A Special Arabic-speaking Department Directly Under the Turkish Presidency to Facilitate Gulf Investments
New facilitations for Arab investors.
Ahmed Barak Dağlıoğlu, the Director of Investment at the Turkish Presidential Office, announced in an interview with the Qatari newspaper "Al-Sharq" the establishment of a new Arabic-speaking department serving Gulf investors, directly affiliated with the Turkish Presidency. Dağlıoğlu clarified that this department aims to prioritize Gulf investors by providing them advantages in Turkey, in addition to presenting Arabic media content by a fluent Arabic-speaking team. He further highlighted that Qatar leads the list of Gulf countries investing in Turkey, followed by the UAE, Kuwait, Oman, and Bahrain. In a related context, it's noteworthy to mention that Turkish President Recep Tayyip Erdoğan visited Gulf countries in July 2023, which included Saudi Arabia, Qatar, and the UAE, leading to the signing of several agreements and memorandums of understanding to enhance trade and investment cooperation between Turkey and the Gulf states.
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Buying Property in Turkey! Is This the Right Time or a Risky Investment to Avoid?
The real estate market in Turkey is currently facing numerous challenges, starting with an economy impacted by a massive earthquake that hit the country last year, alongside high inflation. This has led to interest rates being raised to a record high of 50%, resulting in a near-total halt of the real estate sector. Additionally, recent legal changes, such as raising the minimum investment for Turkish citizenship to $400,000 and for real estate residency to $200,000, have caused a decline in the number of foreign investors.
To answer the question: is now the right time to buy property in Turkey, or not? We need to analyse two aspects: the internal Turkish situation and the regional and global outlook.
Groundbreaking Reforms to Simplify Lease Procedures in Turkey
The Turkish Ministry of Treasury and Finance has announced its readiness to introduce a new law requiring rental contracts to be signed electronically through the e-Government portal, "e-Devlet." This initiative aims to simplify and expedite the rental process between property owners and tenants, with implementation expected in the near future. Licensed real estate agents will also be able to use this system by the end of the year.
The electronic lease contract system will be introduced in two phases: in the first phase, property owners and tenants will be able to complete rental agreements directly through the "e-Devlet" portal, where the owner creates the contract, and the tenant approves it electronically. The second phase will enable licensed real estate agents to prepare contracts and send them to both the owner and tenant for approval through the portal.
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October 02, 2023
finally good news
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