The attention of Gulf investors, especially Emirati businessmen and financiers, is turning to the real estate sector in Turkey, in light of the successes achieved by the various economic, tourism and even commercial sectors.
According to the official Turkish Anatolia Agency, expectations indicate an increase in the desire of businessmen to invest in the real estate sector in Turkey.
In this regard, the head of the Turkish Foreign Economic Relations Council, Nail Olbak, expressed the increasing desire of Gulf businessmen, especially Emiratis, to invest in the real estate sector in Turkey, starting next May and June.
Many important Emirati real estate names that have a major role in the field of real estate development, in addition to many other companies, intend to invest in the real estate sector in Turkey.
Turkish official sources indicate that Gulf investments in the real estate sector in Turkey are expected to increase in the coming period, with the increase in tourism activity.
The same sources revealed that discussions are taking place with several companies from Dubai and Abu Dhabi that want to invest in the real estate sector in Turkey.
According to estimates from the same sources, Turkish companies have implemented 141 projects in the United Arab Emirates worth approximately $13.5 billion.
Turkish companies are scheduled to have a role in implementing projects, especially infrastructure and superstructure projects that will be implemented within the framework of Dubai Vision 2040, against the backdrop of the successes achieved by Turkish companies in this sector.
In their meetings with the Emirati side, Turkish officials focus on discussing the construction sector that characterises Turkey, rather than holding commercial discussions on various issues with many companies.
The UAE is Turkey's largest trading partner in the Gulf region, and ranks second in the Gulf in terms of direct investments in Turkey, as the volume of mutual trade activity between the two countries in 2020 reached $8 billion.
Regarding this, the Chairman of the Board of Directors of “OmranTRK”, which is headquartered in the city of Yalova in northwestern Turkey, said, “Most of the company’s clients are of different nationalities, especially Gulf nationalities, and all of them expressed the importance of the real estate sector and its development, which is growing day after day.”
He added, "In the coming days, the real estate sector in Turkey will witness a noticeable recovery, thanks to the tourism season on the one hand and the facilities provided by the Turkish government to investors on the other hand."
He stressed that "the real estate market in Turkey is considered a major destination for all investors, especially from the Gulf countries."
At the end of last March, the UAE hosted the Emirati-Turkish Business Council meeting, which aims to strengthen efforts aimed at pushing joint economic relations between the two countries towards further growth and opening new horizons of cooperation, in addition to enhancing cooperation in the real estate development and construction sector.
It is noteworthy that the "Emirati-Turkish Business Council" was established under the umbrella of the Turkish Foreign Economic Relations Council, through the agreement concluded in 2000 with the Chambers of Commerce and Industry in Abu Dhabi, Dubai and Sharjah, and the Federation of Chambers of Commerce and Industry in the Emirates.
The General Directorate of Turkish Land Registry and Real Estate Survey announced the sale of 68,600 properties to foreigners in 2021, and indicated that real estate sales to foreigners have increased significantly since 2018.
In 2021, the Turkish Statistics Authority
revealed that real estate sales in the country witnessed a growth of 14.9
percent during the month of October, compared to the same month of the year
2020, and the year 2022 witnessed an increase in real estate sales to
foreigners by 15.2 percent compared to the previous year, according to the
Anadolu Agency.