|19 May, 2019

Saudi embassy in Ankara warns real estate investors of fraud

Saudis wishing to buy property or invest in Turkey are urged to contact the embassy and consulate first

Skyscrapers are seen behind an old residential area in central Istanbul . Picture taken October 22, 2012. To match Insight TURKEY-CORRUPTION/CONSTRUCTION REUTERS/Murad Sezer

Skyscrapers are seen behind an old residential area in central Istanbul . Picture taken October 22, 2012. To match Insight TURKEY-CORRUPTION/CONSTRUCTION REUTERS/Murad Sezer

REUTERS/Murad Sezer

JEDDAH: The Saudi Embassy in Ankara on Friday posted a warning for Saudi real estate investors in Turkey on its official Twitter account.

The embassy said it had received a high number of complaints, some about fraud, from Saudi investors in Turkey’s real estate market.

Saudis wishing to buy property or invest in Turkey are urged to contact the embassy and consulate first to provide them with sufficient details in order to preserve their rights.

Cases reported to the embassy include not receiving a title deed or receiving mortgage-restricted titles, “in addition to preventing them (Saudis) from entering their houses despite paying the full value of the property and receiving threats from construction companies,” the embassy said.

It urged investors to contact the embassy to learn about legal procedures and the credibility of companies operating in the field.

Many saw Turkish real estate as a good opportunity amid the country’s economic turmoil in 2018, dramatic fluctuations in its currency, and recently eased restrictions on foreign buyers.

The number of properties sold to foreigners jumped 87 percent at the start of 2019 compared to the same period last year, according to the Turkish Statistical Institute, TRT English reported in April.

Kate Everett-Allen, head of international residential research at the estate agency Knight Frank, told Arab News that Gulf buyers are mainly from Iraq and Saudi Arabia, with a smaller number from Kuwait and Iran.

Copyright: Arab News © 2019 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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