Turkish real estate experts have renewed their call to Saudi investors to familiarize themselves with the regulations and laws governing the sale and purchase of real estate in Turkey, and to thoroughly investigate the properties they intend to buy and the credibility of the seller.
These appeals came as the summer vacation approaches and the number of travelers to Turkey increases, In this context, Adel Bannoun, a real estate developer and marketer in Turkey, explained that their ongoing experience in real estate marketing has confirmed to them the commitment of the relevant Turkish authorities to protecting Gulf investors, especially Saudis, from fraud and exploitation they may face when purchasing and acquiring real estate.
Benoun emphasized that the eagerness of many Saudis visiting Turkey to quickly purchase property or land for investment makes them vulnerable to fraud or to paying inflated prices for land and properties worth less than a quarter of what they paid, noting the importance of verifying the seller’s credibility given the prevalence of real estate sellers and offices that operate on a temporary basis, and highlighting the importance of communicating with relevant authorities regarding such investments in Turkey—such as the Chamber of Commerce, the Ministry of Commerce, and the Sukuk Department—which are cooperative and committed to protecting Saudi investors and safeguarding their rights.
Adel Bannoun called on the competent authorities in the Kingdom and Turkey to focus on raising awareness—through the Kingdom’s Ministry of Commerce and the Consumer Protection Association— as well as the Council of Saudi Chambers, to increase awareness efforts in this area, noting that there are many cases where individuals have become involved in purchasing land or real estate whose title deeds are encumbered or have numerous issues, rendering them unsuitable for use.
In the same vein, Dr. Sulaiman Al-Samahi, Chairman of the Board of Directors of the Saudi Consumer Protection Association, urged people not to rush into purchasing real estate or land for residential or investment purposes—whether inside or outside the Kingdom—without first investigating the seller and verifying their credibility, noting the need to contact the Kingdom’s embassies and consulates abroad to verify and inquire about trustworthy parties for such commercial transactions, He noted that there are many unfortunate cases in which buyers, particularly during travel seasons, fall victim to fraud and deception that could have been avoided had the buyer followed proper procedures during the purchase and sought advice from the relevant authorities.
