istanbul in 2017. According to the information received, the Saudi businessman, who did not want the name to be revealed, gave the building to the owner of the building. "The company has a budget of 30 million liras to make new purchases," Tataroglu said. 

Adil Al Husayni was the last Saudi Arabian businessman to enter Turkey by taking the land. Husayni, a company named Adil Al Huseyni Holding, bought $ 50 million worth of land. The businessman plans to make housing projects in the coming period on the lanes he bought from Istanbul and Yalova. Another Saudi businessman investing in Turkey was also informed that he was Ibrahim Al Hussain. Fatih Tataroğlu, Chairman of Rimall Invest, stated that the biggest claimant of Saudis is the waterside houses in the Bosphorus and said, "The negotiations are going on for 4 waterside house.

Turkey Encourages Arab investors Through Brotherhood

In 2016, The government of Turkey has introduced major incentives for the Saudi investors to draw the additional flow of cash as well as investments within the homeland, according to the Al-Hayat newspaper that cited a senior advisor to Turkey’s PM, Mustafa Göksu. Sources said that all the Saudi investors have been cleared from the government’s value-added tax plus customs duties on importation gear and machines, which in order declines the price of the investment.

Ancillary incentives contained support for communal safety premiums, lesser taxes that are owed by the workforce as well as employers, except more civic land allotments.

Property, automobiles, and energy, symbolize the most competent investment prospects inside the country, further added by Göksu. According to the latest report, People from Saudi were on the second leading position in terms of property purchasing in the country, after Iraq.

Sharp increase observed in house sales to foreign buyers in 2018

According to the January 2018 retail sales report released by the Turkish Statistical Institute (TÜİK), there is a significant rise in the number of foreign buyers in the property market. The number of houses sold to foreign people in January 2017 increased by 25,7 percent, reaching the number of 1,742.

Istanbul was the most preferred city by foreign buyers

Istanbul ranked first in the list of cities foreign investors preferred the most by 545 housing sales in January 2018. Antalya came second by a sale of 427 houses, Bursa the third by 161 houses, Yalova the fourth by 90 houses, and Trabzon by 82.

Retail sales sector grew by 22.2 percent

Last year, 22 thousand 234 houses were sold and a growth of 22.2 percent was observed in the retail sales sector compared to the year of 2016. According to the data given by TÜİK, 97,019 houses were sold in Turkey last month, with a 1.7 percent year-on-year increase.