"Al-Riyadh" Newspaper’s report assured that the investors from Saudi Arabia are the major investors from the Gulf Cooperation Council (GCC) in the Turkish real estate sector and third place among the largest foreign investors.
According to the report, the Turkish Union of real estate investment companies indicated that buyers from Iraq are in (in the First), Saudi Arabia (third), Kuwait (Fourth), and Qatar (Seventh), Bahrain (Tenth) which means these countries are among the first ten countries in foreign purchases in the first nine months of 2016.
Saudi investors have conducted 1.327 deal and bought 564 thousand square meters of real estate space in the first nine months of 2016. in spite of the state of political and economic uncertainty witnessed in 2016, Arab investors have carried out the biggest part of the obsession of real estate to foreigners in Turkey.
The International Monetary Fund has recently indicated that economic development in Turkey is a flexible economy. Jewdr report for the third quarter of 2016 confirmed that Gulf citizens in the past have pumped a large investment in the Turkish real estate sector, where they bought a property out of four purchased by foreigners in 2015 only.
Foreign purchases of real estate have reached an area of 4,594,290 square meters in the first nine months of 2016, compared with an area of 4,094,737 square meters during the same period of 2015, where Gulf investors have got the lion's share of these purchases in 2016.
The real estate sector in the country continues to attract a huge level of foreign direct investments, and in light of this attraction Istanbul got (5811 sales) which is the highest number of foreign buyers, followed by Antalya (4,352) and Bursa (1,318), that is according to the Turkish Statistical Institute.