Arabs bought over 11 million square meters of real estate in last 16 years in Turkey

Duvar English

A total of 51,792 citizens of Arab countries have bought 11,186,601 square meters of real estate in Turkey in the last 16 years, the Environment and Urbanization Ministry said in response to a parliamentary question filed by main opposition Republican People's Party (CHP) deputy Sezgin Tanrıkulu, daily Birgün reported on Dec. 19.

The increase in the real estate sales to foreigners spiked after 2003, as the government introduced an amendment to the Land Register Law making it easier for foreigners to purchase property in Turkey.

As of July 19, 2003, citizens of Arab countries owned only 61,069 square meters of real estate in Turkey, the ministry said. As of February of this year however, the total area of real estate owned by Arabs reached over 11 million square meters due to the amendment of the relevant law, according to the ministry.

In the last 16 years (between July 19, 2003 – Feb. 2, 2019), the total area of real estate bought by Saudi investors is 3,408,555 square meters, making Saudi Arabia ranked first in the purchase of real estate among Arab countries.

Saudi Arabia was followed by Kuwait, the citizens of which bought a total of 1,725,868 square meters in the last 16 years. Iraqi citizens were in the third rank, having purchased 1,503,272 square meters of real estate during the same period.

Istanbul was the most preferred city for Arab buyers. The megacity was followed by Bursa, Sakarya and Yalova.