The economic and trade relations between Turkey and Qatar have witnessed a great development in recent years and increased after the blockade imposed on Doha in June 2017, and Turkey has become one of the most polarizing countries for Qatari capital in many sectors, the most important of which are tourism and real estate.
According to the Qatari press, the trade exchange between Qatar and Turkey increased by 49% in 2018, and amounted to more than seven billion Qatari riyals ($1.9 billion), which indicates the strength of relations between the State of Qatar and Turkey and the increase in mutual investments and joint commercial and industrial opportunities.
After Qatari businessmen in Turkey found the appropriate environment and the great facilities provided by the government, which they enjoy, they developed their investments in Turkey, which contributed to increasing economic activity between the two countries and achieved important investment successes.
According to what economists said, Turkey was able to be affected by Qatari investments, especially real estate, due to its many advantages related to political stability and security, in addition to its picturesque nature and moderate climate.
A strategic partnership agreement was signed between Qatar's Tanmiyat Holding Company and Sarvas International Real Estate Investment Company in Turkey, and this partnership is the beginning of the project to establish the largest cultural, tourist and entertainment city in the world, which will be located in a privileged location in one of the coastal cities in Turkey.
The projected total area of the project is estimated at about six million square meters, so that this project can attract thirty million tourists annually, and the project will be the largest of its kind for investment.
The project will also invest $1.2 billion in power stations operating on natural gas in the northwestern Turkish province of Kırıkkale and the central Karaman region. It is expected that the project will soon be supplied with Qatari natural gas to secure energy supplies.
As for agricultural land investments, Qatar is expanding its investments in the field of food, as Hassad Food Company, which operates in the agricultural and livestock sectors in Qatar, will invest in the agriculture and livestock sector in Turkey with an amount of $650 million.
In addition, Qatar will be one of the most prominent investors in the Canal Istanbul project, and the most important turning point in the Qatari-Turkish partnership is the agreement between the two countries on joint investment in the defense industries sector, which will allow specialized Qatari military teams to participate directly in the defense industries sector inside Turkey.
The Qatari-Turkish partnership will also work on localizing technology industries in Qatar, by establishing joint industrial zones in Qatar, and transforming them into an exporting country for many products to regional and global markets.
As for private real estate investments, they included real estate purchased by Qatari citizens in Turkey for the purpose of housing, real estate investment, commercial or tourism.
It includes all types of real estate in Turkey, which include:
1- Residential apartments
2- Villas and palaces
4- Commercial real estate "restaurants"
The percentage of real estate in Turkey owned by Qataris during this period increased by about 175%.
Qataris tend to own palaces in Turkey for many reasons, the most important of which are:
1- The importance of these historical palaces
2- It is distinguished by its geographical location
3- Distinguishing engineering designs in it
4- The ideal housing conditions enjoyed by the residents of these palaces
5- Benefiting from the fact that real estate prices in Turkey are priced in Turkish lira after these palaces were priced in dollars, which led to a decrease in their value by about 20 to 30%
6- The great competition among the wealthy of the Gulf countries in owning palaces in Istanbul.
6- The desire of many wealthy Qataris to help support the Turkish lira, given the good relationship between both countries.
7- The legal facilities that Turkey provides for real estate ownership, especially for owning palaces in Istanbul.
There are several main reasons that push Qataris to invest in real estate in Turkey, which are:
- The good relationship between the two countries, officially and popularly, which was positively reflected in the increase in the demand for Qatari investments in Turkey.
- The large activity of Qatari tourists in Turkey and their need for housing, including those who visit Turkey to learn about investment opportunities.
- Increasing investment opportunities in Turkey due to the government's urban transformation plans, of which Istanbul is witnessing the largest and most important part.
-The pricing of real estate in Turkey in Turkish lira attracted Qatari investors to buy palaces in Istanbul, which were priced in dollars and euros.
At the end of this article, we have clarified the percentage of real estate investments for Qataris in Turkey, the most important real estate and its types that they prefer to invest, as well as commercial exchanges and good relations between the two countries, which is the main factor in increasing the proportion of real estate investments for Qataris in Turkey.
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#property #turkey_real_estate #turkish_citizenship