Iraqis rush to buy real estate in Türkiye and a leap in home ownership

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[size=52]Iraqis rush to buy real estate in Türkiye and a leap in home ownership[/size]

[size=45]The Turkish real estate sector has witnessed a clear Iraqi presence in recent years in terms of the number of Iraqi citizens and investors in it, but it declined before the recent elections in Turkey and the decline in the value of the lira.
However, during the past two months, the numbers have risen again for Iraqi buyers in the real estate sector, especially residential apartments and lands, through which Turkish citizenship or residency can be obtained, and others in areas considered promising for investment around Istanbul, such as the sea canal project and others.
Experts attribute the strong return of Iraqi buyers in the Turkish real estate sector to a number of reasons, most notably the military developments witnessed in the region, especially after the Israeli aggression on Lebanon, and the signs of a large-scale war that Iraq may be involved in, which led to the transfer of funds that were invested in Lebanon, Iran and even inside Iraq, to ​​head back to Turkey, which is considered the safest compared to neighboring countries.
Last week, the Turkish Statistical Authority announced that Iraqis advanced to third place among the most resident foreigners in buying Turkish real estate during the month of September, after they were in fifth place in August.
The authority said in a report that regarding housing sales to foreigners, Istanbul was the highest among the provinces that recorded the highest number of home sales to foreigners with 783 homes, Antalya with 548 homes, and Mersin with 210 homes.
The authority indicated that Russians topped the list of foreigners who bought the most real estate in Turkey during the month of September with 346 homes, followed by Iranians in second place with 163 homes, Iraqis in third place with 139 homes, Germans in fourth place with 113 homes, Ukrainians in fifth place with 97 homes, Azerbaijanis in sixth place with 87 homes, Kazakhs in seventh place with 87 homes, and Kuwaitis in eighth place with 73 homes.
Iraqis have been at the top of the list of home buyers in Turkey since 2015, but their ranking dropped to second and third place after Russia and Iran at the beginning of 2021, before dropping to third place since April 2022 after Russia’s dominance of Turkish real estate.
In light of the significant rise in real estate prices and concerns about security, political and economic stability in Iraq, and the Israeli aggression on Gaza and then Lebanon, most influential parties in Iraq have turned to searching for a safe haven for themselves and their money.
Economic researcher Omar al-Halbousi said, “Turkey is considered a safe haven, not for ordinary Iraqi citizens worried about their savings, but for money laundering entities linked to parties that have exploited the Turkish economic situation. In addition, Turkey is an important opportunity for investment in the real estate sector and ensuring the preservation of money, as it is a stable country with no security or political conflicts,” according to him.
Al-Halbousi explained that “the stability in Turkey and the facilities provided to attract capital have prompted many to buy real estate there,” noting that “the Zionist war on Lebanon directed part of this money towards Turkey as well.” He stressed that “Iraqis have returned to the forefront of buyers of Turkish real estate, especially after the risks in Iraq increased, and fears of the war extending to it, or the possibility of a financial and economic collapse in Iraq.” He pointed
out that what supported the Iraqis’ move to Turkey is that “the real estate market in Iraq is experiencing a price bubble, and it could explode at any moment, and this has created a major fear factor for influential people to smuggle their money out of Iraq. And invest most of it in buying real estate,” according to his description.
In contrast, real estate marketing specialist Hussein Al-Najafi confirmed that “the Turkish government issued a law in 2012 granting Iraqis the right to own land and real estate and open companies in various Turkish states, which prompted many Iraqis who are looking for a safe haven and a stable environment to move and live in Turkey.”
Al-Najfi explained that “Turkey is the ideal choice for relocation, due to its geographical proximity, cultural, educational and social convergence, and the security and political stability it has witnessed in recent years, in addition to the appropriate price offers and the quality of construction there.”
He pointed out that “the Turkish government provides appropriate offers and facilities related to tax incentives, administrative facilities and the provision of information in a transparent manner that allows the investor or buyer to obtain accurate information with confidence and ease.”
Al-Najfi revealed that “the recent period has witnessed a revival in the purchase of real estate, especially from Iraqis after the events taking place in the region and the tension in Lebanon, as most merchants and influential people have turned to searching for safe places to move their families for fear of targeting their interests in Iraq.”
He explained that “the last two months have witnessed a relative shift in the number of properties sold in Turkey for Iraqi citizens, with the aim of obtaining Turkish citizenship by investing in the purchase of real estate represented by luxury residential apartments and independent villas in various regions of Turkey.”
Al-Najfi expected “the continued interest of Iraqis in Turkish real estate, in light of the opening of real estate investment opportunities, and the presence of real estate that determines the high supply of it in the market for sale, in light of the good prices for buyers compared to the past two years that witnessed a recession in the real estate market.”[/size]
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