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Iranians Rush To Invest And Buy Homes In Turkey

This picture taken on August 5, 2019 shows old buildings near the Gaziosmanpasa district in Istanbul. - Turkey is about to mark 20 years since the devastating twin quakes in 1999, both over magnitude-7, that hit a highly populated zone in the northwest, l

Iranians are in tight competition with Iraqis over becoming the leading nation in buying homes in Turkey.

Based on the latest data provided by Turkey's statistical center, Iranian citizens have bought 3,135 residential units in Turkey during the past eight months.

Figures also show that the number of houses bought by Iranians in 2019 has increased by 89% and 640% compared with 2018 and 2017, respectively.

In the past eight months, Turkey managed to sell 28,000 residential units to foreigners, which shows a 55% increase compared to the previous year.

Residential Units Purchased By Iranians In Turkey
Residential Units Purchased By Iranians In Turkey

Iraqis, followed by Iranians, are currently at the top of the table of nations buying homes in Turkey.

The managing partner of VIPTurkishPass, which provides housing, citizenship and consultancy services to Iranians, Fatih Çayabatmaz, told Daily Sabah last May, "War rumors…in Iran have triggered the sudden rise in the foreign exchange market and started to cause uneasiness about the political future (of the Islamic Republic)."

He further stressed that Iran's inward-oriented policies after U.S. sanctions, bans on exports and imports, and the problems with the surrounding countries led to about 75,000 Iranian companies in the Persian Gulf region, including the United Arab Emirates (UAE), Bahrain and Oman to shut down and to turn their focus on Turkey.

Çayabatmaz also stressed that the deepening and expansion of Washington's sanctions imposed on Tehran, the continuous depreciation of the Iranian currency (rial), and the war rumors were among the factors that led to an increase in demand from Iranians, who were overwhelmed by uncertainty, for purchasing houses in Turkey.

According to him, some Iranians want to invest their money in Turkey, which they see as a "safe haven."

Furthermore, by purchasing houses in Turkey, Iranians pave their way to become citizens there, and as the Islamic Republic's banking system is under the U.S. sanctions, they would be able to carry on their businesses as Turkish nationals.

The new report shows that citizens of Russia, Saudi Arabia, Afghanistan, Kuwait, and Germany follow Iranians and Iraqis in buying properties in Turkey.

However, the latest data is only reflect information on the housing sector and do not include other types of real estate and assets, including land, businesses, stores, and small factories.