Wednesday, 24 February 2016

Real Estate in Turkey

Published — Sunday 21 February 2016

JEDDAH: Turkey has granted several investment advantages to Saudis, including exemptions from customs duties and value added tax, tax cuts, support of social security premiums for employers and employees and the allocation of land for investments.

Dr. Mustafa Köksal, an adviser to the Turkish prime minister, said in a press statement quoted by a local Saudi publication that the most promising sectors for investment in Turkey included the automotive sector where Turkey aims to produce 2 million vehicles in 5 years. Other sectors include the energy sector which is in need of $130 billion in investments until 2030 and the real estate sector, especially in Istanbul, the most advanced market in real estate since 2009.

He said that Turkey ranked 6th position globally in terms of tourism in 2015 with tourism revenues amounting to more than $35 billion annually.

On future prospects for the Turkish economy, he said the country would rank 16th in the industrial world and 2nd in Europe as a result of a series of structural reforms including the enactment of the foreign investment law, freedom of investment in the country, national treatment, protection against expropriation and other reforms.

Ahmad Rizeq, an economist, said the current development opportunities in the two countries have seen the granting of many facilities that should be taken advantage of.

“Turkey has granted Saudi investors many customs exemptions which could lead to further economic moves between the two countries during the coming years,” he added. | Real estate investment in Turkey

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