While Turkey Awaited Arabs, Wealthy Turks Moved to Dubai

While Turkey Awaited Arabs, Wealthy Turks Moved to Dubai

As Turkish citizens' interest in overseas real estate has surged in recent years, Dubai has emerged as the most notable destination for this investment flow. According to Central Bank of the Republic of Turkey (CBRT) balance of payments data, Turkish citizens' overseas real estate investments reached $2.513 billion in 2024 — a record high.

10,000+ Properties Purchased and a Top-3 Global Ranking

Real Estate Investment Advisor Burak Ustaoğlu shared his assessment of Turkish interest in Dubai: "Turkish investors' appetite for overseas real estate is growing. In 2024, Turkish nationals purchased more than 10,000 properties in Dubai. Turkish citizens now rank among the top three nationalities investing in Dubai real estate."

Investors Buying Entire Floors in a Single Transaction

Emphasizing how rapidly Turkish demand has accelerated, Ustaoğlu made a striking observation: "While Turkey was waiting for wealthy Arabs, wealthy Turks went to Dubai. There are investors who purchase entire floors in a single transaction — some even buy multiple floors at once."

Zero Tax and a 10–12 Year Payback Period

Highlighting the major advantages of USD-denominated rental yields in Dubai, Ustaoğlu explained: "The average payback period in Dubai is 10–12 years. In some opportunity zones, this can drop to 7–8 years. One of the biggest advantages is zero tax — you pay no tax on rental income, and even if your property appreciates in value, there is still no tax. We project that Dubai will continue to grow in real estate in the years ahead."

Record $130 Million Turkish Luxury Purchase

Noting that Turkish investors primarily target 1+1 apartments in the $400,000–$500,000 range, Ustaoğlu also highlighted remarkable activity in the luxury segment: "In 2024, one of Dubai's most expensive penthouses was purchased by a Turkish investor for $130 million."

Source: İhlas Haber Ajansı – Read the Full Article