Property Investment in Turkey for Iraqis 2023
Table of Contents:
- Iraqi-Turkish Relations
- Future Trends in Iraqi-Turkish Relations
- Types of Investments Supported by Iraq in Turkey
- Volume of Real Estate Investments in Turkey
- Why Iraqis Choose to Invest in Turkey?
Turkey has embraced cultures and peoples from around the world throughout its history. It served as a melting pot for diverse civilizations, notably the ancient Ottoman civilization, making it a refuge for many people from the Arab and foreign worlds. Turkey continues to open its doors to those seeking stability and security on its land.
Many Iraqi citizens have chosen to live and invest their money in Turkey due to concerns about political and economic insecurity in their own country. Turkey has become a destination for those seeking a more stable environment.
The relationship between Iraq and Turkey has remained robust. Even during the earlier days of the COVID-19 pandemic, there were 17 daily flights between the two countries, carrying approximately 3,500 passengers daily. According to economic analyst Hussein Alawi, there has been a recent surge in the popularity of Turkish products in Iraq. Turkey experienced a 23.6% growth in its exports to Iraq, resulting in a total trade volume of $15.2 billion between the two countries in 2022.
Future Trends in Iraqi-Turkish Relations
In a groundbreaking initiative, Iraq launched a $17 billion project to extend a railway and roads, connecting the southern port of Faw to the Turkish border. According to the General Manager of the Iraqi Ports Company, Farhan Al-Fartousi, work is expected to commence at the beginning of next year, with the project anticipated to be completed by 2029. He emphasized the historical significance of Iraq's return to a prominent role in civilization, stating, "No matter how long Iraq is absent from the cultural scene... for a year or two, a decade or two, it must return one day."
Khaled Ajar, the head of the Turkish-Iraqi Business Council, affirmed efforts to surpass $20 billion in trade between the two countries by the end of 2023. This involves increasing exports, trade, and investments between the nations.
Types of Investments Supported by Iraq in Turkey
Iraqi entrepreneurs in Turkey now own hundreds of companies and institutions, including factories, stores, and warehouses, engaging in various economic activities such as manufacturing, importing, exporting, and Turkish real estate transactions. Their influence extends across all investment sectors in Turkey, including real estate, industry, as well as tourism, education, and healthcare sectors.
Volume of Real Estate Investments in Turkey
Why Iraqis Choose to Invest in Turkey?
Search Keys for Related Properties
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Turkey is a politically and economically stable country, maintaining its resilience despite the current regional challenges. The fluctuations in the lira's value and the rise in inflation rates have not deterred Turkey from retaining its position among the world's nations. In 2021, it secured the 11th rank in terms of Gross Domestic Product, showcasing the positive reflection of its economic and regional stability. The accelerated trajectory projected for Turkey in 2024 indicates a continued path of prosperity and progress.