Today, Turkey 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 great successes and profits that it has achieved. In this article, we will highlight the most important Kuwaiti investments within Turkish lands and the reasons that encouraged them to enter the real estate field in Turkey.
Sources say that Kuwaiti investments in Turkey are estimated at about two billion dollars. More than 60 percent of them are owned by about 300 Kuwaiti companies, with investments of $1.6 billion. He pointed out that about $400 million represents Kuwaiti investments in Turkey owned by individuals. These investments are diversified but most of them are real estate investments.
Kuwaitis own real estate in Turkey
According to statistics, Kuwaitis were among the most important Arab nationalities that headed for real estate investment in Turkey, especially after the abolition of 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 like.
After the issuance of this law, the number of Kuwaiti investors increased significantly and were able to achieve the third place as the most Arab community buying real estate, and after that they were able to reach the second place. In general, Kuwaitis are among the most prominent communities investing in the real estate field. The majority of individual purchases of Kuwaiti real estate are based on property rights and not based on indebtedness, considering that the purpose of the purchase is consumption and not investment.
The most preferred real estate investment for Kuwaitis in Turkey
Looking at the mentality of the Kuwaiti investor, we find that he prefers to go for practical matters that bring quick and inevitable success. Therefore, we note that Kuwaitis prefer to buy real estate that can be used for investment and this applies to hotel apartments, restaurants, cafes, tourist resorts, etc. They tend to be interested in buying real estate within the city of Istanbul and Bursa, which is famous for its investment importance.
Residential real estate, especially luxury ones, occupies the second place among the interests of Kuwaiti investors, as they are interested in buying villas in Turkey, apartment complexes, and luxury homes, and therefore prefer Istanbul, Antalya and Yalova properties.
Kuwaitis are also interested in buying land in Turkey and setting up investment projects in it of all kinds, which is why they often head to the Turkish city of Trabzon.
What are the reasons that attract Kuwaitis to invest in real estate in Turkey?
There are certainly many factors that have contributed to attracting Kuwaiti investors to Turkish real estate, the most important of which are:
- The many facilities and legislation 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 are spread all over Turkey, which Gulf residents generally miss due to the hot and dry weather within their countries, while in Turkey they find the pleasant Mediterranean climate suitable for tourism and holidays.
- The real estate residence that a foreign investor obtains when buying property in Turkey, allowing him to travel to Turkey at the time he wants without worrying about obtaining an entry visa.
- The possibility of applying for Turkish citizenship through real estate investment, with an amount of at least 250 thousand dollars, which is a great incentive for investors to enjoy the benefits of Turkish citizenship and the Turkish passport that allows entry to a large number of countries without the need for an entry visa.
- The great importance that Turkey enjoys as a first-class tourist country, and this has contributed to attracting a large number of tourists and thus restoring various real estate investments within its territory.
- 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 contributes significantly to attracting investors to take advantage of these exemptions.
- The presence of the Kuwaiti Turkish Bank, which facilitates money transfers and real estate payment transactions, known for providing loans and good dealing with customers.
What are the expectations regarding Kuwaiti investment in Turkey?
Despite the great challenges witnessed by the real estate sector in Turkey during the last period, this did not affect the Kuwaiti demand to buy real estate, and this is due to the great efforts made by the Turkish government to attract investors. The value of Kuwaiti investments is expected to rise in the coming years.
The Turkish government's commitment to foreigners to issue a real estate appraisal document also 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.
The boom of industries in Kuwait and the entry of many Kuwaitis into the business market recently and in the past contributed to the availability of huge liquidity that helps them distinguish themselves in this vast real estate ownership. Overall, after this real estate investment quest it would make sense to start buying properties for residence To enjoy the beauty of Turkey and its lively friendly environment after experiencing the investment market there.
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