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Saudi real estate investments in Turkey exceed SAR7 billion

Saudis top list of buyers of real estate in Turkish cities during current year

Saudi Arabia’s real estate investments in Turkey rose to more than SAR7 billion, according to the latest statistics, says Fikret Ozer, the Turkish consul general.

He adds that Saudis top the list of buyers of real estate in Turkish cities during the current year, reports Saudi-based Al Eqtisadiah.

Ozer made his remarks during his meeting with Ziyad Al-Bassam, vice-chairman of the Jeddah Chamber of Commerce and Industry (JCCI) on Thursday, revealing that there are more than 300 real estate companies operating in Turkey with capital from Saudi nationals and companies.

He points out that the length of stay for foreign owners and investors in Turkish real estate is a year and is subject to renewal.

The meeting, which was held at the headquarters of the Jeddah Chamber, focused on the need for cooperation, promoting and developing trade relations and joint investments, and the development of trade between businesses in the two countries.

The Turkish consul general called on Saudi business owners to invest in his country and increase the volume of investments and commercial dealings.

(SAR1 = AED0.98, at the time of publishing)