During the last years, Turkey has become a destination for people from all over the world, where the world’s billionaires buy properties after falling in love with its people, culture, nature and climate. What distinguishes Turkey from other countries is its strategic location between Asia and Europe which enriches its culture and creates wonderful weather that differs from one city to the other. You can find everything you look for in Turkey, the charming nature with its mountains and seas, the cool weather; sunny, snowy, and rainy, the historic atmosphere; old buildings, castles, and famous landmarks, the bustling life; nightclubs, bars, cafes, and restaurants, the conservative oriental environment and the western lifestyle. One of the latest reports by Forbes described Turkey as "the new paradise for wealthy people from all over the world" and that it is "the best destination for the world's billionaires."
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Why do wealthy people prefer Turkey?
Over the past twenty years, Turkey has attracted more than 20 thousand millionaires, for residence, vacation and investment for many reasons, including:
- Turkey's charming and attractive nature.
- Turkey’s stable political condition and the high place it started to have among the world's greatest countries.
- The vitality of the real estate sector in Turkey, and promising investment opportunities in it.
- Its strategic location which facilitates business and profit development, in addition to movement to and from Europe.
- The Turkish government's interest in attracting wealthy people and providing legal facilities for that.
- The political and economic instability in many countries, such as the Middle East, made wealthy and businessmen seriously think of Turkey as a safe haven for their investments, and an alternative home to settle in.
- Istanbul is the main business and industry center of the Middle East. It has overtaken Dubai in this field, because Istanbul’s economy is diverse and solid including, agriculture, commerce, tourism, real estate, manufacturing, energy and many others, in addition to its new huge strategic projects like the New Istanbul Canal.
- Over the last 20 years, many international and luxury brands have opened branches in Turkey such as: Prada, Hermes, Louis Vuitton, Gucci, Chanel, Christian Louboutin, Ralph Lauren, and Armani.
- Compared to Europe and America, life conditions in Turkey are much easier, especially for wealthy people and businessmen, in terms of taxes, legal procedures and many others.
- The good fame of Turkish tourism, which Turkish series contributed to spread it.
Why does Turkey attract wealthy people?
The economic aspirations are very high in Turkey, while the country is moving towards economic growth and prosperity. Therefore, it is interested in attracting foreign investors; wealthy people, princes, and billionaires who constitute a clear development on the economic level in Turkey, due to many reasons, including:
- Turkey relies on foreign investments as an alternative plan for borrowing from the World Bank in order to get rid of international restrictions.
- It is planning to take advantage of the quality of tourists more than their number, so it focuses on targeting wealthy tourists.
- Granting Turkish citizenship to wealthy foreigners contributes to the development of the Turkish economy, because they will, eventually, resident in Turkey and create more investment in it.
- Turkey is trying to benefit from the factor of being a majority Muslim population with a European lifestyle to be the link between East and West, and a successful economic work environment for Middle Eastern, European and Russian investors as well.
Turkey palaces and luxury villas:
Reports say that more than 60 palaces were sold in Istanbul during the past year. The prices of these palaces start from 50 million dollars, while some of them reach 100 million dollars. One of most important factors that attract wealthy people to buy properties in Turkey is the Turkish palaces on both sides of the Bosphorus that belongs to the Ottoman elite, such as sultans, ministers, foreign ambassadors, senior merchants and wealthy people of that time, the demand on these palaces increased after they have been shown in the Turkish series that become international nowadays and translated to many languages.
List of the world’s billionaires who own properties in Turkey:
Qataris, Russians, Azeris, then the Iranians are on the forefront of the wealthy foreigners who own palaces and luxury villas in Turkey, Istanbul, in particular. According to a report by France-Presse, billionaires of the Middle East are the most purchasers of luxury palaces in Turkey. In addition, new palaces have been built, such as the palace of Prince Mohammed bin Rashid Al Maktoum, which he built near Gebze on the outskirts of the Asian side of Istanbul.
List of the most famous billionaires who own properties in Turkey:
- Roman Abramovich- Russian billionaire and owner of Chelsea Football Club.
- Didier Drogba- Ivorian retired professional footballer.
- Lionel Messi- Argentine professional footballer.
- Cristiano Ronaldo- Portuguese professional footballer.
- Florentino Pérez- Spanish businessman and president of Real Madrid Football Club.
- Mohammed Al-Fayed- Egyptian businessman and former owner of Harrods.
- George Soros- Hungarian-American billionaire and philanthropist.
- Bernard Arnault- French billionaire and CEO of LVMH.
- Prince Alwaleed bin Talal- Saudi Arabian billionaire businessman and investor.
- Paul Allen- Late American billionaire co-founder of Microsoft.
- Bill Gates- American business magnate.
- Steve Jobs- an American entrepreneur and CEO of Apple.
This list is not exhaustive and the ownership of property in Turkey by international millionaires is subject to change.
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