Wealthy Turks Flock to Dubai: A Turk Even Bought the Priciest Penthouse
"Karar: Turkish overseas real estate investments broke records in 2024, surpassing $2.5B per CBRT data. Turkish nationals purchased 10,000+ Dubai properties, ranking in the top 3 buyer nationalities."
Wealthy Turks Flock to Dubai: A Turk Even Bought the Most Expensive Luxury Apartment
According to Central Bank of the Republic of Turkey (CBRT) data, Turkish citizens' overseas real estate investments surpassed $2.5 billion in 2024 — a new record. The primary destination for this investment flow was Dubai in the United Arab Emirates. Turkish investors purchased more than 10,000 properties in Dubai in 2024, placing them among the top three buyer nationalities in the emirate.
While Turkey Awaited Arabs, Wealthy Turks Came to Dubai
Real Estate Investment Advisor Burak Ustaoğlu summarized the rising position of Turks in Dubai's property market: "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."
Highlighting the scale of purchases by major investors, Ustaoğlu added: "While Turkey was waiting for wealthy Arabs, wealthy Turks came to Dubai. There are investors who purchase entire floors in a single transaction — some even buy multiple floors at once."
Zero Tax and a Payback Period That Drops to 7 Years
One of the most critical advantages Dubai's real estate market offers Turkish investors is zero tax — no tax on rental income, and no capital gains tax when a property appreciates in value. On investment return timelines, Ustaoğlu shared: "The average payback period in Dubai is 10–12 years. In some opportunity zones, this can drop to 7–8 years."
The $130 Million Penthouse Sale
While Turkish investors primarily target 1+1 apartments in the $400,000–$500,000 range, Ustaoğlu emphasized that record-breaking deals are also being made in the luxury segment: "In 2024, one of Dubai's most expensive penthouses was purchased by a Turkish investor for $130 million." He added that Dubai's real estate market is projected to maintain its growth momentum in the years ahead, driven by these structural advantages.
Source: Karar – Read the Full Article