The relations between Libya and Turkey are characterized by a rich history and a strategic partnership that contributes to strengthening the ties between the two countries. In recent years, there has been a noticeable increase in the interest of Libyan citizens in purchasing real estate in Turkey, particularly in Istanbul. This interest is influenced by several factors, ranging from the political conditions in Libya to the investment advantages and the facilitation of obtaining Turkish citizenship. In this article, we will review the details related to Libyans owning properties in Turkey and the contributing factors to this trend.
Key details about Libyans owning property in Turkey
After years of political and security turmoil in Libya, many Libyans are seeking alternative places for living and stability. Turkey, with its strategic location and culture similar to Libyan culture, is considered an ideal destination for many of these individuals. For this reason, the demand for purchasing properties, especially apartments, has significantly increased, reflecting the growing trend towards real estate investment in Turkey.
In November 2019, a military cooperation memorandum was signed between Libya and Turkey, resulting in additional facilitation for Libyan citizens wishing to invest in the Turkish real estate market. This cooperation, along with government policies aimed at encouraging foreign investment, has greatly enhanced Libyans' ownership of properties in the country.
Can Libyans own property in Turkey?
The answer is: Yes, Libyan citizens can own property in Turkey. The strong relations between the two countries, along with legal amendments implemented in 2012 that removed restrictions on foreign ownership of real estate, have significantly contributed to attracting Libyans to invest in real estate in Turkey. Many job seekers and students have flocked to Turkey, increasing the demand for purchasing apartments and properties.
Main reasons for Libyans' interest in owning property in Turkey
Several factors play a pivotal role in increasing the interest of Libyan citizens in owning property in Turkey:
- Cultural and customary similarities : The similarities in customs, traditions, and religion between the two peoples make Libyans feel at home when they are in Turkey. This sense of belonging enhances the desire to invest and purchase property.
- Thriving Turkish real estate market : The real estate market in Turkey is considered one of the most profitable investment sectors, attracting many Libyans to invest in this field.
- Legal facilitation : Turkish laws provide significant facilitation for foreign investors, making the process of purchasing properties easier and more accessible.
- Turkey's tourist appeal : Turkey is a global tourist destination, ensuring continued demand for properties, whether for rent or sale, which adds significant investment value to the properties.
Factors contributing to the success of Libyan investments in real estate in Turkey
Several factors have contributed to the success of Libyan investments in the real estate sector in Turkey, including :
- Stability of the Turkish economy : The Turkish economy is considered one of the strongest in the Middle East, enhancing its investment attractiveness.
- Political and security stability : The political and security stability in Turkey has attracted many investors from Libya, who are seeking a safe environment for investment.
- Geographical location : Turkey's unique geographical location increases the value of properties and makes them more attractive to investors.
- Strong infrastructure : Significant developments in Turkey's infrastructure have increased the attractiveness of real estate investment projects.
- Diverse economic sectors : The Turkish economy is characterized by its diversity, providing an ideal environment for investment in various sectors, including real estate.
Conclusion
The relations between Libya and Turkey continue to strengthen their position as a preferred destination for many investors, especially Libyans. Owning property in Turkey has become an attractive investment option, as the country offers the abundance and legal and cultural comfort that Libyans need. Under the current circumstances, the demand for purchasing apartments and properties in Turkey remains on the rise, opening new horizons in the field of real estate investment and supporting the stability of Libyan families in general.
10-04-2024 
