The reasons that encouraged Kuwaitis to invest in real estate in Turkey
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Turkey today has become a destination for many people and investors in particular, and the real estate sector in Turkey has witnessed an increasing demand by foreigners and Arabs thanks to the successes and great profits that it has achieved. We will shed light on the most important Kuwaiti investments within Turkish lands and the reasons that encouraged them to enter the real estate field in Turkey.
First: Kuwaitis owning real estate in Turkey:
According to statistics, the Kuwaitis were among the most important Arab nationalities that went to real estate investment in Turkey, especially after canceling the reciprocity law approved by Turkey in 2012 because the Kuwaiti government does not allow Turks to buy real estate on its lands, but this did not prevent the Turkish government from allowing Kuwaitis to buy real estate. In Turkey and invest in it as they wish.
After the issuance of this law, the number of Kuwaiti investors increased dramatically and they were able to achieve the third place as the most Arab community buying real estate, and later they were able to reach the second place. In general, Kuwaitis are considered one of the most prominent communities in the real estate field.
Second: The most preferred real estate investments by Kuwaitis in Turkey:
Looking at the mentality of the Kuwaiti investor, we will find that he prefers to go to practical matters that achieve quick and inevitable success. Therefore, we will notice that Kuwaitis prefer to buy real estate that can be used in investment and this applies to hotel apartments, restaurants, cafes, and tourist resorts, and so on. They tend to be interested in buying real estate within the city of Istanbul and Bursa, which are known for their investment importance.
Residential real estate, especially luxury ones, is ranked second among the concerns of Kuwaiti investors, as they are interested in buying villas in Turkey, residential complexes, and luxury homes, and therefore they prefer Istanbul, Antalya and Yalova properties.
Turks are also interested in buying land in Turkey and establishing investment projects in it of all kinds, and for this reason they often head to the Turkish city of Trabzon.
Third: What are the reasons that attract Kuwaitis to real estate investment in Turkey:
There are certainly many factors that have contributed to attracting Kuwaiti investors to Turkey's real estate, the most important of which are:
- The many facilities and legislations approved by the Turkish government, which are in the interest of foreign investors who do not hold Turkish citizenship.
- Real estate prices in Turkey, which are considered low when compared to real estate prices in neighboring European countries, despite their excellent features and specifications.
- The distinctive climate and beautiful terrain spread all over Turkey, which the Gulf people generally miss due to the hot dry weather within their countries, while they find in Turkey the pleasant Mediterranean climate suitable for tourism and holidays.
- The real estate residence that a foreign investor gets when buying a property in Turkey, which allows him to travel to Turkey at the time he wants without worrying about getting an entry visa.
- The possibility of applying for Turkish citizenship through real estate investment, for an amount of at least 250 thousand dollars, which is a great incentive for investors to enjoy the advantages of Turkish citizenship and a Turkish passport that allows entry to a large number of countries without the need for an entry visa.
- The great importance that Turkey has as a tourist country in the first class, and this is what contributed to attracting a large number of tourists and thus the recovery of various real estate investments within its lands.
- The large presence of Arab communities in Turkey, which occupy all fields of work, and this is what secures a suitable workforce for Kuwaiti investments in the region.
- Significant tax cuts in Turkey, which greatly contribute to attracting investors to benefit from these exemptions.
- The presence of the Kuwaiti-Turkish Bank, which facilitates money transfers and real estate payment transactions and is known for providing loans and good dealings with customers.
Fourth: What are the upcoming expectations regarding Kuwaiti investment in Turkey?
Despite the great challenges that the real estate sector in Turkey has witnessed during the past period, this did not affect the Kuwaiti demand for real estate purchases and this is due to the great efforts made by the Turkish government to attract investors and it is expected that the value of Kuwaiti investments will increase in the coming years. Their interests are expanding.
Also, the Turkish government’s obligation to foreigners to extract the real estate appraisal document led to a significant decrease in real estate fraud cases and contributed to preserving the rights of Kuwaiti investors and thus encouraged them to buy real estate in Turkey.
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