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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraqis leave Turkish real estate market due to high cost of living

    Rocky
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    Iraqis leave Turkish real estate market due to high cost of living Empty Iraqis leave Turkish real estate market due to high cost of living

    Post by Rocky Mon 26 Aug 2024, 4:36 am

    Iraqis leave Turkish real estate market due to high cost of living

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    Apartments in Türkiye



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    Economy News - Follow-up
    The Turkish Statistical Authority announced that Iraqis advanced to the fourth place among the nationalities that bought the most Turkish real estate during the past month of July, after they were ranked sixth in the previous month of May.

    The authority said, in its latest report, that home sales to foreigners decreased by 16.1% in July compared to the same month last year 2023. It explained that "home sales amounted to 2,350 homes, and the share of sales to foreigners amounted to 1.8% of total home sales in July." The provinces that recorded the highest number of home sales to foreigners were Antalya with 878 homes, Istanbul with 752 homes, and Mersin with 218 homes.
    The authority indicated that "citizens of the Russian Federation topped the rest of the countries that bought the most real estate in Turkey with 485 houses, while Iranians came in second place, buying 151 houses, followed by Kazakhstan in third place with 122 houses, then Iraq in fourth place with 118 houses, Azerbaijan in fifth place with 88 houses, then Saudi Arabia in sixth place with 69 houses, China in seventh place with 67 houses, and America in eighth place with 56 houses."
    Iraqis have always topped the list of countries in the world in buying homes in Turkish states since 2015, but their ranking on the list dropped to second place after Iran at the beginning of 2021, before dropping to third place since April 2022 after Russia's dominance of Turkish real estate.
    Iraqis in Türkiye
    As a result of the security deterioration that Iraq has witnessed for more than two decades, in recent years, Iraqis have recorded high numbers of purchases in the Turkish real estate sector among foreign investors, due to their desire to benefit from the real estate ownership law for foreigners, which leads to obtaining Turkish citizenship.
    Regarding the reasons why Iraqis resort to buying real estate in Turkey, real estate marketer Ali Abdul Karim said that Iraqis have the right to own all types of Turkish real estate, according to the Turkish real estate ownership law, adding that “Turkish law does not exempt Iraqis from any type of real estate, whether those properties are apartments, residential villas, commercial investment properties, or even undeveloped lands.”
    Abdul Karim explained that "Iraqis who wish to own property are treated in the same way as Turkish citizens, in addition to some privileges that include the real estate tax law for foreign investors with successive discount packages, but recent years have witnessed a significant decline in the purchase of these properties by Iraqis."
    Abdul Karim pointed out that "the most prominent reason for the decline in Iraqis' purchase of Turkish real estate is the difficulty of obtaining residency, which is now granted only to the owner of the property registered in his name without involving his family members, and this is the main reason for this decline, as there are many real estate residency applications that have been rejected by the Turkish authorities, in addition to the high cost of living there."
    The same spokesman confirmed that "the rise in real estate prices in Baghdad and the rest of the Iraqi governorates prompted many families to sell their large properties and buy a smaller property, and another property in Turkey, which was considered relatively cheap in the years preceding 2020, and the outbreak of the Corona crisis, which caused major crises in the real estate market in all countries of the region."
    The real reasons for the decline
    There are many reasons for the recent decline in Iraqis’ purchase of real estate in Turkey, including those related to Turkish economic policy and the high cost of living, or those related to financial transfer operations and the US Treasury’s monitoring of financial transfers from Iraq to Turkey.
    Economic researcher Ali Al-Amiri said that the instability of the economic situation in Turkey, especially after the significant decline in the lira against the dollar, resulted in a significant increase in food prices and general living costs there, especially since the majority of Iraqis had previously chosen Turkey to live in because of the prices that were suitable for the cost of living.
    Al-Amiri added, "Food prices there have exceeded prices in the Iraqi market and most markets in neighboring countries, as a result of the collapse of the Turkish local currency, which has affected the prices of its materials, leading to an increase in the prices of its exported goods as well, due to the high costs of their production." He stressed that "the emphasis on money transfers from Iraq to Turkey has reduced real estate purchases there, especially since there are properties that were purchased in Turkey from influential people for the purposes of money laundering operations."
    The economic researcher pointed out that "the majority of Iraqis residing in Turkey depend on the money they receive through public transfers through money transfer companies to manage their daily life requirements, but with the ban on money transfers and the tightening of control over regular transfer offices and companies, living conditions in Turkey have become very difficult, which has prompted many families to leave Turkey and return to Iraq or go to other countries."
    Al-Amiri stated that "the fragile economic and political environment in Iraq in the past years was a reason for Iraqis to leave the country in search of safe and suitable areas, but the current period has become calmer than in the past years, to be an encouraging factor for Iraqis to remain in their country."
     
    Source: Al-Araby Al-Jadeed


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