As the world transcends borders and is heading towards cooperation and cultural and economic interaction across national borders, the real estate market in Turkey is emerging as one of the most attractive destinations for real estate investors, and in this context, Kuwait comes at the forefront of nationalities targeting real estate ownership in Turkey, as Kuwaitis seem to have found in this beautiful and diverse country is a great place to invest and own and the continuation of this trend and the increasing interest of Kuwaitis in Turkish real estate makes us wonder: Do Kuwaitis really own real estate in Turkey? What are the motives and factors that make them prefer this investment over others? We will thoroughly study the recent developments in the Turkish real estate market and analyze their impact on the involvement of Kuwaitis in this exciting sector.
Reasons why Kuwaitis own real estate in Turkey:
- It strengthens the close bond between the Kuwaiti people and the Turkish people through religion, customs, traditions, family values, and mutual respect between them.
- Ankara and Kuwait have strong diplomatic understandings, which strengthens bilateral relations and contributes to encouraging real estate investment.
- Turkey easily provides electronic entry visas to Kuwaiti citizens wishing to visit it.
- Kuwaiti investors enjoy equal treatment with Turkish investors regarding the conditions and procedures for owning real estate.
- Turkey, with its mild climate and nature, is attractive to Kuwaitis, especially as it reflects a contrast from the desert atmosphere in Kuwait.
- Turkey provides attractive investment opportunities for foreign investors thanks to the encouraging government policies and facilities provided.
- Real estate prices in Turkey remain low compared to European markets.
- Kuwaitis' choice of Turkey is linked to the cultural and religious similarities between them, and they find a familiar environment in it.
- Turkey provides a favorable tax environment for real estate investors, thanks to lower taxes compared to European countries.
- The opportunity to benefit from the Turkish nationality laws and the Turkish passport when buying a property in Turkey with a value of 400 thousand US dollars
- Enjoying the rights of a Turkish citizen and obtaining real estate residence in Turkey when purchasing a property worth $75,000
What types of real estate in Turkey do Kuwaitis prefer?
Kuwaiti investors often look to acquire investment properties that are profitable and feasible and their interest includes those properties located near tourist areas, such as restaurants and hotels, as well as residential properties that include apartments and villas and not only that, but their interest sometimes extends to owning agricultural lands or lands allocated for the establishment of innovative real estate projects.
In terms of their locations of interest, cities such as Istanbul, Trabzon, and Antalya stand out as prime destinations and their choices of these dynamic areas reflect their successful decisions and their ability to achieve great success in their investment choices.
These trends are evident in the real estate ownership of Kuwaitis in Turkey, where it seems that the combination of rationality and future outlook has prompted them to search for viable and diversified investment opportunities, including both the residential and commercial sectors.
Steps to owning real estate in Turkey:
- The first step is to find a reputable and reliable real estate agent.
- After finding a suitable agent, you should contact him to inquire about available options for sale and inquire about the details of the various properties, such as location, prices and any other relevant details.
- Based on the information you got from the agent, you can choose the property that best suits your needs and budget.
- Once you have chosen the property in Turkey, the agent will assist you in the purchase procedures and collect the necessary legal papers and you must review these papers carefully and ensure their validity and efficiency.
- If you want to stay in Turkey for a long time, you may need a residence permit and the agent can assist you with this process and guide you through the required procedures.
- Once you obtain the residence permit, you can open a bank account in Turkey, and you can also apply for a mortgage from a Turkish bank if you are looking for financing to buy the property.
Tips when owning real estate in Turkey for Kuwaitis:
- Before starting any purchase or investment process, make sure that you study the real estate market in Turkey and gain a good understanding of the most important investment and growth areas and this will help you make informed decisions regarding choosing the appropriate location for your property.
- Deal with reputable and recognized real estate companies, which are registered in the Turkish Federation of Real Estate Investment Companies, this helps avoid potential problems and guarantees the credibility of the deal.
- Learn about all the stages and procedures of real estate ownership in Turkey, make sure that all necessary documents and papers are in order and in good order to ensure that no legal problems arise later.
- Determine the type of real estate unit that suits your needs and budget, whether it is an apartment or a villa and keep in mind the location of the unit near the services and facilities that are important to you.
- Compare the prices of similar properties in the area that interests you and this will enable you to get an accurate understanding of the market and ensure that you are getting a good deal.
Owning real estate in Turkey for Kuwaitis with the aim of Turkish citizenship:
Kuwaitis can buy real estate in Turkey with the aim of obtaining Turkish citizenship, according to the Turkish Nationality Law and there are some conditions and procedures that a person must adhere to, including buying a property worth $400,000 and maintaining ownership for 3 years before obtaining Turkish citizenship.
It clearly appears that Kuwaitis have demonstrated great interest in the real estate market in Turkey, especially since Turkey offers an opportunity to obtain Turkish citizenship and a Turkish passport through real estate ownership on the territory of the Republic of Turkey, as Kuwaitis have become a privileged part of foreign investors who contribute to the prosperity of the Turkish real estate sector,what distinguishes this phenomenon is the rationality and strategic thinking that accompanies Kuwaitis in their selection of real estate and projects that are in line with their needs and investment goals.
With this remarkable development, it can be clearly said that Kuwaitis have become among the interested and active parties in the Turkish real estate market, which enhances bilateral cooperation between the two countries and contributes to achieving a positive balance in the real estate investment scene at the regional level.
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