Since 2012 when Turkey abolished the principle of reciprocity (real estate in the country can be bought by inhabitants of those countries where Turks can buy real estate), the flow of investors from the Arab countries is increasing, according to ee24.com citing antalyatoday.ru.
Tolga Han, vice president of real estate agency Projebeyaz International, believes that the Arab buyers will annually invest the colossal sum of more than €3.5 billion in Turkish real estate.
Astas Holding, the developer of one of the Mediterranean resorts, released data showing that one of ten buyers come from the UAE.
Baris Emiroglu, manager of malls developer Torunlar, believes that that the Arabs are guided by geographical position of Turkey, similar life style and the prevalence of Islam, albeit more secular than in most of Arab countries. In addition, there are purely pragmatic reasons: the Turkish market is actually very profitable, and one who invested in Istanbul malls can return of 35 to 50% in first two years.
As ee24.com has reported earlier, Paris real estate market has recovered, thanks to the conflict in Syria. It seems that Turkey has also started to benefit from an armed conflict in the neighbour country.