Middle Easterners Have Boosted Turkey's Property Market

Although some may believe that the real estate market in Turkey is slowly going down, foreign investors continue to pour support through property purchases. While Turkey attracts customers from around the world, especially in Istanbul, Saudi Arabians have shown the biggest support to their neighbors. 

Before the global economic crisis in the middle 2000s, Europeans were competing with each other to get property from Turkey. Nowadays, it seems like they have had enough and relax the Aegean and Mediterranean coasts every summer instead.

Summer Houses for Arabs

While the majority of Europeans are selling their houses in Turkey, Middle Easterns seem to be buying them. Citizens of Iraq, Iran, Saudi Arabia, and Kuwait aim to buy new homes in Turkey to secure their citizenship. The rate of property sold with foreigners is growing every year. Citizens of Ireland, England, Holland, Germany were buying real estate, especially in tourist areas. In recent years, Saudi Arabia, Kuwait, and Iranian citizens have begun to take their place

Rising Investments

According to the Turkish Statistical Institute's 2017 data, Iraqi citizens have purchased 3.800 houses from Turkey in the past year. They were followed by Saudi Arabia with 3,345 houses. After Saudi Arabia, there were 1690 houses with Kuwait and 1331 houses with Russians. The eyes of foreign investors continue to be in Turkey. In addition to home buyers, there are companies engaged in housing projects. Turkey continues to attract the interest of foreigners in the real estate sector.