His Excellency the Turkish Ambassador to the Kingdom, Erdogan Kok, confirmed that in recent years his country’s government has enacted a series of reforms, laws, and regulations that have made the real estate investment environment in Turkey suitable and attractive for foreign investors, especially regarding the purchase of all types of real estate, including homes, offices, land, and farms.

In an exclusive interview with «Amlak Real Estate Newspaper» at his office in Riyadh, the Turkish ambassador explained that Saudi citizens are subject to the same rules as their Turkish counterparts, noting the application of certain legal restrictions that protect rights and make it easier for foreigners to understand the requirements, such as applying for approval from the Land Registry offices to learn the conditions necessary for acquiring a specific property.

Ambassador Erdoğan Kok highlighted the boom and growth of Saudi investment in the Turkish real estate market, attributing this to a shared cultural connection that makes them feel as though they are in a second home; making them the second-largest group of investors in terms of the total number of residential unit purchases in Turkey, with 3,545 real estate units purchased in Turkey by Saudi citizens in 2017.

Regarding the strength of the Turkish economy, Kok noted that Turkey is one of the fastest-growing countries in the Organization for Economic Cooperation and Development (OECD) growth, and in terms of purchasing power parity, Turkey’s economy ranked 13th globally as of 2017, Furthermore, the Turkish economy grew by 7.4% in 2017 and has maintained an annual growth rate of 5.6% since 2003.