Iranian Real Estate Investment in Turkey Jumps by 40 pct

Iranians have purchased 6,445 units of homes in Turkey in 2020, eight times more than the previous year as they aim to invest in a freer and more secure country to dodge uncertainties at home.

Despite global investments in several sectors being hard hit by coronavirus pandemic, Iranians heavily invested in Turkey’s real estate market in 2020. Purchase of 6,445 units of homes have made Iranians the largest buyers of real estate in Turkey. Iranians were followed by Iraqis and Russians last year, according yo the government statistics.

Faruk Akbal, chairman of real estate investment company Nevita International was quoted saying that Iranians regard Turkey as an important and safe haven. They also feel culturally close to the country, by Daily Sabah. Most Iranians preferred to invest in the Aegean city of Izmir for marvelous cost-line.   

Turkey reduced the limits for foreigners to acquire Turkish citizenship to encourage investments in September 2018. Thus, foreigners who own real estate in Turkey worth a minimum of $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship.

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