Why are Jordanians willing to buy or invest in Turkey’s Real estate?
As everyone knows Turkey supported the revolutions of the Arab Spring, While the Kingdom of Jordan was refusing to support or involvement in the movements, however in the same time Turkish government maintained good relations with countries that have taken a position hostile to the Islamic political movements, which is counted as positive point for the ruling Justice and Development Party in Turkey.
Here a question will raise; how both Turkey and Jordan are in good relations while they do have an opposite thought about the political situations in the region?
The answer is represented in the last few months when the American president Donald Trump decided to move the American consulate to Jerusalem.
Because of this situation both countries decided to re-activate the friendship agreement which was signed in 11/1/1947, and they both agreed to focus on the common regional political problems like the Syrian war and the Palestinian issue, This was done on the sidelines of the extraordinary summit of the Organization of Islamic Cooperation in Istanbul on 13/12/2017, and the Turkish President Recep Tayyip Erdogan described King Abdullah II of Jordan as (protector of the holy sites) in reference to the compatibility of the positions of the two countries on the subject of Jerusalem.
The development of the Turkish-Jordanian relations has also changed the economic. Talks on new agreements to work on the free trade agreement to facilitate the movement of Turkey exports (especially phosphate products), as well as the transformation of Aqaba port into a center for Turkish exports to Africa.
What about the Jordanians tourists in Turkey?
Despite the differences in political thoughts (which have recently been reconciled), the tourism sector between Turkey and Jordan has been on its best since 2015. In December 2015, the Kingdom of Jordan celebrated the launch of regular flights between the Turkish and Jordanian capitals. Following the arrival of the Royal Jordanian plane to Esenboga International Airport (Ankara airport).
As the Jordanian ambassador to Turkey, Amjad al-Adayla, stressed the importance of Jordan’s decision to re-activate the air link between the two countries and strengthen bilateral relations, especially after the company started to operate 12 flights a week between Jordan and Turkey: 9 to Istanbul and the rest to Ankara.
Jordanian investment in the Turkish real estate market
As for Jordanians buying real estate in Turkey (the subject of this post), a senior Jordanian banking official confirmed the fact that Jordanians withdrew about 1.2 billion dollars from banks in order to convert them to Turkey for investment in Turkish real estate.
Billion dollars! How does a Jordanian investor invest his money in a foreign market, knowing that his buying power is declining?
This is because the investor has two options to think about, either patience on the obstacles to investment at home or exploit the temptations of investment abroad.
As for the constraints of the local investments are the high cost of construction and the lack of clarity of legislation and the accompanying of the bureaucracy and taxes.
In contrast to the temptations of investing abroad, the property law for foreigners in Turkey in 2012 is a breather for investors’ money that is close to suffocation! Therefore, several investors preferred to go to invest out to benefit from this law is as follows;
Property law for foreigners in Turkey in 2012
According to Article 35 of the Turkish Right to Property Law, foreigners are entitled to own an immovable property (that is, no one has previously owned it), provided that it is not land belonging to the State or the army.
You must wonder now: Are ownership procedures easy, or will I fall into the trap of bureaucracy itself (but under other names)?
Your question is logical so the real estate consultant in Istanbul (Amani Amin) answers: The Turkish government has facilitated the process of foreign ownership (which may take only one day to complete in some areas). In addition, several transactions are now conducted online in Turkey.
What are the procedures for buying a home in Turkey for Jordanians?
Let’s begin by answering these questions. Are there conditions for ownership? What documents are required from Jordanian to buy property in the Turkish market?
The most important thing to know is that the Turkish law on property issues allows you to own two residential buildings and one commercial property.
As for the procedures, it is very easy. All you have to do is go with the seller to the registration office. The seller will give you the property, and you will receive both the sales contract, the title deed and the keys of the property, while you will have to pay around 4% of the value Property as registration fees.
The second step is to refer you to the Population Administration in the municipality to register the property in your name.
As for the documents required of Jordanians to own property in Turkey, will be as follow:
- Certificate of property value from the concerned municipality.
- Valid passport.
- Proof of residence and powers of attorney if needed.
- Two photographs (6 x 4 cm).
- Insurance against earthquakes (if the property is a complete building).
This is in case you would like to buy directly without the need for a loan from the bank! The foreigner can take a loan from the bank to buy a house in Turkey. How so? Read the following article to learn more about whether foreigners can buy homes in Turkey through bank financing.
Does this procedure apply to Jordanians of Palestinian origin?
Yes, without any additional conditions! Based on the same law (Turkey’s Foreign Property Act of 2012).
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