Turks Flock to Dubai for Property Investment

Turks Flock to Dubai for Property Investment

With the soaring prices of real estate in Turkey , there has been a surge in property purchases from abroad. Investors, seeking alternatives due to the challenges in the domestic market, have begun acquiring apartments in Dubai, Macedonia, Kosovo, London, Germany, and the United States. In 2023 alone, 120,000 Turkish citizens bought homes overseas.

In recent years, the interest of Turkish investors in the property market of Dubai has seen a remarkable increase. Turkish investors, who made real estate investments exceeding $2 billion abroad in 2023, particularly made significant transactions in Dubai. According to Sherif Nadi Varlı, an International Real Estate Expert, Turkish investors have for the first time entered the top 10 nationalities making the most real estate investments in Dubai. The highest-priced property sold in Dubai in 2023, amounting to $130 million, was acquired by a Turkish individual. Vartur, as one of the leading Turkish-owned real estate agencies, witnessed significant activity in 2023 and has become a crucial partner in facilitating property acquisitions. With our team of 25 professionals, we have observed a surge in demand from Turkish clients. While Turkish investors spent $130 million annually on overseas real estate a decade ago, this figure skyrocketed to $133 million in January 2024 alone, indicating a notable increase in interest.

“Turks Prefer Properties in the Range of $300,000 to $1 Million”

Varlı emphasizes that property investments in Dubai, as well as overseas real estate investments, serve as the first foreign experience for many investors. He notes, “Even clients with substantial budgets tend to prefer investing in properties of lower and medium segments compared to the overall Dubai market, as a way of testing the waters. Typically, properties in the range of $300,000 to $1 million are the most commonly sold budgets. These properties often include studio, 1+1, and 2+1 apartments in branded residential projects.”

“Property Projects Sell Out Within 2 Hours to 2 Months of Launch”

Highlighting the main challenge faced by Turkish investors, Varlı points out the difference in sales speed between the two markets. He explains, “In Turkey, housing projects usually continue to sell for 3-5 years from the initial launch to the completion of construction, causing investors to take their time in making purchase decisions. However, in Dubai, property projects are sold out from A to Z within 2 hours to 2 months of their launch. Despite our warnings, some clients miss out on the apartment they were considering due to the fast-paced nature of the market.”

“We Provide Support for Investment, Legal, and Financial Processes”

Varlı mentions that they offer comprehensive support from initial investment decisions to managing legal and financial procedures, including monitoring installment payments to developers, taking possession of the property on behalf of clients, renting it out, and managing it. Additionally, they assist clients with obtaining residency permits and establishing companies, among other legal and financial matters. Moreover, as Vartur, our company’s longstanding tradition of providing post-sales support to clients who purchase property abroad sets us apart. Our clients, who are treated like family, can freely contact us for any needs they may have while residing in Dubai, and we provide solutions promptly.”