Why do Yemenis turn to real estate investment in Turkey

  • Created At: February 11, 2022
  • Updated At: February 11, 2022
  • Category: Real-Estate investment in Turkey
  • Views: 1872

With the increase in investment opportunities, and the Turkish government's incentives for the real estate sector, through tax exemptions, residency programs, and Turkish citizenship, investors' interest in real estate has increased.

But why do Yemenis buy real estate in Turkey?

According to the statistics of the Turkish Statistical Directorate, the number of Yemeni real estate owners in Turkey has increased, as Yemeni nationals ranked 12th among the most foreigners who own real estate in Turkey. All Yemenis have the right to own real estate in Turkey and they are included in the Turkish Real Estate Law issued in 2012. A Yemeni citizen can own all types of real estate in Turkey, including apartments, villas, shops, commercial offices, stores, hotels, buildings, lands, farms and other types of residential and commercial real estate.

sudden context

About 300 Yemeni businessmen and investors have left for Turkey, according to the official of the Yemeni community in Turkey.

The first approach is real estate, where they buy and invest in apartments within the new complexes. The second approach is in the field of investing in livestock, then import and export companies to Europe and the Gulf, to restaurants, cafes and shops, which is the least option.

This large gathering resulted from the Turkish-Yemeni Business Forum, which was held in Mersin in early January 2017, which aims to strengthen relations between Yemeni businessmen and the Turkish government.

Then the Turkish government offered special advantages to Yemeni investors, including exemption from customs duties on imported machinery and equipment for licensed projects, as well as exemption from value-added tax, in an attempt to win the interest of investors and encourage them to open new projects in the country.

Turkish residency and citizenship for Yemenis

By owning real estate, a Yemeni can obtain a two-year real estate residence in Turkey for himself, his children and his wife, and this residence can be renewed every two years. A law on granting Turkish citizenship to real estate investors was issued in 2017. Under this law, Turkish citizenship can be obtained through a real estate investment of 250,000 US dollars, for holders of several nationalities, including Yemeni citizenship.

Documents required for the process of Yemeni ownership in Turkey In order to complete the procedures for real estate ownership in Turkey and the work of the title deed, the following is required:

Obtain a tax number.

Translate the passport into Turkish.

Attestation of the passport translated from a notary public or through Turkish embassies abroad.

two portraits

Pay the title deed fee.

The presence of the owner or his official representative, under a notarized power of attorney or through Turkish embassies abroad.

in numbers

Homes sold to Yemenis increased by 536% in the first nine months of 2019, compared to the same period in 2015, when war broke out in the country, while the numbers of homes bought by foreigners increased by 98%.

The number of homes sold to Yemenis in Turkey in the first nine months of 2015 was about 170. This number reached 1,082, an increase of 536% in the same period of 2019. Foreigners' purchases in Turkey increased by 98% to 32,268 in the same period. Yemenis bought 231 homes in 2015, 192 in 2016, 390 in 2017, 851 in 2018, and 1,081 in the first nine months of 2019.

Because of the war that Yemen has been experiencing since 2015, Yemeni citizens have been looking for a country where they feel safe and able to save and obtain citizenship in the easiest way, and Turkey is acceptable to obtain citizenship and secure their future. Therefore, Yemenis applied for Turkish citizenship by investing in real estate.

The recent decisions taken by the Saudi authorities - the first destination that Yemenis went to after the war - to impose additional fees on expatriates and taxes that made living conditions more difficult, forced many expatriate workers and investors to leave the country, forcing hundreds of Yemeni investors to relocate their businesses from Saudi Arabia to other countries, especially Turkey.

Why do Yemeni citizens prefer Turkey and what are the advantages of Turkish citizenship?

Turkey is the country where modern life meets Islamic lifestyle. One of the reasons Yemenis prefer Turkey is that it has an Islamic lifestyle through mosques everywhere as well as modern life, so it is ideal for Muslims to live and anyone can get citizenship by investing 250.000 USD. The advantages of Turkish citizenship are as follows:

Among the top 30 passports in the world.

Free visa to 77 countries and easier entry rights to all 26 Schengen area countries.

Full medical right.

Free tuition and university payment plans.

Voting rights for all types of elections.

Every day, four Yemenis buy houses in Turkey

The number of Yemenis buying homes in Turkey has been around 100-200 homes for nearly four to five years, Due to recent developments and instability in the region, the number of Yemenis who bought homes in Turkey has exceeded 2,200 in the last 2.5 years. Looking at 2019, more than 1,000 homes were sold to Yemenis in nine months, and according to 2019 figures, four Yemenis buy housing in Turkey every day. An increase compared to the same period in 2019 to 122%.

44 companies owned by Yemeni citizens started operations in 2017, the number increased to 79 in 2018 and 41 in the first seven months of 2019. Yemenis established 164 companies in Turkey in the last 2.5 years.

Despite the high prices

Home sales in Turkey jumped 113.7 percent in December to 226,503 properties, as locals scrambled to invest in property as a shield against rising inflation, after a series of unconventional interest rate cuts left real returns in extremely negative territory.

Real estate sales accelerated in December from the previous month as the lira's decline worsened, as authorities pursued a policy of low interest rates to boost exports and credit. Data from the Turkish Statistical Institute showed that home sales to foreigners also rose 77% annually in December to 7,841 properties, as the sharp drop in the lira last month pushed property prices down a lot in hard currencies.

The Yemeni Traders Union in Turkey meets periodically and works on several important levels, including encouraging Yemeni investors who came from Saudi Arabia to enter funds with them in the fields of electronic industry. In the future, the perfume industry as well as meat production, into a global commodity.

Unofficial estimates indicate that the volume of Yemeni investors' investments in Saudi Arabia may reach 100 billion USD, and most of them want to withdraw them from Saudi Arabia and transfer them to other countries, and investors face obstacles. They are in liquidity and they need a long time to get them out of the country gradually because of the freezing of what they have in Turkey as a first stage.

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