Why do Iraqis and Iranians occupy the first ranks in Turkey when buying real estate ?!
The volume of real estate sales in Turkey has become high in recent years, especially after the problems that many investors suffer in their countries. The Turkish government has amended many laws related to the real estate field, especially Turkish citizenship law. These facilities encouraged many foreigners to invest in Turkey. Among the essential areas where foreigners buy apartments for sale in Turkey are Istanbul, Ankara, Izmir, Antalya, Trabzon, and Bursa.
Despite the decline in demand for apartments for sale in Turkey in light of the global crisis due to the Corona epidemic, the Iraqis and Iranians have not stopped buying apartments for sale in Turkey. They took advantage of the period when real estate prices fell in Turkey.
To learn more details about the ownership race between Iranians and Iraqis, the motives of each of them, and its impact on the Turkish market, and the future of real estate sales in Turkey to foreigners in light of the ongoing pandemic, continue reading the following article.
How do Iranians compete with Iraqis for ranking the first in real estate purchasing in Turkey?
Iraqis topped the list of the most foreign buyers of Turkish real estate for five consecutive years. In 2020, the real estate market was different as a result of the global pandemic. Iranians firmly entered the market by purchasing real estate in Turkey and becoming competing with Iraqis in Turkey's real estate investment.
Between January and July 2020, the competition between the Iraqis and the Iranians reached its most intense, to own the largest number of real estate in Turkey, as the Iraqis lost the first place in favor of Iranian investors.
The following is a mini-analysis and field comparison of real estate ownership numbers in Turkey between Iraqis and Iranians regarding the number of homes that have been transferred. We find:
First half of 2019
In general, the total number of Iraqi owners in Turkey during the first seven months of last year reached 4,071, while the number of Iranian owners was 2,666 in the first half of 2019.
First half of 2020
In general, the total number of Iraqi owners in Turkey during the first seven months of last year reached 2777, while the number of Iranian owners reached 3138 properties over the first half of 2019.
We conclude that the Iraqis were superior to the Iranians throughout the first half of the year 2019. Still, since March 2020, since the start of the Corona epidemic, Iraqi ownership in Turkey has decreased by 8% 1% decline for the Iranians. The latter outperformed the Iraqis since March / March 2020 is 5% compared to the percentage of real estate purchases in Turkey during the same period of the last year 2019, i.e., between March and July.