According to statistics, Iranians bought housing units in Turkey 20% more compared to the same period in the previous year during the first six months of the year. In light of the sharp decline of the local currency Rial, Iranians are rushing to purchase real estate in Turkey, Oman, and UAE primarily to safely invest their funds in a foreign land. As they find ways around Iran’s rigid money-transfer regulations and the US embargoes, the spike in home purchase has further propelled Iranians to become one of the largest real estate buyers in Turkey, Oman, and UAE these countries have become the winner of the Iranian real estate market.
Iranian favorite real estate and tourism market in the Middle East
While a remarkable portion of foreign direct investment has been poured into the real estate sector, there has also been a laudable surge in capital growth in recent years. The tourism sector and real estate industry are the two main supplementing benefactors that shape a major portion of the Turkish and Omani economy from the Iranian people.
Despite the coronavirus outbreak and post-partial-lockdown, Iranian citizens recommenced visiting Turkey, Oman and UAE and grabbed the available profitable investment opportunities. Furthermore, hotel occupancy in many cities in Turkey, Oman, and UAE significantly elevated records and Iranians were one of the top-listers. As they prefer visiting these countries over other nations in the world, they have relaxed their foreign regulations to promote tourism and commercial expansions.
Istanbul and Antalya in Turkey, Muscat in Oman, and Dubai in UAE are the most popular locations for the Iranian real estate market and the reported hotel occupancy rated stood close to 90% for the people who were visiting these cities to be able to purchase a piece of property. Moreover, property renting is a well-received lifeline for Iranian people to both own a house and make money simultaneously.
Why do Iranians purchase real estate in Turkey, Oman, and UAE?
Iranian citizens have traditionally wanted to emigrate, especially to the EU, the United States, or Canada. However, the ongoing tensions associated with sanctions and political crises between Iran and the US led to alternations in policies and laws implemented against immigrants who are willing to buy houses. This stirred Iranians to turn their attention to Turkey, Oman, and UAE.
These two countries are located close to the Iranian border. Turkey is a beautiful transcontinental country that offers easy access to European and Asian sides. Oman is stacked with stunning historical monuments, palaces, and natural wonders that make it an ideal holiday destination for Iranians and tourists from all over the world. The fact that Turkey, Oman, and Iran are all Muslim countries, there are similar beliefs, ideologies, and cultures deep-rooted in their citizens. Due to the lenient regulations, easy investment process, convenient holiday options, and progressive economy, Iran has exuded commendable tourism and investment interests in Turkey, Oman, and UAE past few years. Research indicates that nearly the rate of buying properties in these countries by Iranian citizens will dramatically increase in the near future. It means that construction companies and real estate agents have targeted real estate marketing in Iran.
The main reasons for Iranians to buy property in Turkey, Oman, and UAE include:
- Real estate prices in Turkey, Oman and UAE are comparatively lower as compared to European countries.
- The decision to reduce taxes concerning Turkish real estate positively stimulates Iranians to own property in Turkey. The most important tax exemption for foreign property buyers is the provision of VAT-free real estate purchases.
- Real estate marketers and investors who buy a property get a residence permit that can be renewed every year. A real estate residence permit is granted to the buyer, spouse, and kids below the age of 18 years.
- Real estate investment in Oman furnishes profitable and remunerative capital gains and returns. Based on the rapid economic growth, urban development, and fast-paced tourism sector, the demand for holiday homes and rentals is preeminently high in Omani cities.
- The Turkish passport is ranked 38th in the world and is delivered within 90 days and the holder is granted visa-free access to 72 countries.
- Turkey has amicable relations with the European Union. Turkish citizens will soon be granted the right to enter Europe without a visa.
- The government offers dual citizenship benefits to the citizens and Turkish passport holders.
It’s always been a priority to Iranian people to buy properties in other countries to get a second nationality or PR so that they can enjoy more freedom, international banking services, and many more options. Zigma8 | 360° Creative Communications, as an international branding and advertising agency has been asked to assist many real estate agencies in Turkey, Oman, and UAE to target their audience in Iran. If you need to know more about Zigma8 services, feel free to contact us for further information.