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The Growing Iranian Demand for the Turkish Real Estate Market

The Growing Iranian Demand for the Turkish Real Estate Market
Publication date: 2020-02-17 Category: Investment in Turkey

The number of arrivals from Iran has increased dramatically since about 4 years ago in order to own and buy Turkey real estate, invest in Turkey and do business.

In 2019, according to official statistics, the number of tourists was about 51 million foreign tourists who visited Turkey last year. It is interesting that the number of Iranian tourists exceeded 2 million in 2019, and they came in the fifth rank in terms of the number of foreign tourists, and they reportedly came for tourism, buying property in Turkey and setting up companies, which is considered a significant, interesting and very important development.

If we make a simple comparison of the great growth that is taking place between the last two years:

  • 2018: The Iranians own about 3,652 properties in Turkey.
  • 2019: The Iranians own about 5,623 properties in Turkey.

This number increases by 89%, compared to the number of housing units that the Iranians bought in 2018, and 640% compared to the units they acquired in 2017.

The big difference reflects the clear interest of Iranian expatriates in the search for a safe haven for money and business.

The Internal Status of the Republic of Iran

  • The economic and service conditions are getting worse, and unemployment rates have increased dramatically in some cities, reaching 60%.
  • Terminating the services of 75 thousand Iranian companies, and transferring the businesses of some of these companies to Turkey.
  • The price hikes and drastically high prices for living materials.
  • American withdrawal from the nuclear agreement where Donald Trump signed the withdrawal decision, which resulted in the Iranians' fear for their situation and future.
  • The increase of security grip, sometimes street failure, and prediction of wars from time to time.
  • A continuous decline in the value of the Iranian currency and riyal against the dollar, all of which prompted Iranian citizens to search for a suitable and safe alternative for them and their families, so they transferred their money in hard currency to Turkey.

Iranian Orientation

Iranian citizens sought to buy real estate that is located in Istanbul, Trabzon, Ankara, Izmir, Antalya.

According to the latest statistic in 2019, 250 Iranians obtained Turkish citizenship out of 981 foreigners who acquired citizenship in Turkey for the year 2019.

The Incentives and Advantages of the Turkish Market for Iranians:

  • Turkish citizenship and passport were the biggest factor.
  • The Turkish government has made many facilities and issued a law to obtain Turkish citizenship in an amount of $ 250,000, an amendment to an earlier law that the price of buying the property must not be less than one million dollars.
  • The strong Iranian-Turkish economic relations and support for the Iranian government despite the imposed sanctions, including the purchase of Turkey's oil and gas from Iran.
  • Race, religion, customs and traditions that are close to Iranian culture.
  • The absence of social pressures or harassment like the Arab countries against the Iranian citizen.
  • A greater spread of the Persian language and the rapprochement of hostility with America by Turkey and Iran.
  • Great facilities from banks, and bureaucratic procedures in Turkey that are almost zero when it comes to foreigners.


Real Estate Sales to Foreigners in Turkey:

Real Estate Sales to Foreigners in Turkey

2019

2018

Country

7596

8205

Iraq

5623

3652

Iran

2893

2297

Russia

 

In the end: the Iranian market is still large, escalating and increasing, due to the deteriorating situation in Iran, which constantly drives the desire of Iranian citizens to have a decent and safe life through stability in Turkey.


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