Arab Investors Got Offended

Abuses and opportunistic approaches in the sale of foreigners' houses have been resentful of Arab investors

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Opportunistic behavior that hits Laleli's appeal and prevents the increase in trade volume is now threatening the real estate market. In Laleli, foreign buyers, even individually, were sometimes misled by negative propagandas. In the real estate, opportunists who think that every buyer from the Arab countries is a "petrodollar millionaire" started to pose a risk. Citizens are trying to increase their sales by giving citizenship opportunities to customers.

GYODER President Feyzullah wanted to take caution. According to information received from the market, high commissions are requested from Arab buyers. Houses are normally sold cheaper. The different buyers are complaining.

Turkey removed the reciprocity law for the growth of real estate sector in 2012 to 183 citizens were given the right to purchase real estate in Turkey. As a result, the purchase of real estate for foreigners was 5 billion dollars a year. The number of real estate foreigners in Turkey they receive from the 5-year period, with the support of these efforts has reached 81 thousand to 754 thousand.

The Arabs Are Aware Of The Situation

According to Leyla Ilhan's report from Dünya Newspaper, the bad events were heard much more in the last period as well as those who have developed special projects in Arabia that have made a lot of purchases from Istanbul such as Esenyurt, Başakşehir and Beylikdüzü and added motion to the real estate market. It is said that some firms have separate domestic customers, Arabian customers have applied a separate price. Some companies that market a project in Esenyurt as "15 minutes to Taksim" are said to give a 10 percent commission to the local client bringing a 5 percent commission to the real estate agent, bringing the Arab customer. The house to the domestic buyer is sold as 600 thousand liras and to the Arab buyer is sold as 750 thousand liras. The average price of the apartment is 300 thousand liras in a region, Arab buyers are buying them for 415 thousand liras.

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