Emirati investments in Turkey in the real estate sector (Guide to buying a property in Turkey for UAE citizens)
With the aim of attracting more investments, the Turkish government issued in 2012 a decision on amending the property law and through it abolished the point of “reciprocity” and considered this decision one of the key changes in Turkish law. Through this change, citizens of 184 countries were allowed to buy real estate in Turkey. This decision was a distinguished investment opportunity for the citizens of Arab countries, especially the citizens of the United Arab Emirates
In this context, the rate of Emiratis buying real estate in Turkey is witnessing a significant increase year after year. The percentage of purchase by Arab Gulf citizens of real estate in Turkey during the first months of 2019 was 2.5 million square meters, and it was purchased by 4,467 citizens. The percentage of real estate purchases by citizens of Arab countries is equivalent to 47% of the total sales
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Law of Emiratis buying real estate in Turkey
Before 2012, the Turkish real estate law provided for the point of reciprocity for foreign investors. In 2012, the Turkish government issued a decision that abolished the aspect of reciprocity and allowed citizens of foreign countries to buy real estate in Turkey.
The number of properties that Emiratis are allowed to buy in Turkey
According to Turkish law, the total owned by citizens of foreign countries should not exceed 10% of the total area of the area in which the property is to be purchased. And that the total area of the individual purchase of the property does not exceed 300 acres.
In the event that the area in which the property is to be purchased is classified as a military area or a special area, the foreign investor must obtain approval from the state or from the Turkish Army Chief of Staff
What areas do Emiratis focus on when buying real estate in Turkey?
Istanbul comes at the forefront of the areas that Emiratis focus on when buying a property in Turkey, especially in the central areas of Istanbul, such as: Çamlıca, in which there is an Emirati real estate project that won the award for the best mixed-use architectural building in Europe, and it includes several residential blocks along with a hotel And a shopping center on an area of 150 thousand square meters.
As well as the “Büyükçekmece” area, known for its luxurious apartments and villas with beautiful views of the lake
Reports indicate a noticeable increase in the volume of Emirati real estate investments in Turkey and the expansion of building hotels and residential towers in many tourist areas in Turkey, such as: the Mediterranean region, especially in Antalya, which was included in the plans of some major Emirati investors to invest in its real estate, as well as the region Black Sea
You can view the best real estate investment opportunities in Turkey here
Emirati real estate companies in Turkey
In 2020, the volume of Emirati investment in Turkey in general amounted to 18.8 billion dirhams
One of the most prominent real estate investment companies in Turkey is Emaar, which built the Burj Khalifa in the UAE, and Emaar is participating in the construction of an entertainment town in the Turkish state of Antalya, with an estimated area of 700,000 square meters, with a value of one billion US dollars.
As well as “Damac” and “Capital” are among the companies that have invested in the Turkish real estate sector
Emirati investments in Turkey and the real estate sector
One of the most important Emirati investments in the real estate sector in Turkey is the Emaar Squere project or “Emaar Square”, which is a residential complex within a huge project that includes a hotel, a shopping center, and apartments with distinctive views of Istanbul,
It is scheduled that there will be an Emirati investment in Antalya to build a shopping center in Antalya
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