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Feb 5, 2023

Iraqi Investments in Turkey Eeal Estate 2024

In the real estate investments world, Turkey real estate appears as an attractive destination for Iraqi investors looking for successful and sustainable opportunities. Turkey occupies a significant position in the global real estate market, its unique strategic location plays a major role in terms of cultural attractiveness and strong economy. Foreign investors' interest in Turkey real estate is increasing day by day, as many see it as an ideal opportunity to achieve high returns and expand their investment portfolio.

For several years, Iraqis in Turkey have possessed many of the characteristics that make them the most in demand to own Turkey real estate, and they have been at the forefront of foreign communities, especially Arab ones, who have been buying Turkey real estate throughout recent years.

In this article, we will talk in detail about Turkey real estate sales to Iraqis, the position of Iraqis in Turkey in the real estate sector, the reasons that led to their superiority, and the future of the Iraqi community’s investment in Turkey real estate.

Iraqis in Turkey

Iraqis represent the largest foreign community in Turkey after the Syrian community. The number of Iraqis in Turkey is estimated at about 700,000 Iraqi residents. Iraqis are distributed in several Turkish states that they mainly prefer, which are: Istanbul, which is the most lively city in Turkey, and is considered the most attractive to all foreigners in Turkey.

The demand of Iraqis in Turkey to move to live in Istanbul has increased significantly over the past three years due to the migration of Iraqi capital and businessmen and their choice of Istanbul as a location for establishing commercial companies and new projects, and starting various economic activities. This has generated among capable Iraqis an increasing desire to own Turkey real estate in Istanbul and Ankara.

Iraqis come to Ankara due to the increasing industrial activity there, and the state’s facilities for Iraqi investors to open industrial interests for them, to manage their own factories and workshops, and because of the presence of job opportunities for Iraqis in Ankara.

Another state is the state of Samsun, where the name Samsun is closely linked to Iraqi society, and the largest percentage of Iraqis in Turkey belong to Samsun. Even Iraqis who owned Turkey real estate in Istanbul or Ankara did not prevent them from buying Turkey real estate in Samsun.

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Reasons why Iraqis want to buy Turkey real estate

There are many reasons that push Iraqis to buy Turkey real estate, the first of which is the geographical proximity between Iraq and Turkey, which made it easy to choose it as a first travel destination, especially with the difficulty of life in other countries neighboring Iraq. 

Secondly, Turkish laws are more tolerant towards Muslims and Arabs than the laws of European countries and America, so the attention of Iraqis turned directly to Turkey.

Third, the ease of Iraqi travel to Turkey: There are 17 daily travel flights from Iraq to Turkey, meaning approximately 3,500 Iraqi passengers, due to the ease of travel procedures, the ease of obtaining a visa, and the possibility of traveling by land and air between the two countries.

Fourth: The close relationship between the two countries, as the stability of political and economic relations between Turkey and Iraq plays an important role in increasing the number of Iraqis who are more interested in owning Turkey real estate. The close social and cultural ties between Turks and Iraqis facilitated the conditions for Iraqis to adapt in Turkey and engage in practical life in an easy and uncomplicated manner.

Fifth: Living conditions in Turkey are more encouraging, as life conditions in Turkey are more comfortable for Iraqis than life in their country due to the poor living conditions in Iraq, especially with regard to services, as Iraqis suffer from frequent power outages and difficulty in living and providing basic life necessities. Turkey Iraqis benefit from a number of integrated services: gas, electricity, water, telephone, and so on, not to mention the high cost of living.

Turkey real estate sales to Iraqis

Iraqis are among the highest nationalities that own Turkey real estate over the past years. The Iraqi community in Turkey has confirmed that it is one of the foreign communities most willing to own Turkey real estate throughout the country.

While 2018 and 2019 were among the years that witnessed a great demand by Iraqis in Turkey to buy Turkey real estate, the year 2020 witnessed a slight decline due to the Corona crisis and the repercussions of this epidemic on the work and tourism sectors, which affects the idea of ​​foreigners owning Turkey real estate. Iraqis have returned to Turkey to once again prove their attractiveness towards buying Turkey real estate since the beginning of 2021, and their demand has clearly increased with the beginning of the summer of 2021.

As for 2022, according to data of the Turkish Statistics Institute on November 16, 2022, Iraqis bought more than 5,500 homes in Turkey within 10 months of the year 2022, as Iraqis fell to third place at that time after the Russians topped the list of buyers of Turkey real estate, but it maintained its position as the Arab country that buys the most real estate, Turkey.

According to reports from the Turkish Statistics Institute, from January to November of the year 2023, Iraqis purchased 1,823 properties in Turkey, a decrease of 69% from the same period of last year 2022, in which the purchase of real estate by Iraqis amounted to 5,896 properties.

Reports indicated that the Iraqis ranked third during the 11 months of 2023 in terms of their purchase of Turkish real estate, after both the Russians and Iranians, but it maintained its place as the Arab country that purchased the most Turkey real estate.

Turkey real estate laws regarding Iraqis purchase

Turkey real estate laws encourage Iraqis to own property. The laws related to Turkey real estate are generally in favor of the foreign investor, regardless of their nationality, especially with regard to real estate residence permit laws by purchasing a property worth 200 thousand dollars and obtaining Turkish citizenship by purchasing a property worth 400 thousand dollars, which is considered one of the most incentives for buying Turkey real estate.

It is worth noting that Turkish statistics indicate that Iraqis are among the most foreigners who obtain Turkish citizenship through investment. As the percentage of ownership in Turkey for Iraqis is increasing, no matter how slow it is over a period of time. Which means that Iraqis in Turkey have a unique opportunity to prove their leadership in this golden sector with full force.

To learn more about real estate investment in Turkey, do not hesitate to contact us via WhatsApp, here. Our company's real estate consultant will respond to you immediately.

 

 

 

 

 

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